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Soft Computing

, Volume 22, Issue 15, pp 4855–4878 | Cite as

Probabilistic OWA distances applied to asset management

  • José M. Merigó
  • Ligang Zhou
  • Dejian Yu
  • Nabil Alrajeh
  • Khalid Alnowibet
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  • 59 Downloads

Abstract

Average distances are widely used in many fields for calculating the distances between two sets of elements. This paper presents several new average distances by using the ordered weighted average, the probability and the weighted average. First, the work presents the probabilistic ordered weighted averaging weighted average distance (POWAWAD) operator. POWAWAD is a new aggregation operator that uses distance measures in a unified framework between the probability, the weighted average and the ordered weighted average (OWA) operator that considers the degree of importance that each concept has in the aggregation. The POWAWAD operator includes a wide range of particular cases including the maximum distance, the minimum distance, the normalized Hamming distance, the weighted Hamming distance and the ordered weighted average distance (OWAD). The article also presents further generalizations by using generalized and quasi-arithmetic means forming the generalized probabilistic ordered weighted averaging weighted average distance (GPOWAWAD) operator and the quasi-POWAWAD operator. The study ends analysing the applicability of this new approach in the calculation of the average fixed assets. Particularly, the work focuses on measuring the average distances between the ideal percentage of fixed assets that the companies of a specific country should have versus the real percentage of fixed assets they have. The illustrative example focuses on the Asian market.

Keywords

Distance measures Aggregation operators OWA operator Average fixed asset Group decision-making 

Notes

Acknowledgements

We would like to thank the anonymous reviewers for valuable comments that have improved the quality of the paper. Support from the Distinguished Scientist Fellowship Programme from King Saud University (Saudi Arabia) and the Chilean Government through the Fondecyt Regular Programme (Project Number 1160286) is gratefully acknowledged.

Compliance with ethical standards

Ethical approval

This article does not contain any studies with human participants performed by any of the authors.

Conflict of interest

The authors declare that they have no conflict of interests.

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Copyright information

© Springer-Verlag GmbH Germany, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Department of Management Control and Information Systems, School of Economics and BusinessUniversity of ChileSantiagoChile
  2. 2.Biomedical Technology Department, College of Applied Medical SciencesKing Saud UniversityRiyadhSaudi Arabia
  3. 3.School of Mathematical SciencesAnhui UniversityHefeiChina
  4. 4.Business SchoolNanjing Audit UniversityNanjingChina
  5. 5.Department of Statistics and Operations Research, College of ScienceKing Saud UniversityRiyadhSaudi Arabia

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