Hesitant Fuzzy Linguistic Preference Consistency-Driven Consensus Model with Large-Scale Group Interaction Measure for Venture Capital Investment Selection

46 Pages Posted: 17 Nov 2023

See all articles by Yuanyuan Liang

Yuanyuan Liang

Beijing Institute of Technology

Yanbing Ju

Beijing Institute of Technology

Xiao-Jun Zeng

The University of Manchester

Peiwu Dong

Beijing Institute of Technology

Mihalis Giannakis

Audencia Business School

Hengxia Gao

Beijing Wuzi University

Tianyu Zhang

Beijing Institute of Technology

Abstract

Recently, consensus-based large-scale group decision making (LSGDM) has been widely interactive with the study of social network, clustering and trust-based concepts. This study develops a novel hesitant fuzzy linguistic preference consistency-driven consensus model with interaction measure for large-scale group decision makers (DMs) in social networks. Firstly, comparative linguistic expressions are adopted to elicit DMs' preferences towards pairwise alternatives. Directed social network is then constructed by measuring the similarity between incomplete hesitant fuzzy linguistic preference relation (HFLPR) matrices. Community detection method is further conducted to categorize DMs into several communities. Secondly, driven by exploring the consistency of HFLPR matrices and interactive trusts between DMs, a novel optimization model is established to estimate the missing elements. Thirdly, the 2-order additive fuzzy measures of different coalitions among divided communities for capturing their fully or partially interactive behavior are derived by a consistency-based optimization model. Accordingly, an attitudinal Choquet integral operator is employed to aggregate preferences into the collective one. Fourthly, a consensus improving mechanism is devised to achieve the unanimous agreement of DMs characterized by the bounded confidence. Personalized and specific adjustment scales obtained by investigating interval consistency of HFLPRs are provided in support of DMs' modifications. Finally, both an illustrative case on syndicated venture capital investment selection and simulation analyses are performed to elucidate the feasibility and validity of the proposed methods. The comparisons with other approaches reveal the superiority and improvement of our proposal.

Keywords: Large-scale group consensus reaching process, Social network analysis, community detection, Comparative linguistic expression, Interactive behavior

Suggested Citation

Liang, Yuanyuan and Ju, Yanbing and Zeng, Xiao-Jun and Dong, Peiwu and Giannakis, Mihalis and Gao, Hengxia and Zhang, Tianyu, Hesitant Fuzzy Linguistic Preference Consistency-Driven Consensus Model with Large-Scale Group Interaction Measure for Venture Capital Investment Selection. Available at SSRN: https://ssrn.com/abstract=4635871 or http://dx.doi.org/10.2139/ssrn.4635871

Yuanyuan Liang

Beijing Institute of Technology ( email )

5 South Zhongguancun street
Center for Energy and Environmental Policy Researc
Beijing, 100081
China

Yanbing Ju (Contact Author)

Beijing Institute of Technology ( email )

5 South Zhongguancun street
Center for Energy and Environmental Policy Researc
Beijing, 100081
China

Xiao-Jun Zeng

The University of Manchester ( email )

Oxford Road
Manchester, N/A M13 9PL
United Kingdom

Peiwu Dong

Beijing Institute of Technology ( email )

5 South Zhongguancun street
Center for Energy and Environmental Policy Researc
Beijing, 100081
China

Mihalis Giannakis

Audencia Business School ( email )

Hengxia Gao

Beijing Wuzi University ( email )

Chaoyang North Rd
Tongzhou, Beijing
China

Tianyu Zhang

Beijing Institute of Technology ( email )

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