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An Improved Group Decision-Making Model for the Investment Options of Small-Scale Photovoltaic Systems Based on Cumulative Prospect Theory and Choquet Integral

  • Complex Science Management
  • Published:
Wuhan University Journal of Natural Sciences

Abstract

With the development of photovoltaic (PV) industry, installing small-scale PV systems which are integrated into the buildings becomes popular. Therefore, it is important to make optimal investment decisions for investors and consumers. This paper proposes an improved group decision-making method which integrates the cumulative prospect theory and Choquet integral for the investment options of small-scale PV systems. From the perspective of sustainability, the alternatives are evaluated by four criteria, including economic benefits, solar energy condition, carbon emissions and social benefits. Since the performances of criteria are given by decision makers as linguistic variables, the proposed method measures the criteria values by intuitionistic trapezoidal fuzzy numbers. Then the alternatives are evaluated and ranked to determine the optimal option. Finally, the proposed method is implemented in a case study to illustrate its feasibility and effectiveness.

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Authors and Affiliations

  1. School of Economics and Management, North China Electric Power University, Beijing, 102206, China

    Jicheng Liu, Xiaoxu Fu, Fangqiu Xu & Zhenzhen Wang

  2. Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Beijing, 102206, China

    Jicheng Liu, Xiaoxu Fu, Fangqiu Xu & Zhenzhen Wang

  3. Department of Mathematics, University of Toronto, Toronto, M5S 1A1, ON, Canada

    Cuicui Luo

Authors
  1. Jicheng Liu
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  2. Xiaoxu Fu
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  3. Fangqiu Xu
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  4. Zhenzhen Wang
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  5. Cuicui Luo
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Corresponding author

Correspondence to Fangqiu Xu.

Additional information

Foundation item: Supported by the National Natural Science Foundation of China (71771085)

Biography: LIU Jicheng, male, Professor, research direction: information management, energy Internet.

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Liu, J., Fu, X., Xu, F. et al. An Improved Group Decision-Making Model for the Investment Options of Small-Scale Photovoltaic Systems Based on Cumulative Prospect Theory and Choquet Integral. Wuhan Univ. J. Nat. Sci. 24, 515–518 (2019). https://doi.org/10.1007/s11859-019-1430-6

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  • DOI: https://doi.org/10.1007/s11859-019-1430-6

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