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Game theory based multi criteria decision making problem under uncertainty: a case study on Indian Tea Industry

Journal of Management of Roraima

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Title Game theory based multi criteria decision making problem under uncertainty: a case study on Indian Tea Industry
 
Creator Debnath, Animesh
Bandyopadhyay, Abhirup
Roy, Jagannath
Kar, Samarjit
 
Description The long-term evolution of multi agent multi criteria decision making (MCDM) and to obtain sustainable decision a novel methodology is proposed based on evolutionary game theory. In this paper multi agent MCDM is represented as an evolutionary game and the evolutionary strategies are defined as sustainable decisions. Here we consider the problem of decision making in Indian Tea Industry. The agents in this game are essentially Indian Tea Estate owner and Indian Tea board. The replicator dynamics of the evolutionary game are studied to obtain evolutionary strategies which could be defined as sustainable strategies. The multi agent MCDM in Indian Tea Industry is considered under different socio-political and Corporate Social Responsibility scenario and groups of Indian Tea Industry. Again, the impacts of imprecision and market volatility on the outcome of some strategies (decisions) are studied. In this paper the imprecision on the impact of the strategies are modelled as fuzzy numbers whereas the market volatility is taken into account as white noise. Hence the MCDM problem for Indian Tea Industry is modelled as a hybrid evolutionary game. The probabilities of strategies are obtained by solving hybrid evolutionary game and could be represented as a Dempster-Shafer belief structure. The simulation results facilitate the Decision Makers to choose the strategies (decisions) under different type of uncertainty.
 
Publisher VGTU Press Technika
 
Date 2018-05-04
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://journals.vgtu.lt/index.php/JBEM/article/view/1578
10.3846/16111699.2017.1401553
 
Source Journal of Business Economics and Management; Vol 19 No 1 (2018); 154-175
2029-4433
1611-1699
 
Language eng
 
Relation https://journals.vgtu.lt/index.php/JBEM/article/view/1578/1241
 
Rights Copyright (c) 2018 Journal of Business Economics and Management
http://creativecommons.org/licenses/by/4.0