Axiomatic Definition of Fuzzy Present Value from the Economic Point-view
AbstractThe concept of present value (PV) may be determinedas the cash flow utility which additionally satisfies the conditions: 1the utility of any current payment is equal to nominal valueof this payment; 2the utility is always an odd function of payment nominalvalue. Obtained in this way PV definition is called generalized PV definition becauseof it is more general thanthe Peccati’s axiomatic PV definition. Due behavioralreasons the PV may be imprecisely valued. The fuzzy set theory is applied as effectivetool of this imprecision description.Proposed by Calzi’s axiomatic definition of fuzzy PV (F-PV) isstrictly connected with the Peccati’s definition which is weakly consistentwith the economics. It is shown that from economical point view the general PV definition is better than the Peccati’s one. Thus,we take into accountthe generalized definition of PV as the starting point for construction of a new axiomatic F-PV definition. All axioms of generalized PV definition are extended to the case when the imprecise present value is given as any fuzzy number. Attached at the endmathematical Appendix contains explicit definitions of all notions of mathematics for fuzzy systems which are applied in this paper
|Publication size in sheets||0.5|
|Book||Jedlička Pavel, Firlej Krzysztof, Marešová Petra, Soukal Ivan (eds.): Hradec Economic Days : Double-blind Peer Reviewed Proceedings of the International Scientific Conference Hradec Economic Days 2020, Hradec Economic Days, vol. 10, 2020, University of Hradec Králové, ISBN 9788074357763, 906 p.|
|Keywords in Polish||nieprecyzyjność, wartość bieżąca, liczba rozmyta|
|Keywords in English||imprecision; present value;fuzzy number|
|Score||= 5.0, 23-04-2020, ChapterFromConference|
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