{"title":"NEURO-FUZZY MODEL OF COUNTRY'S INVESTMENT POTENTIAL ASSESSMENT","authors":"A. Matviychuk, O. Lukianenko, I. Miroshnychenko","doi":"10.25102/FER.2019.02.04","DOIUrl":"https://doi.org/10.25102/FER.2019.02.04","url":null,"abstract":"","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69294742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"New Investment Decision-Making Tool that Combines a Fuzzy Inference System with Real Option Analysis","authors":"M. Kozlova, M. Collan, P. Luukka","doi":"10.25102/FER.2018.01.04","DOIUrl":"https://doi.org/10.25102/FER.2018.01.04","url":null,"abstract":"This paper proposes a new procedure for enriching investment and real option analysis performed with the fuzzy pay-off method by decomposing the pay-off distribution into multiple sub-distributions that correspond to different investment scenarios. This creates more information about the importance of the effect of selected factors to investment profitability. Furthermore, based on the proposed procedure, we show how a fuzzy inference system to support investment decision-making can be constructed. The proposed new procedure and the application of a fuzzy inference system are illustrated with a numerical case analysis of a power generation investment. The results show that the proposed new procedure reveals actionable information about the analyzed investment that may otherwise remain uncovered and enhances the decision-making ability of investment managers. The application of a fuzzy inference system to investment decision-support and real option analysis is a rather new approach. The obtained results highlight how the construct of a fuzzy inference system must be adapted to the perspective of the application for which it is used.","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"63-92"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69293984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"UTILIZING INTERVALS OF VALUES IN MODELING DUE TO DIVERSITY OF MEASUREMENTS","authors":"E. Shnaider, A. Yosef","doi":"10.25102/FER.2018.02.01","DOIUrl":"https://doi.org/10.25102/FER.2018.02.01","url":null,"abstract":"","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69294018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Hotel Guests´ Satisfaction: A Segmentation Analysis Based on Age and Gender Using Topsis Fuzzy Methodology","authors":"J. Hernández, M. Sánchez-Rebull, V. Rudchenko","doi":"10.25102/fer.2018.02.04","DOIUrl":"https://doi.org/10.25102/fer.2018.02.04","url":null,"abstract":"Guest’s satisfaction in the hotel industry cannot be easily measured because these constructs depend on multiple intangible attributes that can be evaluated very differently by distinct market segments. In this paper, the satisfaction experienced by different market segments based on age and gender is evaluated by the use of a hybrid method built from the fuzzy logic and optimal solutions. Fuzzy set theory has become a standard technique to resolve in part the uncertain information provided by guests. The results show that age and gender affect the satisfaction experienced by the hotel guests, and that not all the attributes are equally important when satisfaction is studied. The analysis of the elasticities show that the guest satisfaction is quite inelastic with respect to the 32 attributes included in the study, but the elasticity is higher for these four attributes: (1) welcome gifts in the room; (2) furniture/decoration in restaurants and bars; (3) furniture/decoration in public areas; and (4) welcome gifts in the bathroom.","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"4"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69294148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"DEVELOPING A GENERALIZED FUZZY MULTI-CRITERIA DECISION MAKING FOR PERSONNEL SELECTION","authors":"N. Tuan","doi":"10.25102/FER.2018.02.02","DOIUrl":"https://doi.org/10.25102/FER.2018.02.02","url":null,"abstract":"This paper proposes an extension of fuzzy multi-criteria decision making (MCDM) method for supporting the personnel selection process. In the proposed method, the ratings of various alternatives versus various subjective criteria and the weights of all criteria are assessed in linguistic terms represented by generalized fuzzy numbers. Then, the weighted fuzzy decision matrix is derived by arithmetic of generalized fuzzy numbers. To make the procedure easier and more practical, the weighted ratings are defuzzified into crisp values by using the most popular ranking approach based on centroid index. Finally, this study applies the proposed fuzzy MCDM method to solve a lecturer selection problem, demonstrating its applicability and computational process.","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"27-41"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69294093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Multiple Criteria Multiple Peer-Assessment for an Elearning Environment Using a Linguistic Scorecard for on-line Peer-Assessment","authors":"P. Laukka, M. Collan","doi":"10.25102/FER.2018.01.01","DOIUrl":"https://doi.org/10.25102/FER.2018.01.01","url":null,"abstract":"Peer-assessment between students is a way to include evaluation as a part of the learning process and to simultaneously cut teacher load in grading of assignments. eLearning systems can be used to automate peer-assessment to a large extent. Peer-assessment benefits from multiple-peer-assessment as it is likely to even-out outliers. Linguistic scorecards that use linguistic scales can be used to simplify assessment. Linguistic terms used can be mapped to fuzzy number scales and the resulting fuzzy scores can then be weighted and aggregated to derive an overall assessment. Sometimes ranking of the overall assessments is performed. This paper presents the foundations of a system that uses linguistic scorecards in peer-assessment and weights for peer-assessment is gained by self-evaluation. After this our system computes the overall score and ranks the assessments. A numerical example is used to illustrate the system","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"3-18"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69293408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Valuation of real options in incomplete models – An implied yield approach","authors":"F. Armerin, Song Han-Suck","doi":"10.25102/fer.2018.01.02","DOIUrl":"https://doi.org/10.25102/fer.2018.01.02","url":null,"abstract":"In many applications of real options there is an assumption of complete capital markets. For the perpetual timing option this means that if the underlying asset does not pay out any cash flows, then there is no finite optimal time at which the investment should be undertaken. In contrast, when the market is incomplete there is a possibility of having a finite optimal stopping time even in the cases when the underlying asset does not pay out any cash flows. We discuss the incomplete case in models driven by both Brownian motion(s) and a Poisson process and connect it with the concept of an implied yield. The implied yield will in these models extend the concept of a monetary yield (i.e. a yield that represents the fraction of the value of an asset paid out as a cash flow). Several examples of incomplete market models where there could be a finite optimal time to invest are given.","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"19-32"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69293512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A non-additive multiple criteria approach for the evaluation of international climate think tanks","authors":"Luca Farnia, S. Giove, M. Khoroshiltseva","doi":"10.25102/fer.2018.02.03","DOIUrl":"https://doi.org/10.25102/fer.2018.02.03","url":null,"abstract":"","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"43-62"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69294133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Anomaly Interactions and the Cross-Section of Stock Returns","authors":"Ville Karell, J. Yeomans","doi":"10.25102/FER.2018.01.03","DOIUrl":"https://doi.org/10.25102/FER.2018.01.03","url":null,"abstract":"This study provides new evidence on anomaly interactions, as well as on the cross-section of returns in all-but-microcap universe of U.S. stocks over the 42-year sample period from 1971 to 2013. The five anomalies being examined are size, value, profitability, investment/asset growth, and momentum. We form 5x5 conditional double-sort portfolios for each pair of anomaly variables, resulting in 20 different 5x5 sorts when using each variable in the first-stage sorting and the remaining four in the second-stage sorting. The interrelation between each pair of anomaly variables is evaluated on the basis of the monotonic relation (MR) test of Patton and Timmermann (2010) for portfolio raw returns, and in addition, by means of the Sharpe ratio comparisons. Moreover, we run Fama-MacBeth (1973) cross-sectional regressions to compare the relative explanatory power of each variable in the presence of the others. The results show that investment/asset growth and momentum dimensions capture the cross-sectional return patterns better than size, value, or profitability. The relative efficacy of momentum is higher in all-but-microcap universe than previously documented for the corresponding unlimited market-cap samples of U.S. stocks.","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"33-61"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69293972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fuzzy Economic ReviewPub Date : 2017-12-01Epub Date: 2017-02-08DOI: 10.1080/09593330.2017.1284268
Nam Tran, Patrick Drogui, Tuan Linh Doan, Thanh Son Le, Hoai Chau Nguyen
{"title":"Electrochemical degradation and mineralization of glyphosate herbicide.","authors":"Nam Tran, Patrick Drogui, Tuan Linh Doan, Thanh Son Le, Hoai Chau Nguyen","doi":"10.1080/09593330.2017.1284268","DOIUrl":"10.1080/09593330.2017.1284268","url":null,"abstract":"<p><p>The presence of herbicide is a concern for both human and ecological health. Glyphosate is occasionally detected as water contaminants in agriculture areas where the herbicide is used extensively. The removal of glyphosate in synthetic solution using advanced oxidation process is a possible approach for remediation of contaminated waters. The ability of electrochemical oxidation for the degradation and mineralization of glyphosate herbicide was investigated using Ti/PbO<sub>2</sub> anode. The current intensity, treatment time, initial concentration and pH of solution are the influent parameters on the degradation efficiency. An experimental design methodology was applied to determine the optimal condition (in terms of cost/effectiveness) based on response surface methodology. Glyphosate concentration (C<sub>0</sub> = 16.9 mg L<sup>-1</sup>) decreased up to 0.6 mg L<sup>-1</sup> when the optimal conditions were imposed (current intensity of 4.77 A and treatment time of 173 min). The removal efficiencies of glyphosate and total organic carbon were 95 ± 16% and 90.31%, respectively. This work demonstrates that electrochemical oxidation is a promising process for degradation and mineralization of glyphosate.</p>","PeriodicalId":38703,"journal":{"name":"Fuzzy Economic Review","volume":"23 1","pages":"2939-2948"},"PeriodicalIF":7.1,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09593330.2017.1284268","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91280339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}