Fuzzy inference game approach to uncertainty in business decisions and market competitions

Festus Oluseyi Oderanti

Research output: Contribution to journalArticlepeer-review

6 Citations (Scopus)
14 Downloads (Pure)

Abstract

The increasing challenges and complexity of business environments are making business decisions and operations more difficult for entrepreneurs to predict the outcomes of these processes. Therefore, we developed a decision support scheme that could be used and adapted to various business decision processes. These involve decisions that are made under uncertain situations such as business competition in the market or wage negotiation within a firm. The scheme uses game strategies and fuzzy inference concepts to effectively grasp the variables in these uncertain situations. The games are played between human and fuzzy players. The accuracy of the fuzzy rule base and the game strategies help to mitigate the adverse effects that a business may suffer from these uncertain factors. We also introduced learning which enables the fuzzy player to adapt over time. We tested this scheme in different scenarios and discover that it could be an invaluable tool in the hand of entrepreneurs that are operating under uncertain and competitive business environments.

Original languageEnglish
Pages (from-to)1-16
Number of pages17
JournalSpringerPlus
Volume2
Issue number1
DOIs
Publication statusPublished - 25 Sept 2013

Keywords

  • Business games
  • Decision
  • Fuzzy logic
  • Game theory
  • Membership functions
  • Zero sum

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