Pricing
Using Fuzzy Set Theory in an Optimization Setting
This paper presents the author's personal views on the descriptive and prescriptive power of Fuzzy set Theory in letting informational and intrinsic imprecision be taken into account in an Optimization model.
Abstract
Fuzzy set theory has a strong track record of success in the field of Optimization under uncertainty. It offers a proper framework for coming to grips with situations where imprecision and complexities are in the state of affairs in an Optimization setting. This paper presents my personal views on the descriptive and prescriptive power of Fuzzy set Theory in letting informational and intrinsic imprecision be taken into account in an Optimization model. The paper is jam-packed with information on how and why I started doing research in this field, along with encouragements and inspiration I got from Professor L.A. Zadeh and H.J. Zimmermann.