New aggregation operators for decision-making under uncertainty: an applications in selection of entrepreneurial opportunities
Abstract
The main aim of this paper is to study how economic environment and logic reasoning guidance the decision-making process to start-up a new business by potential entrepreneurs. The study proposes a new method using the family of selection indices with OWA operator, which allows aggregating information according to the level of importance and their level of objectivity and subjectivity in the same formulation within the decision-making process. To develop case study, we have taken into account some industries of the sports sector and some critical environmental factors that influence the competitiveness and entrepreneurship in Colombia to start a new business. The results show in an orderly way all information aggregated, which can help potential investors and entrepreneurs to make a decision based on their preferences. Finally, the applicability of this method in real case can be given in aggregation different sources of information to help at dealing decision-making processes.
First published online: 13 Mar 2017
Keyword : decision-making process, fuzzy weighted, OWA and selection indices, entrepreneurial opportunities, new business
How to Cite
Blanco-Mesa, F., Gil-Lafuente, A. M., & Merigó, J. M. (2018). New aggregation operators for decision-making under uncertainty: an applications in selection of entrepreneurial opportunities. Technological and Economic Development of Economy, 24(2), 335-357. https://doi.org/10.3846/20294913.2016.1212744
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Audretsch, D. B.; Peña-Legazkue, I. 2012. Entrepreneurial activity and regional competitiveness: an introduction to the special issue, Small Business Economics 39(3): 531–537. https://doi.org/10.1007/s11187-011-9328-5
Audretsch, D. B.; Thurik, R. 2001. What’s new about the new economy? Sources of growth in the managed and entrepreneurial economies, Industrial and Corporate Change 10(1): 267–315. https://doi.org/10.1093/icc/10.1.267
Audretsch, D.; Keilbach, M. 2004. Entrepreneurship capital and economic performance, Regional Studies 38(8): 949–959. https://doi.org/10.1080/0034340042000280956
Backhaus, J. G. 2003. Joseph Alois Schumpeter entrepreneurship, style and vision (1st ed.). New York: Kluwer Academic Publishers. https://doi.org/10.1007/b101851
Carree, M. A.; Thurik, A. R. 2010. The impact of entrepreneurship on economic growth, in Z. J. Acs, D. B. Audretsch (Eds.). Handbook of entrepreneurship research (5th ed.). New York, NY: Springer New York, pp. 557–594. https://doi.org/10.1007/978-1-4419-1191-9_20
CEC. 2012. Regional competitiveness in Colombia: Framework, findings and advices of the competitiviness and strategy centre 2012 [online], [cited 30 June 2012]. Competitivenss and strategy centre-competitiviness observatory. [In Spanish]. Available from internet: http://cec.uniandes.edu.co/images/pdf/articulo1.pdf
Casero, J. C. D.; González, M. A.; Escobedo, M. de la C. S.; Martínez, A. C.; Mogollón, R. H. 2013. Institutional variables, entrepreneurial activity and economic development, Management Decision 51(2): 281–305. https://doi.org/10.1108/00251741311301821
Chandler, A.; Hikino, T. 1996. Scope and escale: dynamic of industrial capitalism, issue 1. Universidad de Zaragoza, Prensas Universitarias. (In Spanish)
Cuervo, A. 2005. Individual and environmental determinants of entrepreneurship, The International Entrepreneurship and Management Journal 1(3): 293–311. https://doi.org/10.1007/s11365-005-2591-7
Emrouznejad, A.; Marra, M., 2014. Ordered weighted averaging operators 1988–2014: a citation based literature survey, International Journal of Intelligent Systems 29(11): 994–1014. https://doi.org/10.1002/int.21673
GEM. 2008. Global entrepreneurship monitor 2007 executive report [online], [cited 14 June 2014]. Global Entrepreneurship Monitor. Available from Internet: http://gemconsortium.org/ assets/uploads/1312480133GEM_2007_Executive_Report.pdf
GEM. 2014. Global entrepreneurship monitor 2013 global report [online], [cited 14 June 2014]. Global Entrepreneurship Monitor. Available from Internet: http://gemconsortium.org/docs/3106/gem-2013-global-report
GEM Colombia. 2014. Business dynamic in Colombia [online], [cited 16 August 2014]. Global Entrepreneurship Monitor Colombia. (In Spanish). Available from Internet: http://gemconsortium.org/docs/down-load/3372
Gil-Aluja, J. 1999. Elements for a theory of decision in uncertainty. Dordrecht: Kluwer Academic Publishers. https://doi.org/10.1007/978-1-4757-3011-1
Gil-Lafuente, A. M.; Merigó, J. M. 2007. The ordered weighted averaging distance operator, Lectures on Modelling and Simulation 8(1): 84–95.
Gil-Lafuente, A. M.; Merigó, J. M. 2009. On the use of the OWA operator in the adequacy coefficient, Modelling, Measurement and Control D 30(1): 1–17.
Gil-Lafuente, J. 2001. Index of maximum and minimum level in the optimization of athlete signing. Proceeding of X Internacional Congress A.E.D.E.M, 439–443. (In Spanish)
Gil-Lafuente, J. 2002. Keys for success in sport management. Vigo: Ed. Malladoiro.
Hamming, R. W. 1950. Error detecting and error correcting codes, Bell System Technical Journal 29(2): 147–160. https://doi.org/10.1002/j.1538-7305.1950.tb00463.x
Heinemann, K. 1994. Sport as consumption, Apunts-Educacio Física i Esport, 37(3): 49–56. (In Spanish)
He, Y. D.; Chen, H. Y.; Zhou, L. G.; Liu, J. P.; Tao, Z. F. 2014. Intuitionistic fuzzy geometric interaction averaging operators and their application to multi-criteria decision-making, Information Sciences 259: 142–159. http://doi.org/10.1016/j.ins.2013.08.018
He, Y. D.; Chen, H. Y.; He, Z.; Zhou, L. G. 2015a. Multi-attribute decision making based on neutral averaging operators for intuitionistic fuzzy information, Applied Soft Computing 27: 64–76. https://doi.org/10.1016/j.asoc.2014.10.039
He, Y. D.; He, Z.; Chen, H. Y. 2015b. Intuitionistic fuzzy interaction Bonferroni means and its application to multiple attribute decision-making, IEEE Transactions on Cybernetics 45: 116–128. https://doi.org/10.1109/TCYB.2014.2320910
He, Y. D.; He, Z.; Wang, G.; Chen, H. 2015c. Hesitant fuzzy power Bonferroni means and their application to multiple attribute decision-making, IEEE Transactions on Fuzzy Systems 23(5): 1655–1668. https://doi.org/10.1109/TFUZZ.2014.2372074
Herrera, F. 1995. A sequential selection process in group decision making with a linguistic assessment approach, Information Sciences 85(4): 223–239. https://doi.org/10.1016/0020-0255(95)00025-K
Herrera, F.; Martinez, L. 2000. A 2-tuple fuzzy linguistic representation model for computing with words, IEEE Transactions on Fuzzy Systems 8(6): 746–752. https://doi.org/10.1109/91.890332
Kaufmann, A.; Gil-Aluja, J. 1986. Introduction of the fuzzy sub-sets theory to the business administration. Santiago de Compostela: Milladoiro. [In Spanish]
Kaufmann, A.; Gil-Aluja, J. 1987. Management techniques for dealing with uncertainty. Barcelona: His-pano-Europea. [In Spanish]
Merigó, J. M. 2009. New extentions to the OWA operators and their applications in decision making: PhD thesis. University of Barcelona. [In Spanish]
Merigó, J. M. 2010. Fuzzy decision-making with immediate probabilities, Computers & Industrial En-gineering 58(4): 651–657. https://doi.org/10.1016/j.cie.2010.01.007
Merigó, J. M.; Gil-Lafuente, A. M. 2006. Using OWG operators in the selection of financial products, Lectures on Modelling and Simulation 7(3): 49–55.
Merigó, J. M.; Gil-Lafuente, A. M. 2008a. On the use of the OWA operator in the Euclidean distance, International Journal of Computer Science and Engineering 2(4): 170–176.
Merigó, J. M.; Gil-Lafuente, A. M. 2008b. The generalized adequacy coefficient and its application in strategic decision-making, Fuzzy Economic Review XIII(2): 17–36.
Merigó, J. M.; Gil-Lafuente, A. M. 2008c. Using the OWA operator in the Minkowski distance, International Journal of Computer Science 3: 147–157.
Merigó, J. M.; Gil-Lafuente, A. M. 2009. The induced generalized OWA operator, Information Sciences 179(6): 729–741. https://doi.org/10.1016/j.ins.2008.11.013
Merigó, J. M.; Gil-Lafuente, A. M. 2010. New decision-making techniques and their application in the selection of financial products, Information Sciences 180(11): 2085–2094. https://doi.org/10.1016/j.ins.2010.01.028
Merigó, J. M.; Gil-Lafuente, A. M. 2011. Decision-making in sport management based on the OWA operator, Expert Systems with Applications 38(8): 10408–10413. https://doi.org/10.1016/j.eswa.2011.02.104
Merigó, J. M.; Gil-Lafuente, A. M. 2012a. A method for decision making with the OWA operator, Computer Science and Information Systems 9(1): 357–380. https://doi.org/10.2298/CSIS110206044M
Merigó, J. M.; Gil-Lafuente, A. M. 2012b. Decision-making techniques with similarity measures and OWA operators, SORT – Statistics and Operations Research Transactions 36(1): 81–102.
Merigó, J. M.; Gil-Lafuente, A. M. 2013. A method for decision-making based on generalized aggregation operators, International Journal of Intelligent Systems 28(5): 453–473. https://doi.org/10.1002/int.21585
Merigó, J. M.; Gil-Lafuente, A. M.; Gi-Aluja, J. 2011. A new aggregation method for strategic decision-making and its application in assignment theory, African Journal of Business Management 5(11): 4033–4043.
Merigó, J. M.; Gil-Lafuente, A. M.; Xu, Y. J. 2013. Decision-making with induced aggregation operators and the adequacy coefficient, Economic Computation and Economic Cybernetics Studies and Research (1): 185–202
Merigó, J. M.; Peris-Ortiz, M. 2014. Entrepreneurship and decision-making in Latin America, Innovar – Journal of Administrative and Social Sciences 24(1Spe): 101–111. https://doi.org/10.15446/innovar.v24n1spe.47557
Merigó, J. M.; Peris-Ortiz, M.; Palacios-Marqué, D. 2014. Entrepreneurial fuzzy group decision-making under complex environments, Journal of Intelligent and Fuzzy Systems 27(2): 901–912.
Miller, T.; Kim, A. B.; Holmes, K. R. 2014. Index of economic freedom: promoting economic opportunity and prosperity by country. New York.
Peng, B.; Ye, C. 2014. An approach based on the induced uncertain pure linguistic hybrid harmonic averaging operator to group decision making, Economic Computation and Economic Cybernetics Studies and Research 47(4): 275–296.
Peng, D.-H.; Wang, T.-D.; Gao, C.-Y. 2014. Integrating nonhompgeneous preferences structures in SWOT analysis to evaluate multiple alternatives, Economic Computation and Economic Cybernetics Studies and Research 48(3): 309–332.
Praag, C. M.; Versloot, P. H. 2007. What is the value of entrepreneurship? A review of recent research, Small Business Economics 29(4): 351–382. https://doi.org/10.1007/s11187-007-9074-x
Ratten, V.; Ratten, H. 2011. International sport marketing: practical and future research implications, Journal of Business & Industrial Marketing 26(8): 614–620. https://doi.org/10.1108/08858621111179886
Sala i Martín, X.; Bilbao-Osorio, B.; Blanke, J.; Drzeniek, M.; Geiger, T.; Ko, C. 2014. Global competitiveness index: sustaining growth, building resilience. New York.
Shannon, C. E. 1948. A mathematical theory of communication, Bell System Technical Journal 27(3): 379–423. https://doi.org/10.1002/j.1538-7305.1948.tb01338.x
van Stel, A.; Carree, M.; Thurik, R. 2005. The effect of entrepreneurial activity on national economic growth, Small Business Economics 24(3): 311–321. https://doi.org/10.1007/s11187-005-1996-6
Verheul, I.; Wennekers, S.; Audretsch, D.; Thurik, R. 2002. An eclectic theory of entrepreneurship: Policies, instittutions and culture, Chapter 2 in D. Audretsch, R. Thurik, I. Verheul, S. Wennekers (Eds.). Entrepreneurship : determinants and policy in a european-US comparison. Boston: Kluwer Academic, 11–81. https://doi.org/10.1007/b109395
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