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Induced intuitionistic fuzzy ordered weighted averaging: Weighted average operator and its application to business decision-making

Shouzhen Zeng (College of Computer and Information, Zhejiang Wanli University, Ningbo, China)
Qifeng Wang (College of Modern Logistics, Zhejiang Wanli Univeristy, Ningbo, China)
Merigó José M. (Manchester Business School, University of Manchester, Manchester, UK)
Tiejun Pan (College of Computer and Information, Zhejiang Wanli University, Ningbo, China)

We present the induced intuitionistic fuzzy ordered weighted averaging-weighted average (I-IFOWAWA) operator. It is a new aggregation operator that uses the intuitionistic fuzzy weighted average (IFWA) and the induced intuitionistic fuzzy ordered weighted averaging (I-IFOWA) operator in the same formulation. We study some of its main properties and we have seen that it has a lot of particular cases such as the IFWA and the intuitionistic fuzzy ordered weighted averaging (IFOWA) operator. We also study its applicability in a decision-making problem concerning strategic selection of investments. We see that depending on the particular type of I-IFOWAWA operator used, the results may lead to different decisions.

Keywords: Intuitionistic fuzzy sets, weighted average, IOWA operator, decision making