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A novel approach based on similarity measure for the multiple attribute group decision-making problem in selecting a sustainable cryptocurrency

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journal contribution
posted on 2023-06-08, 10:49 authored by Wei Yin, Mengyuan Zhang, Zheyi Zhu, Erhao Zhang

 Environmental impact and sustainability challenges in the cryptocurrencies has become increasingly examined in the literature. However, studies of the multiple attribute group decision making (MAGDM) method for major selection of cryptocurrencies in advancing sustainability are still at an early stage. In particular, research on the fuzzy-MAGDM method in the evaluation of sustainability in cryptocurrencies is scarce. This paper adds contributions by developing a novel MAGDM approach to evaluate the sustainability development of major cryptocurrencies. It proposes a similarity measure for interval-valued Pythagorean fuzzy numbers (IVPFNs) based on whitenisation weight function and membership function in grey systems theory for IVPFNs. It further developed a novel generalised interval-valued Pythagorean fuzzy weighted grey similarity (GIPFWGS) measure approach to provide a more rigorous evaluation in complex decision marking problem with embedding ideal solution and membership degree. It also conducts a sustainability evaluation model of major cryptocurrencies as a numerical application and performs a robustness assessment with different variations of the expert’s weight to test how different values of parameter θ can affect the ranking results of alternatives. The results suggest that Stellar is the most sustainable cryptocurrency, while Bitcoin with its intensive energy consumption, high mining cost and high computing power provides the least effective support for its sustainable development. A comparative analysis with the average value method and Euclidean distance method was performed to validate the reliability of the proposed decision-making model and provides evidence that the GIPFWGS has better fault tolerance. 

History

Published in

Heliyon

Publisher

Elsevier

Version

  • VoR (Version of Record)

Citation

Yin, W., Zhang, M., Zhu, Z., & Zhang, E. (2023) 'A novel approach based on similarity measure for the multiple attribute group decision-making problem in selecting a sustainable cryptocurrency', Heliyon, e16051. doi:10.1016/j.heliyon.2023.e16051

Electronic ISSN

2405-8440

Cardiff Met Affiliation

  • Cardiff School of Management

Cardiff Met Authors

Zheyi Zhu

Cardiff Met Research Centre/Group

  • Welsh Centre for Business and Management Research

Copyright Holder

  • © The Authors

Language

  • en

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