Parametric WOWA operator and its application in decision making

We analyze the application of regular increasing monotonic(RIM) quantifiers for parametric weighted ordered weighted average (WOWA) operator with piecewise linear function in decision problems. It can be used to represent various attitudes of the decision makers in forms of risk pessimistic, risk neutral and risk optimistic, respectively. Then, some properties of parametric WOWA operator with piecewise linear function are provided. Expected utility theory becomes a special case of parametric WOWA operator with risk neutral attitude. Different attitudes of the decision makers can be implemented by changing the values of parameter in parametric WOWA operators according to application context. Finally, the paper illustrates our theoretical results with an example of introducing and pricing new product.