we use the basic binomial option pricing method but allow someor all the parameters in the model to be uncertain and model this uncertaintyusing fuzzy numbers. we show that with the fuzzy model we can, with areasonably small number of steps, consider almost all possible future stockprices; whereas the crisp model can consider only n + 1 prices after n steps.

measurement systems analysis (msa) has been applied in different aspect of industrial assessments to evaluate various types of quantitative and qualitative measures. qualification of a measurement system depends on two important features: accuracy and precision. since the capability of each quality system is severely related to the capability of its measurement system, the weakness of the two ...

Measurement results contain different kinds of uncertainty. Besides systematic errors andrandom errors individual measurement results are also subject to another type of uncertainty,so-called emph{fuzziness}. It turns out that special fuzzy subsets of the set of real numbers $RR$are useful to model fuzziness of measurement results. These fuzzy subsets $x^*$ are called emph{fuzzy numbers}. The m...

the importance as well as the diculty of the problem of ranking fuzzy numbers is pointed out. here we consider approaches to the ranking of fuzzy numbers based upon the idea of associating with a fuzzy number a scalar value, its signal/noise ratios, where the signal and the noise are de ned as the middle-point and the spread of each a-cut of a fuzzy number, respectively. we use the value of a ...

In this paper, a novel method for ranking of fuzzy numbers are proposed. In this method, decision maker is defined based on the center of mass at some cuts of a pair of fuzzy numbers in discreet version and center of mass on all of cuts of a pair of fuzzy numbers in continuous version. Our method can rank more than two fuzzy numbers simultaneously. Also, some properties of methods are described...

This paper suggests  a novel approach for ranking the most applicable fuzzy numbers, i.e.  $LR$-fuzzy numbers. Applying the  $alpha$-optimistic values of a fuzzy number, a preference criterion is proposed for ranking fuzzy numbers using the Credibility index. The main properties of the proposed  preference criterion  are also studied.  Moreover, the proposed method is   applied for ranking fuzz...

although there are many excellent ways presenting the principle of the classical calculus, the novel presentations probably leads most naturally to the development of the non-newtonian calculus. the important point to note is that the non-newtonian calculus is a self-contained system independent of any other system of calculus. since this self-contained work is intended for a wide audience, inc...

a fully fuzzy linear programming (fflp) formulation for the reservoir operation of amultipurpose reservoir in presented in the ongoing paper. in the real world, water resourcessystems usually have complexities among social, economic, natural resources andenvironmental aspects, which lead to multi-objective problems of significant uncertainties insystem parameters, objectives and in their intera...

in this paper, some elementary operations on triangular fuzzynumbers (tfns) are defined. we also define some operations on triangularfuzzy matrices (tfms) such as trace and triangular fuzzy determinant(tfd). using elementary operations, some important properties of tfms arepresented. the concept of adjoints on tfm is discussed and some of theirproperties are. some special types of tfms (e.g. pu...