Purpose – The purpose of this paper is to derive an economic order quantity (EOQ) for an inventory control problem where the inventory carrying cost and the order cost are uncertain, represented by fuzzy numbers. The fuzzy numbers used herein are most general so far, represented by adaptive...

This paper is written with two purposes in mind. First, it brings together some recent results in the area of mean-variance theory model validation for fuzzy systems in the existence of subjective measures suggested by experts. The central idea of the methods presented here is to map random...

Since Markowitz [Markowitz, H. M. (1952). Portfolio selection. The Journal of Finance, 7, 77-91.], mean-variance theory has assumed that risky-asset returns to be random variables. The theory deals with this uncertainty by further assuming that investors hold homogeneous beliefs regarding the...

A two person zero sum matrix game with fuzzy goals and fuzzy payoffs is considered and its solution is conceptualized using a suitable defuzzification function. Also, it is proved that such a game is equivalent to a primal-dual pair of certain fuzzy linear programming problems in which both...