Uncertainty in business decisions and fuzzy games approach

Festus Oluseyi Oderanti; Philippe De Wilde; Feng Li

doi:10.1109/UKCI.2012.6335762

Uncertainty in business decisions and fuzzy games approach

Festus Oluseyi Oderanti, Philippe De Wilde, Feng Li

Hertfordshire Business School

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

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 language	English
Title of host publication	2012 12th UK Workshop on Computational Intelligence, UKCI 2012
Place of Publication	UK
Publisher	Institute of Electrical and Electronics Engineers (IEEE)
ISBN (Print)	9781467343923
DOIs	https://doi.org/10.1109/UKCI.2012.6335762
Publication status	Published - 2012
Event	2012 12th UK Workshop on Computational Intelligence, UKCI 2012 - Edinburgh, United Kingdom Duration: 5 Sept 2012 → 7 Sept 2012

Conference

Conference	2012 12th UK Workshop on Computational Intelligence, UKCI 2012
Country/Territory	United Kingdom
City	Edinburgh
Period	5/09/12 → 7/09/12

Keywords

business games
decision
fuzzy logic
game theory
membership functions
zero sum

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10.1109/UKCI.2012.6335762

Cite this

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title = "Uncertainty in business decisions and fuzzy games approach",

abstract = "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.",

keywords = "business games, decision, fuzzy logic, game theory, membership functions, zero sum",

author = "Oderanti, {Festus Oluseyi} and {De Wilde}, Philippe and Feng Li",

year = "2012",

doi = "10.1109/UKCI.2012.6335762",

language = "English",

isbn = "9781467343923",

booktitle = "2012 12th UK Workshop on Computational Intelligence, UKCI 2012",

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Oderanti, FO, De Wilde, P & Li, F 2012, Uncertainty in business decisions and fuzzy games approach. in 2012 12th UK Workshop on Computational Intelligence, UKCI 2012., 6335762, Institute of Electrical and Electronics Engineers (IEEE), UK, 2012 12th UK Workshop on Computational Intelligence, UKCI 2012, Edinburgh, United Kingdom, 5/09/12. https://doi.org/10.1109/UKCI.2012.6335762

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AB - 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.

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Uncertainty in business decisions and fuzzy games approach

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