Fuzzy Multi-Criteria Decision-Making for Evaluating the performance of mutual funds

This paper describes a fuzzy hierarchical analytic approach to determine the weighting of subjective judgments. In addition, it presents a nonadditive fuzzy integral technique to evaluate a mutual fund case as a fuzzy multi-criteria decision-making (FMCDM) problem. When the investment strategies are evaluated from various aspects, such as market timing, stock selection ability, fund size and team work, it can be regarded as an FMCDM problem. Since investors can not clearly estimate each considered criterion in terms of numerical values for the anticipated alternatives/strategies, fuzziness is considered to be applicable. Consequently, this paper uses triangular fuzzy numbers to establish weights and anticipated achievement values. By ranking fuzzy weights and fuzzy synthetic performance values, we can determine the relative importance of criteria and decide the best strategies. This paper applies what is called a λ fuzzy measure and nonadditive fuzzy integral technique to evaluate aquatic investment. In addition, we demonstrate that the nonadditive fuzzy integral is an effective evaluation and appears to be appropriate, especially when the criteria are not independent.