The issue of pensions has become increasingly topical. This paper presents the ordered weighted averaging real average pension (OWARAP) operator. The OWARAP operator is based on the ordered weighted ...averaging (OWA) operator and calculates the future average retirement benefit taking into account price changes. Moreover, this work extends the OWARAP operator by using order-inducing variables, generalized means, and probabilities. This paper ends by analyzing the applicability of the OWARAP operator and its extensions in forecasting the real average Social Security benefits for retired workers in each state of the United States (U.S.). The results demonstrate the usefulness of the proposed approach in retirement decision making.
Fuzzy decision making: A bibliometric-based review Blanco Mesa, Fabio Raúl; Gil Lafuente, Anna Maria; Merigó Lindahl, José M
Journal of intelligent & fuzzy systems,
01/2017, Letnik:
32, Številka:
3
Journal Article
Recenzirano
Odprti dostop
Fuzzy decision-making consists in making decisions under complex and uncertain environments where the information can be assessed with fuzzy sets and systems. The aim of this study is to review the ...main contributions in this field by using a bibliometric approach. For doing so, the article uses a wide range of bibliometric indicators including the citations and the h-index. Moreover, it also uses the VOS viewer software in order to map the main trends in this area. The work considers the leading journals, articles, authors and institutions. The results indicate that the USA was the traditional leader in this field with the most significant researcher. However, during the last years, this field is receiving more attention by Asian authors that are starting to lead the field. This discipline has a strong potential and the expectations for the future is that it will continue to grow.
The International Journal of Intelligent Systems was created in 1986. Today, the journal is 30 years old. To celebrate this anniversary, this study develops a bibliometric review of all of the papers ...published in the journal between 1986 and 2015. The results are largely based on the Web of Science Core Collection, which classifies leading bibliographic material by using several indicators including total number of publications and citations, the h‐index, cites per paper, and citing articles. The work also uses the VOS viewer software for visualizing the main results through bibliographic coupling and co‐citation. The results show a general overview of leading trends that have influenced the journal in terms of highly cited papers, authors, journals, universities and countries.
The ordered weighted averaging (OWA) operator is one of the most used techniques in the operator’s aggregation procedure. This paper proposes a new assignment algorithm by using the OWA operator and ...different extensions of it in the Branch-and-bound algorithm. The process is based on the use of the ordered weighted average distance operator (OWAD) and the induced OWAD operator (IOWAD). We present it as the Branch-and-bound algorithm with the OWAD operator (BBAOWAD) and the Branch-and-bound algorithm with the IOWAD operator (BBAIOWAD). The main advantage of this approach is that we can obtain more detailed information by obtaining a parameterized family of aggregation operators. The application of the new algorithm is developed in a consumer decision-making model in the city of Barcelona regarding the selection of groceries by districts that best suit their needs. We rely on the opinion of local commerce experts in the city. The key advantage of this approach is that we can consider different sources of information independent of each other.
The empirical evidence suggests that stock returns in the emerging technology environment exhibit high stock return volatility. The fundamental aim of the article is to investigate the dynamic, time ...series properties of the correlations between daily log returns and magnitude of the volatility transmissions from the emerging technologies environment to the Spanish banking sector, the Spanish market portfolio and the finance industry in the EU area. Using daily log returns for the performance variables and an equally weighted index was constructed as proxy to represent the emerging technology phenomena covering a period from the 7th of July of 2015 to the 20th of September of 2019. The study applies generalized autoregressive conditional heteroskedasticity GARCH followed by the diagonal BEKK approach. One key finding is that the emerging technology environment is important in capturing volatility of Spanish banking sector, the Spanish market portfolio and the finance industry in the EU area through significant volatility clustering, volatility spillover and volatility persistence. Results exhibit very large GARCH and relatively low ARCH effects indicating a long persistence of resulting shocks over volatility. Broadly, the Spanish banking sector seems to be the most exposed to volatility spillover. Nevertheless, it is the finance industry across the EU which is more affected by the volatility persistence from emerging technology shocks in terms of volatility and cross – volatility point of view. Additionally, high volatility periods provide insights about an increased integration and volatility spillover. From an investor perspective, one important implication is that adding stocks from different emerging technologies to a portfolio does not necessarily lead to risk reduction.
Logarithmic aggregation operators and distance measures Alfaro‐García, Víctor G.; Merigó, José M.; Gil‐Lafuente, Anna M. ...
International journal of intelligent systems,
July 2018, Letnik:
33, Številka:
7
Journal Article
Recenzirano
Odprti dostop
The Hamming distance is a well‐known measure that is designed to provide insights into the similarity between two strings of information. In this study, we use the Hamming distance, the optimal ...deviation model, and the generalized ordered weighted logarithmic averaging (GOWLA) operator to develop the ordered weighted logarithmic averaging distance (OWLAD) operator and the generalized ordered weighted logarithmic averaging distance (GOWLAD) operator. The main advantage of these operators is the possibility of modeling a wider range of complex representations of problems under the assumption of an ideal possibility. We study the main properties, alternative formulations, and families of the proposed operators. We analyze multiple classical measures to characterize the weighting vector and propose alternatives to deal with the logarithmic properties of the operators. Furthermore, we present generalizations of the operators, which are obtained by studying their weighting vectors and the lambda parameter. Finally, an illustrative example regarding innovation project management measurement is proposed, in which a multi‐expert analysis and several of the newly introduced operators are utilized.
This paper uses the case of Spain to investigate whether and how disruptive technology impacts banking stock returns under a high volatility regime and a low volatility regime. For this purpose, a ...two-factor model with heteroscedastic Markov switching regimes has been applied. The results indicate that disruptive technologies have an impact on Spanish banking stock returns and that the effects are volatility regime dependent, having a relevant positive impact in high volatility regimes and a less relevant negative impact in low volatility regimes. These findings suggest that investors are informed about and acknowledge the advantages of disruptive technologies and will use their adoption as a business strategy to offset adverse market circumstances. During stable market conditions, on the other hand, Spanish banking seems to have less expectations about disruptive technology as a business strategy. To summarise, this paper provides insights into the role of the pricing of banking-related assets and has other relevant implications for investors that include disruptive technology or banking exposed investments in their portfolios.
Purpose - This paper aims to focus the research on the identification of stakeholders through an analysis of an empirical study by a consulting firm in Brazil. In this case study, the company needs ...to identify the stakeholders that can exert some influence in its sphere of activity.Design methodology approach - The paper considers the question: to do sustainable business, companies must have good knowledge of all actors with influence in their sphere of activity. This identification of stakeholders is the first step. Based on stakeholder theory, the authors discuss the importance of management with stakeholders in the pursuit of sustainability in business. To achieve this objective, the consultant hired has used fuzzy logic algorithm, applying the theory of clans.Findings - In applying the model through an empirical study, it has been possible to provide a tool based on the use of grouping algorithm that can facilitate decision making by obtaining qualitative data from a dialogue with managers or specialists on a particular topic. The model also serves to establish the level of relationship between different stakeholders and obtain affinities.Originality value - The paper provides an innovative and a useful tool to be used in the process of identifying stakeholders. The paper's main contribution is the application of algorithms in the identification of stakeholders considering sustainability criteria in enterprises, and providing a useful model in making decisions.
This paper investigates whether and how the adoption of FinTech by incumbent banks affects their stock price volatility. BIZUM, a Spanish FinTech real-time digital payment solution was adopted by ...incumbent banks in 2016 and therefore provides new evidence of real-world ex-post implementation. The results indicate that the adoption of BIZUM by incumbent banks had a significant effect, reducing their stock price volatility after it was launched. This finding suggests that investors were informed of and acknowledged the advantages of BIZUM, thus, use their adoption of FinTech Start-up strategy to offset adverse market circumstances. This paper provides insights for investors and international institutions regarding the role of the pricing of banking related assets, implications for incumbent banks whose portfolios are exposed to investments in disruptive technology and for banking regulators and authorities vis-à-vis risk related considerations of the adoption by banks of FinTech strategies.
Display omitted
•Traditional payment is being replaced by new alternatives, such as BIZUM, a digital real time payment solution.•The stock return volatility of Spanish incumbent’s banks perceived a positive impact in terms of a decrease in volatility since BIZUM was launched and incorporated in their business model in 2016.•Investors have anchored the benefits and competitive advantages of new disruptive alternatives as BIZUM in a in a Fintech Start-up environment for incumbents’ banks.•The theoretical argument that Fintech will complement incumbent banks and lead to positive impact is reinforced by the evidence.•This result supports rational investor behaviour.
Purpose
The purpose of this paper is to develop a novel method to analyse dynamic interactions of stakeholders to explain how a set of agents can act by considering the power/influence positions.
...Design/methodology/approach
A novel mathematical application uses the importance of characteristics algorithm in combination with composition max-min to compare, group and order information according to the importance of its characteristics. The mathematical application is focused on a strategic analysis, evaluating stakeholder dynamics through power relationships.
Findings
The results show a comparison of the relationships among each of the stakeholders to obtain the relative intensity and importance of relationships between them, given by the fuzzy matrix FRInM and the fuzzy matrix FRIM, respectively. This application provides a useful tool for a dynamic analysis of stakeholders in a complex environment, where the best approach to performing a strategic analysis process is sought.
Research limitations/implications
The main implication of the proposed approach is taking into account the importance of information to establish the boundaries and relationships of each characteristic according to its intensity. However, limitations are due to the nature of this research, based on theoretical assumptions regarding stakeholders and the use of a hypothetical example to show the operation of algorithms.
Originality/value
The primary advantage of this proposition is that it takes into account the importance of information to establish the relationships among the characteristics according to their intensity. In addition, it performs multiple comparisons among each characteristic of the information. The interests and opinions of decision makers can be parameterised. A mathematical application shows how each interest group could be classified and related according to subjective information.
PDF
