Prospect Theory-Based Consistency Recovery Strategies with Multiplicative Probabilistic Linguistic Preference Relations in Managing Group Decision Making

Given the inherent characteristics of a practical case, a group decision making (GDM) support model integrated with prospect theory-based consistency recovery strategies based on multiplicative probabilistic linguistic preference information is proposed. Some basic concepts related to probabilistic linguistic term sets as well as multiplicative linguistic preference relations and prospect theory are reviewed for subsequent analysis. Multiplicative probabilistic linguistic preference relations (MPLPRs) and normalized MPLPRs are also defined to describe practical GDM problems. Subsequently, a consistency measure of MPLPRs is investigated to obtain a consistency level. Moreover, prospect theory-based consistency recovery strategies are explored and used to build a GDM support model that considers different risk attitudes of decision makers. Its applicability and effectiveness are validated by conducting an illustrative example and a comparative analysis with other existing methods in the context of energy site selection. Finally, conclusions are drawn.