Fuzzy Investment Assessment Techniques: A State-of-the-Art Literature Review

Investment analysis is the process of choosing the most appropriate investment alternative that creates the highest profitability with minimal risk. Therefore, many analytic techniques have been proposed to the literature to minimize investment risks and maximize profits. Most of these methods are extended to fuzzy set theory and its extensions to cope with the uncertainties in the investment environment. The main objective of these studies is to provide an overview of fuzzy investment assessment techniques and their applications. For this, investment assessment techniques of engineering economics including present worth (PW) analysis, annual worth (AW) analysis, rate of return analysis (ROR), benefit/cost (B/C) ratio analysis, and payback period (PP) analysis are analyzed under fuzzy sets including type-2 fuzzy sets, hesitant fuzzy sets, intuitionistic fuzzy sets, Pythagorean fuzzy sets, spherical fuzzy sets, picture fuzzy sets, and circular fuzzy sets. The objective of this paper is to present a state-of-art literature review on fuzzy investment analysis techniques. This study addresses how fuzzy investment techniques can be an effective tool to utilize the subjective opinions of investors.