Single-valued neutrosophic relations and their application to factors affecting oil prices

CAAI Transactions on Intelligence Technology

article

Yenling Chaw¹  Lazim Abdullah¹  Mahmod Othman² 

[1] Department of Mathematics, Faculty of Ocean Engineering Technology and Informatics, Universiti Malaysia Terengganu;Fundamental and Applied Science Department, Universiti Teknologi PETRONAS

关键词: fuzzy set theory;    decision making;    set theory;    petroleum industry;    pricing;    oil price;    influential factor;    economic activities;    neutrosophic sets;    single-valued neutrosophic relations-based decision-making method;    algebraic relations;    global economic rate;    C1140E Game theory;    C1160 Combinatorial mathematics;    C1290D Systems theory applications in economics and business;    C1290F Systems theory applications in industry;    E0120K Financial management;    E0210E Combinatorial mathematics;    E0210J Statistics;    E1540 Systems theory applications;    E3624 Fuel processing industry;   

DOI  :  10.1049/trit.2020.0004

学科分类：数学（综合）

来源: Wiley

【 摘 要 】

The recent boom of economic activities has escalated the demand for oil that eventually will affect its prices. However, oil prices are difficult to predict because most of the factors affecting oil prices are vague and intangible. The challenges in predicting oil prices urgently require a novel approach where issues related to multiple-factors, uncertainty, and periodicity can be addressed. The authors propose the single-valued neutrosophic relations based decision-making method inspired by the three memberships of neutrosophic sets, and amplitude and periodicity of complex numbers. The proposed method is applied to the case of oil prices where six factors affecting oil prices and six benchmarks measuring oil prices are employed. This new method combines with complex neutrosophic numbers and algebraic relations, and can suggest the most influential factor that affects oil prices. Considering the periodicity of 24 months, computation results verify the ‘global economic rate’ as the most influential factor that affects the prices of oil. The main contribution of this study is the development of a neutrosophic relations-based decision-making method to suggest the most influential factor that affects oil prices. The result provides evidence on the feasibility of the proposed method in suggesting the influential factors that affect oil prices.

【 授权许可】

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