Single-valued neutrosophic relations and their application to factors affecting oil prices
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 app...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Wiley
2020-04-01
|
| Series: | CAAI Transactions on Intelligence Technology |
| Subjects: | |
| Online Access: | https://digital-library.theiet.org/content/journals/10.1049/trit.2020.0004 |
| _version_ | 1818615294180982784 |
|---|---|
| author | Yenling Chaw Lazim Abdullah Mahmod Othman Mahmod Othman |
| author_facet | Yenling Chaw Lazim Abdullah Mahmod Othman Mahmod Othman |
| author_sort | Yenling Chaw |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-12-16T16:31:37Z |
| format | Article |
| id | doaj.art-e6d95922656a4761af49fe1f69bda1be |
| institution | Directory Open Access Journal |
| issn | 2468-2322 |
| language | English |
| last_indexed | 2024-12-16T16:31:37Z |
| publishDate | 2020-04-01 |
| publisher | Wiley |
| record_format | Article |
| series | CAAI Transactions on Intelligence Technology |
| spelling | doaj.art-e6d95922656a4761af49fe1f69bda1be2022-12-21T22:24:34ZengWileyCAAI Transactions on Intelligence Technology2468-23222020-04-0110.1049/trit.2020.0004TRIT.2020.0004Single-valued neutrosophic relations and their application to factors affecting oil pricesYenling Chaw0Lazim Abdullah1Mahmod Othman2Mahmod Othman3Department of Mathematics, Faculty of Ocean Engineering Technology and Informatics, Universiti Malaysia TerengganuDepartment of Mathematics, Faculty of Ocean Engineering Technology and Informatics, Universiti Malaysia TerengganuFundamental and Applied Science Department, Universiti Teknologi PETRONASFundamental and Applied Science Department, Universiti Teknologi PETRONASThe 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.https://digital-library.theiet.org/content/journals/10.1049/trit.2020.0004fuzzy set theorydecision makingset theorypetroleum industrypricingoil priceinfluential factoreconomic activitiesneutrosophic setssingle-valued neutrosophic relations-based decision-making methodalgebraic relationsglobal economic rate |
| spellingShingle | Yenling Chaw Lazim Abdullah Mahmod Othman Mahmod Othman Single-valued neutrosophic relations and their application to factors affecting oil prices CAAI Transactions on Intelligence Technology 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 |
| title | Single-valued neutrosophic relations and their application to factors affecting oil prices |
| title_full | Single-valued neutrosophic relations and their application to factors affecting oil prices |
| title_fullStr | Single-valued neutrosophic relations and their application to factors affecting oil prices |
| title_full_unstemmed | Single-valued neutrosophic relations and their application to factors affecting oil prices |
| title_short | Single-valued neutrosophic relations and their application to factors affecting oil prices |
| title_sort | single valued neutrosophic relations and their application to factors affecting oil prices |
| topic | 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 |
| url | https://digital-library.theiet.org/content/journals/10.1049/trit.2020.0004 |
| work_keys_str_mv | AT yenlingchaw singlevaluedneutrosophicrelationsandtheirapplicationtofactorsaffectingoilprices AT lazimabdullah singlevaluedneutrosophicrelationsandtheirapplicationtofactorsaffectingoilprices AT mahmodothman singlevaluedneutrosophicrelationsandtheirapplicationtofactorsaffectingoilprices AT mahmodothman singlevaluedneutrosophicrelationsandtheirapplicationtofactorsaffectingoilprices |