Intuitionistic Assessment Of Behavioural Present Value*

Piasecki, Krzysztof

doi:10.2478/foli-2013-0021

Abstract

The article discussesd the impact of chosen behavioural factors on the imprecision of present value assessment. The formal model of behavioural present value is offered as a result of this discussion. The behavioural present value is described here as an intuitionistic fuzzy set. The significance of the replacement of a fuzzy set by an intuitionistic fuzzy set is proved.

References

Atanassov, K. & Stoeva, S. (1983). Intuitionistic fuzzy sets. In: J. Albrycht, H. Wiśniewski (Eds.). Proceedings of Polish Symposium on Interval and Fuzzy Mathematics, (pp. 23–26) Poznań.
Search in Google Scholar
Atanassov, K. (1999). Intuitionistic Fuzzy Sets. Heidelberg: Springer-Verlag.10.1007/978-3-7908-1870-3
Search in Google Scholar
Barberis, N., Shleifer, A. & Vishny R. (1998). A model of investor sentiment. Journal of Financial Economics, 49, pp. 307–345.10.1016/S0304-405X(98)00027-0
Search in Google Scholar
Buckley, I.J. (1987). The fuzzy mathematics of finance. Fuzzy Sets and Systems, 21, pp. 257–273.10.1016/0165-0114(87)90128-X
Search in Google Scholar
Calzi, M.L. (1990). Towards a general setting for the fuzzy mathematics of finance. Fuzzy Sets and Systems, 35, pp. 265–280.10.1016/0165-0114(90)90001-M
Search in Google Scholar
Dubois, J. & Prade, H. (1979). Fuzzy real algebra: some results. Fuzzy Sets and Systems, 2, pp. 327–348.10.1016/0165-0114(79)90005-8
Search in Google Scholar
Edwards, W. (1968). Conservatism in human information processing. In: B. Klienmutz (Ed.). Formal representation of human judgment, (pp 17–52), New York: Wiley.
Search in Google Scholar
Greenhut, J.G., Norman, G. & Temponi, C.T. (1995). Towards a fuzzy theory of oligopolistic competition, IEEE Proceedings of ISUMA-NAFIPS (pp. 286–291), College Park, IEEE.
Search in Google Scholar
Gutierrez, I. (1989). Fuzzy numbers and Net Present Value. Scandinavian Journal of Management, 5 (2), pp. 149–159.10.1016/0956-5221(89)90021-3
Search in Google Scholar
Huang, X. (2007). Two new models for portfolio selection with stochastic returns taking fuzzy information. European Journal of Operational Research, 180 (1), pp. 396–405.10.1016/j.ejor.2006.04.010
Search in Google Scholar
Knight, F.H. (1921). Risk, Uncertainty, and Profit. Boston, MA, Hart, Schaffner & Marx; Houghton Mifflin Company.
Search in Google Scholar
Kuchta, D. (2000). Fuzzy capital budgeting. Fuzzy Sets and Systems, 111, pp. 367–385.10.1016/S0165-0114(98)00088-8
Search in Google Scholar
Lesage, C. (2001). Discounted cash-flows analysis. An interactive fuzzy arithmetic approach. European Journal of Economic and Social Systems, 15 (2), pp. 49–68.
Search in Google Scholar
Peccati, L. (1972). Su di una caratterizzazione del principio del criterio dell’attualizzazione. Parma: Studium Parmense.
Search in Google Scholar
Piasecki, K. (2011a). Behavioural Present Value. Behavioral & Experimental Finance eJournal, 4, Retrieved August 15, 2013 from Social Science Research Network http://ssrn.com/abstract=1729351, DOI:10.2139/ssrn.1729351.10.2139/ssrn.1729351
Search in Google Scholar
Piasecki, K. (2011b). Rozmyte zbiory probabilistyczne, jako narzędzie finansów behawioralnych. Poznań: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu.
Search in Google Scholar
Piasecki, K. (2011c). Effectiveness of securities with fuzzy probabilistic return. Operations Research and Decisions, 2, pp. 65–78.
Search in Google Scholar
Piasecki, K. (2012a). Podstawy arytmetyki finansowej w świetle teorii użyteczności. In: Księga Jubileuszowa Profesora Edwarda Smagi, A. Malawski, J. Tatar (Eds.), (pp. 43–59). Kraków: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie.
Search in Google Scholar
Piasecki, K. (2012b). Basis of Financial Arithmetic from the Viewpoint of the Utility Theory, Operations Research and Decisions, 3, pp. 37–53.10.2139/ssrn.2089757
Search in Google Scholar
Piasecki, K. & Ziomek, R. (2011). Intuitionistic sets in financial market analysis – case study. European Finance eJournal, 1, Retrieved August 15, 2013 from Social Science Research Network http://ssrn.com/abstract=1729377. DOI: 10.2139/ssrn. 1729377.
Search in Google Scholar
Tsao, C.-T. (2005). Assessing the probabilistic fuzzy Net Present Value for a capital, Investment choice using fuzzy arithmetic. Journal of Chine Institute of Industrial Engineers, 22 (2), pp. 106–118.10.1080/10170660509509282
Search in Google Scholar
Ward, T.L. (1985). Discounted fuzzy cash flow analysis. 1985 Fall Industrial Engineering Conference Proceedings, (pp. 476–481) Berkeley.
Search in Google Scholar

Intuitionistic Assessment Of Behavioural Present Value*

Abstract

Paradigm

My account