Large-Scale Behavioral Three-Way Group Decision Based on Prospect Theory Under Dual Hesitant Fuzzy Environment

Abstract

Three-way decision (TWD) is a powerful method to tackle complex and high-risk decision-making problems. The proliferation of social networks and rapid exchange of information has fostered growing instances of large-scale group decision-making (LSGDM), which has become an emerging concern because of its necessity and applicability in distinct domains. This necessitates the investigation of LSGDM within the framework of TWD. Given the essential role of the consensus on loss functions in three-way group decision (TWGD) and the significant impact of bounded rationality on decision results, this article, therefore, aims to present a consensus-reaching process (CRP) model for the prospect theory-based utility functions in LSGDM and thus build a novel large scale behavioral TWGD model for solving LSGDM issues under dual hesitant fuzzy (DHF) uncertainty. Specifically, the behavioral DHF TWD based on prospect theory is first built, wherein the threshold parameters are figured out by maximizing expected prospect value, instead of minimizing expected loss. Then, the social network based on social degree considering the co-opetition relationship is constructed, and a social network analysis method is implemented to cluster decision-makers. Accordingly, the CRP model for the prospect value adjustment is designed. Afterward, a large-scale behavioral TWGD model is proposed to tackle an LSGDM issue, resilient supplier selection. Finally, a numerical example and comparative analysis are conducted to demonstrate the effectiveness of the proposed model.