A multi-attribute decision-making method based on the third-generation prospect theory and grey correlation degree

Based on the third-generation Prospect Theory (3-PT) and Grey Correlation Analysis (GRA), a method was proposed that considers the uncertainty of the natural state and convenience of calculation to solve Multi-Attribute Decision-Making (MADM) problems, in which the attributes were described by the Linguistic Intuitionistic Fuzzy Numbers (LIFNs). First, the LIFNs were transformed into a belief structure comprising the identity value and belief degree. Then, the evaluation information represented by belief structure was calculated using the 3-PT, and the prospect matrix was given. The alternatives were ranked using GRA. Finally, the proposed method was employed to calculate the example under study and compare it with other methods to prove its eectiveness and superiority.