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Table of Content

    01 September 2021, Volume 33 Issue 3
    A Novel Grey Incidence Decision-making Method Embodying Development Tendency and Its Application
    Heng Ma, Peng Yu, Yingjie Yang, Liangyan Tao, David Mba
    2021, 33(3):  1-15. 
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    In grey incidence decision-making models, the development tendency of each indicator value for the evaluated object is rarely considered, and the degree of discrimination between evaluation values is not high enough sometimes. In view of this, a novel grey incidence decision-making method embodying development tendency is proposed, which can guide the evaluated objects to a better direction in the future and can also distinguish the evaluation results to the greatest extent. Firstly, the development factor is defined, which can exert an effect on the development tendency of each indicator value over time. Secondly, guided by an exponential function, the weighted degree of grey incidence based on exponential function is constructed by combining the maximizing deviation and grey entropy in assigning weights to the indicators. Thirdly, the weights of the time series are delivered by the combined weighting method based on level difference maximization. Hence, the dynamic evaluation values are produced for ranking the evaluated objects. Finally, a practical example of the transformation and upgrading of the manufacturing industry in the Yangtze River Delta (YRD) demonstrates the effectiveness and application of the proposed model.
    Modelling Principles of Grey Matrix Incidence Analysis for Panel Data
    Decai Sun, Dang Luo, Huihui Zhang
    2021, 33(3):  16-30. 
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    Grey incidence analysis (GIA), a branch of grey system theory, is commonly used in a broad range of scientific disciplines, from natural to social sciences. Since most current research on GIA models for panel data focuses on improving them, the mathematical principles and physical interpretations receive relatively limited attention. The principles of grey matrix incidence analysis (GMIA), which allows for both cross-sectional and time-series characteristics of panel data, are proposed in this paper. The panel data is first represented as a matrix, and then the matrix incidence operators are presented, along with theoretical properties and physical interpretations. The modeling principles, including the normativity, closeness, and column permutation independence, are articulated mathematically in a concise manner. The unified representation of GMIA models is then suggested, and the comprehensive procedures for expanding the GIA models for time series into the GMIA models for panel data are illustrated using the generalized GIA model as an example. Finally, the findings of the two examples indicate that the proposed solution has interpretability and robustness advantages over the compared approaches.
    Discrete Grey DGMFP(1,1,r) Model with Fractional Polynomial and Its Application
    Jun Zhang , Chong Liu , Tongfei Lao , Zhanbo Chen
    2021, 33(3):  31-42. 
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    Discretization is an effective tactic to improve the accuracy of grey prediction model. In order to further improve the accuracy of the discrete grey prediction model, based on the discrete grey DGMP(1,1,N) model with polynomial, the degree of polynomial is expanded from integer to fraction, and the discrete grey DGMFP(1,1,r) model with fractional polynomial is proposed in the present study. To determine the best DGMFP(1,1,r) model, the mean absolute percentage error (MAPE) is established as an objective function of the optimization model, and a quantum genetic algorithm is used to calculate the optimal degree of fractional polynomials in DGMFP(1,1,r) model. Finally, the empirical results from two application cases indicate that, compared with other discrete grey models, DGMFP(1,1,r) model has a higher simulation and prediction accuracy and can overcome the restrictions of DGMP(1,1,N) model class ratio test, and has stronger generalization ability and wider adaptability
    Applying Grey absolute degree of incidence and TOPSIS to evaluate Financial Performance: Case of Companies of Automotive Industry and Auto-Parts Manufacturing Group in Tehran Stock Exchange
    Ehsan Javanmardi , Sadaf Javanmardi , Naiming Xie , Chaoqing Yuan
    2021, 33(3):  43-66. 
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    This study seeks to create an optimal investment portfolio by applying grey principal components analysis (GPCA) to financial performance evaluation. The GPCA model concomitantly relies on the advantages of grey systems theory (requiring no definite range of data distribution and using limited data) and those of principal components analysis (reducing variable dimensionality, assigning fitted weights to variables, providing multivariate evaluation). This study uses 25 financial indicators to evaluate the financial performance and determine optimal investment portfolios in 28 companies in Tehran Stock Exchange within five years from 2015 to 2019. The grey relations matrix is created through grey relational analysis and replaces the covariance matrix in the principal components analysis method. To verify the model, TOPSIS is used, and a correlation coefficient test is conducted between the results of the two models across the five years. The significant correlation between the techniques confirms the validity of the model. Furthermore, to decide the most important financial ratios affecting the companies’ evaluation, the correlation between each of the ratios and the results of the model solution is computed. The findings show that total assets, return on total assets, net working capital, current ratio, the price at the end of the period, and return on common stockholders are the most important financial ratios in the ranking of the companies.
    The New Axiomatization of the Grey Shapley Value
    Osman Palancı
    2021, 33(3):  67-77. 
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    The grey Shapley value is a solution concept in cooperative games where the coalitional values are interval grey numbers. Recently, much attention has been paid on this value in Operations Research models and methods. The purpose of this study is to characterize this value on cooperative grey games. The grey Shapley value is characterized by following some axioms. Our axioms are g-efficiency, g-triviality , g-coalitional strategic equivalence, and g-fair ranking. These axioms give us a new perspective on the characterization of this value. Finally, some examples and applications of cooperative grey games are also given. It is hoped that this study will inform readers for axiomatic characterization of this value.
    Preservation Behavior Research on Perishable Products Supply Chain Based on Grey Game
    Qing Zhang , Xinyu Ma , Zhichao Zhang
    2021, 33(3):  78-99. 
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    This paper discusses the preservation behavior of participants in the perishable products supply chain by modeling two preservation methods, ecological preservation, and traditional preservation, and listing eight combinations of preservation strategies under non-cooperation and cooperation. We grey-quantize indescribable preservation efforts to establish grey interval functions of profits under different situations from three perspectives to obtain optimal decision-making, and then make conclusions through numerical analysis: (1) in the view of grower profits-oriented, cooperative preservation is always the best choice, which is completely contrary to the marketing side perspective; (2) making more efforts to preserve products doesn’t always bring high profits;(3) in most cases, ‘cooperation’ and ‘ecological preservation’ are relatively beneficial. This paper provides some enlightenment on choosing the most suitable preservation methods and efforts to better coordinate the relationships among the perishable products supply chain.
    Multi-variable DGMTP(1,N,α ) Prediction Model with Time Polynomial
    Ye Li, Yuanping Ding , Bin Liu
    2021, 33(3):  100-115. 
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    The multi-variable grey prediction model represented by the GM(1,N) model is an important causal relationship forecasting model. However, the GM(1,N) and its improved models believe that the development trend of the dependent variable sequence is only related to its own lag term and independent variables while ignoring the development trend of the dependent variable sequence with time. For this, a multi-variable DGMTP(1,N,α ) prediction model with time polynomial is proposed, and the value of parameter α is solved by debugging method. It is theoretically proved that the DGMTP(1,N, α ) model can achieve mutual transformation with the multi-variable GM(0,N) model, GM(1,N) model, DGM(1,N) model and the uni-variable GM(1,1) model, DGM(1,1) model, NDGM(1,1) model by adjusting the parameter values. To illustrate the performance of the DGMTP(1,N,α ) model, the new model is used to simulate and predict the air quality index in Zhengzhou city. The simulation and prediction results of the DGMTP(1,N,α ) model are compared with those of other grey and non-grey prediction models. Results show that the DGMTP(1,N,α ) model has evidently superior performance to other prediction models; this is because the DGMTP(1,N,α ) model avoids the large sample requirement of the non-grey prediction model in the modeling, avoids the jumping error in parameter estimation and application, and considers the time development trend of dependent variable sequence, which fully proves that the structure of the DGMTP(1,N,α ) model is reasonable and practicable.
    Automatic Lung Parenchyma Segmentation of CT Images Based on Matrix Grey Incidence
    Caixia Liu , Wanli Xie
    2021, 33(3):  116-129. 
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    Accurate lung parenchyma segmentation plays an important role in lung disease diagnosis, which contributes to improving the survival rate and prognostic conditions. However, image noises, complex thorax tissue structures, large individual differences, and so on make lung segmentation a complex task. In this paper, an automatic lung parenchyma segmentation algorithm based on superpixels and matrix degree of grey incidences is presented to address the problem. Lung CT image is first preprocessed with a group of morphological operations and then divided into a set of superpixels. Then, matrix grey incidence is utilized to classify the superpixels of the thorax into lung tissues and pleural tissues after the reference superpixels were extracted. Finally, the segmentation results are refined with a contour correction approach based on corner detection and convex hull to facilitate accurate lung contours. The segmentation results of our algorithm are compared with ground truths, and experimental results show that the proposed algorithm achieves high accuracy, and the average Jaccard's similarity index is more than 92%.
    Method for Robust Multiple Criteria Decision Making Based on Grey Relational and Information Extension
    Baohua Yang , Haidan Zhao, Jinshuai Zhao
    2021, 33(3):  130-149. 
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    Several multiple criteria decision making(MCDM) techniques have been used to assist decision-makers (DMs) in selecting better alternatives for various problems. However, it has been observed that with the addition of new alternatives or the deletion of existing ones, the rank of available alternatives will present a problem referred to as rank reversal. An improved grey relational analysis method is proposed in which the information expansion method and virtual ideal scheme are used to prevent changes of extreme value in standardization when there are alterations in the alternative set. These are the main reasons for rank reversal. When comparing literature on results from case studies and simulated cases, it is clear that the new method can maintain a robust rank of alternatives. This indicates that the proposed method is capable of preventing the rank reversal phenomenon, which arises out of changes in available alternatives.
    A Novel Time-Varying Multivariable Nonlinear Grey Model and Its Application
    Sandang Guo, Yaqian Jing, Qian Li
    2021, 33(3):  150-163. 
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    This study develops a novel time-varying multivariable nonlinear grey model, namely TVNGM(1,N), which can capture the nonlinear and potential features of dynamic development trends. The novel multivariable nonlinear grey model has introduced a linear time-varying driving coefficient to replace the proposed model's constant parameter and added adjustment coefficient. The new model can be completely compatible with a single variable and multivariable grey models by adjusting different parameter values. For furtherly improving forecasting accuracy, the particle swarm optimization (PSO) algorithm is used to efficiently optimize the model’s parameters. Then, estimated parameters and the connotative prediction formula of the TVNGM(1,N) model are deduced by using the difference equation. To this end, two case studies are selected to prove the practicality of the method and compare it with other models. The results demonstrate that the proposed model has superior performance.