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Fuzzy logic is based on the observation that people make decisions based on imprecise and non-numerical information. Fuzzy models or fuzzy sets are mathematical means of representing vagueness and imprecise information (hence the term fuzzy). These models have the capability of recognising, representing, manipulating, interpreting, and using ...
The fuzzy pay-off method for real option valuation (FPOM or pay-off method) [1] is a method for valuing real options, developed by Mikael Collan, Robert Fullér, and József Mezei; and published in 2009. It is based on the use of fuzzy logic and fuzzy numbers for the creation of the possible pay-off distribution of a project (real
A systematic study of particular t-norm fuzzy logics and their classes began with Hájek's (1998) monograph Metamathematics of Fuzzy Logic, which presented the notion of the logic of a continuous t-norm, the logics of the three basic continuous t-norms (Łukasiewicz, Gödel, and product), and the 'basic' fuzzy logic BL of all continuous t-norms ...
The structure of a fuzzy system is expressed by the input and output variables and the rule base, while the parameters of a fuzzy system are the rule parameters (defining the membership functions, the aggregation operator and the implication function) and the mapping parameters related to the mapping of a crisp set to a fuzzy set, and vice ...
A fuzzy subset A of a set X is a function A: X → L, where L is the interval [0, 1]. This function is also called a membership function. A membership function is a generalization of an indicator function (also called a characteristic function) of a subset defined for L = {0, 1}.
A fuzzy control system is a control system based on fuzzy logic –a mathematical system that analyzes analog input values in terms of logical variables that take on continuous values between 0 and 1, in contrast to classical or digital logic, which operates on discrete values of either 1 or 0 (true or false, respectively).
Fuzzy classification is the process of grouping elements into fuzzy sets [1] whose membership functions are defined by the truth value of a fuzzy propositional function. [2] [3] [4] A fuzzy propositional function is analogous to [5] an expression containing one or more variables, such that when values are assigned to these variables, the expression becomes a fuzzy proposition.
Type-2 fuzzy sets and systems generalize standard Type-1 fuzzy sets and systems so that more uncertainty can be handled. From the beginning of fuzzy sets, criticism was made about the fact that the membership function of a type-1 fuzzy set has no uncertainty associated with it, something that seems to contradict the word fuzzy, since that word has the connotation of much uncertainty.