Finding a promising venture capital project with TODIM under probabilistic hesitant fuzzy circumstance

    Weike Zhang Affiliation
    ; Jiang Du Affiliation
    ; Xiaoli Tian Affiliation


Considering the risk aversion for gains and the risk seeking for losses of venture capitalists, the TODIM has been chosen as the decision-making method. Moreover, group decision is an available way to avoid the limited ability and knowledge etc. of venture capitalists. Simultaneously, venture capitalists may be hesitant among several assessed values with different probabilities to express their real perception because of the uncertain decision-making environment. However, the probabilistic hesitant fuzzy information can solve such problems effectively. Therefore, the TODIM has been extended to probabilistic hesitant fuzzy circumstance for the sake of settling the decision-making problem of venture capitalists in this paper. Moreover, due to the uncertain investment environment, the criteria weights are considered as probabilistic hesitant fuzzy information as well. Then, a case study has been used to verify the feasibility and validity of the proposed TODIM. Also, the TODIM with hesitant fuzzy information has been carried out to analysis the same case. From the comparative analysis, the superiority of the proposed TODIM in this paper has already appeared.

Keyword : TODIM, probabilistic hesitant fuzzy information, venture capitalist, decision-making, venture capital

How to Cite
Zhang, W., Du, J., & Tian, X. (2018). Finding a promising venture capital project with TODIM under probabilistic hesitant fuzzy circumstance. Technological and Economic Development of Economy, 24(5), 2026-2044.
Published in Issue
Oct 16, 2018
Abstract Views
PDF Downloads
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.


Carpentier, C., & Suret, J. M. (2015). Angel group members’ decision process and rejection criteria: a longitudinal analysis. Journal of Business Venturing, 30(6), 808-821.

Castilla, E. J. (2003). Networks of venture capital firms in Silicon Valley. International Journal of Technology Management, 25(25), 113-135.

Ding, J., Xu, Z. S., & Zhao, N. (2017). An interactive approach to probabilistic hesitant fuzzy multiattribute group decision making with incomplete weight information. Journal of Intelligent and Fuzzy Systems, 32(3), 2523-2536.

Dutta, S., & Folta, T. B. (2016). A comparison of the effect of angels and venture capitalists on innovation and value creation. Journal of Business Venturing, 31(1), 39-54.

Fan, Z. P., Zhang, X., Chen, F. D., & Liu, Y. (2013). Extended TODIM method for hybrid multiple attribute decision making problems. Knowledge-Based Systems, 42(2), 40-48.

Franke, N., Gruber, M., Harhoff, D., & Henkel, J. (2008). Venture capitalists’ evaluations of start-up teams: trade-offs, knock-out criteria, and the impact of VC experience. Entrepreneurship Theory and Practice, 32(3), 459-483.

Gamelook. (2017). CB Insights: startups failure reasons Top 20. Retrieved from

Gomes, L. F. A. M., & González, X. I. (2012). Behavioral multi-criteria decision analysis: further elaborations on the TODIM method. Foundations of Computing and Decision Sciences, 37(1), 3-8.

Gomes, L. F. A. M., & Lima, M. M. P. P. (1991). TODIM: basic and application to multicriteria ranking of projects with environmental impacts. Foundations of Computing and decision Sciences, 16(3-4), 113-127.

Gomes, L. F. A. M., & Lima, M. M. P. P. (1992). From modelling individual preferences to multicriteria ranking of discrete alternatives: a look at Prospect Theory and the additive difference model. Foundations of Computing and Decision Sciences, 17(3), 171-184.

Gomes, L. F. A. M., Machado, M. A. S., & Rangel, L. A. D. (2013). Behavioral multi-criteria decision analysis: the TODIM method with criteria interactions. Annals of Operations Research, 211(1), 531-548.

Gomes, L. F. A. M., & Rangel, L. A. D. (2009). An application of the TODIM method to the multicriteria rental evaluation of residential properties. European Journal of Operational Research, 193(1), 204-211.

Gomes, L. F. A. M., Rangel, L. A. D., & Maranhão, F. J. C. (2009). Multicriteria analysis of natural gas destination in Brazil: an application of the TODIM method. Mathematical and Computer Modelling, 50(1), 92-100.

Hisrich, R. D., & Jankowicz, A. D. (1990). Intuition in venture capital decisions: an exploratory study using a new technique. Journal of Business Venturing, 5(1), 49-62.

Kahneman, D., & Tversky, A. (1979). Prospect theory: analysis of decision under risk. Econometria, 47, 263-291.

Kazancoglu, Y., & Burmaoglu, S. (2013). ERP software selection with MCDM: application of TODIM method. International Journal of Business Information Systems, 13(4), 435-452.

Krohling, R. A., & Pacheco, A. G. C. (2014). Interval-valued intuitionistic fuzzy TODIM. Procedia Computer Science, 31, 236-244.

Krohling, R. A., Pacheco, A. G. C., & Siviero, A. L. T. (2013). IF-TODIM: an intuitionistic fuzzy TODIM to multi-criteria decision making. Knowledge-Based Systems, 53(9), 142-146.

Liao, H. C., Xu, Z. S., & Xia, M. M. (2014). Multiplicative consistency of hesitant fuzzy preference relation and its application in group decision making. International Journal of Information Technology and Decision Making, 13(01), 47-76.

Llamazares, B. (2018). An analysis of the generalized TODIM method. European Journal of Operational Research, 269, 1041-1049.

Macmillan, I. C., Zemann, L., & Subbanarasimha, P. N. (1987). Criteria distinguishing successful from unsuccessful ventures in the venture screening process. Journal of Business Venturing, 2(2), 123-137.

Mason, C., & Stark, M. (2004). What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists, and business angles. International Small Business Journal, 22(3), 227-248.

Netease. (2017). Netease open class. Retrieved from

Peng, J. J., Wang, J. Q., Zhou, H., & Chen, X. H. (2015). A multi-criteria decision-making approach based on TODIM and Choquet integral within a multiset hesitant fuzzy environment. Applied Mathematics and Information Sciences, 9(4), 2087-2097.

Petty, J. S., & Gruber, M. (2011). “In pursuit of the real deal”: a longitudinal study of VC decision making. Journal of Business Venturing, 26(2), 172-188.

Puxin Education Technology Group Co. Ltd. (2017). Puxin education. Retrieved from

Qinxue (Beijing) Network Education Technology Co. Ltd. (2017). Qinxue education. Retrieved from

Riquelme, H., & Rickards, T. (1992). Hybrid conjoint analysis: an estimation probe in new venture decisions. Journal of Business Venturing, 7(6), 505-518.

Shanghai Yimi Education Technology Co., Ltd. (2017). Yimi Guidance. Retrieved from

Schumpeter, J. A. (1934). The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Social Science Electronic Publishing, 25(1), 90-91.

Tan, C. Q., Jiang, Z. Z., & Chen, X. H. (2015). An extended TODIM method for hesitant fuzzy interactive multicriteria decision making based on generalized Choquet integral. Journal of Intelligent and Fuzzy Systems, 29(1), 293-305.

Torra, V. (2010). Hesitant fuzzy sets. International Journal of Intelligent Systems, 25(6), 529-539.

Tyebjee, T. T., & Bruno, A. V. (1984). Venture capital: investor and investee perspectives. Technovation, 2(3), 185-208.

Tencent. (2017). Classroom of Tencent. Retrieved from

Wei, C. P., Ren, Z. L., & Rodríguez, R. M. (2015). A hesitant fuzzy linguistic TODIM method based on a score function. International Journal of Computational Intelligence Systems, 8(4), 701-712.

Widyanto, H. A., & Dalimunthe, Z. (2015). Evaluation criteria of venture capital firms investing on Indonesians’ SME. New York: Social Science Electronic Publishing.

Xia, M. M., Xu, Z. S., & Chen, N. (2013). Some hesitant fuzzy aggregation operators with their application in group decision making. Group Decision and Negotiation, 22(2), 259-279.

Xu, Z. S., & Xia, M. M. (2011). Distance and similarity measures for hesitant fuzzy sets. Information Sciences, 181(11), 2128-2138.

Yazdipour, R. (2011). Advances in entrepreneurial finance. New York: Springer.

Yu, D. J., Zhang, W. Y., & Xu, Y. J. (2013). Group decision making under hesitant fuzzy environment with application to personnel evaluation. Knowledge-Based Systems, 52(6), 1-10.

Yu, D. J., & Li, D. F. (2014). Dual hesitant fuzzy multi-criteria decision making and its application to teaching quality assessment. Journal of Intelligent and Fuzzy Systems, 27(4), 1679-1688.

Zacharakis, A. L., Mcmullen, J. S., & Shepherd, D. A. (2007). Venture capitalists’ decision making across three countries: an institutional theory perspective. Journal of International Business Studies, 38(5), 691-708.

Zhang, X. L., & Xu, Z. S. (2014). The TODIM analysis approach based on novel measured functions under hesitant fuzzy environment. Knowledge-Based Systems, 61(2), 48-58.

Zhang, X. L., & Xu, Z. S. (2017). Hesitant fuzzy methods for multiple criteria decision analysis (pp. 31-69). Switzerland: Springer.

Zhu, B., Xu, Z. S., & Xia, M. M. (2012). Dual hesitant fuzzy sets. Journal of Applied Mathematics, 2012, 2607-2645.

Zhu, B., & Xu, Z. S. (2018). Probability-hesitant fuzzy sets and the presentation of preference relations. Technological and Economic Development of Economy, 23(3), 1029-1040.