{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,14]],"date-time":"2026-04-14T02:54:36Z","timestamp":1776135276293,"version":"3.50.1"},"reference-count":30,"publisher":"Springer Science and Business Media LLC","issue":"2","license":[{"start":{"date-parts":[[2022,11,17]],"date-time":"2022-11-17T00:00:00Z","timestamp":1668643200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"},{"start":{"date-parts":[[2022,11,17]],"date-time":"2022-11-17T00:00:00Z","timestamp":1668643200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springernature.com\/gp\/researchers\/text-and-data-mining"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71771023"],"award-info":[{"award-number":["71771023"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Int. J. Fuzzy Syst."],"published-print":{"date-parts":[[2023,3]]},"DOI":"10.1007\/s40815-022-01413-w","type":"journal-article","created":{"date-parts":[[2022,11,17]],"date-time":"2022-11-17T08:03:06Z","timestamp":1668672186000},"page":"896-915","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":8,"title":["Multi-criteria Group Decision-Making Portfolio Optimization Based on Variable Subscript Hesitant Fuzzy Linguistic Term Sets"],"prefix":"10.1007","volume":"25","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-4176-8695","authenticated-orcid":false,"given":"Xin","family":"He","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-2405-3460","authenticated-orcid":false,"given":"Xiaoguang","family":"Zhou","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2022,11,17]]},"reference":[{"key":"1413_CR1","doi-asserted-by":"publisher","first-page":"93","DOI":"10.1016\/j.ejor.2014.10.061","volume":"242","author":"YJ Liu","year":"2015","unstructured":"Liu, Y.J., Zhang, W.G.: A multi-period fuzzy portfolio optimization model with minimum transaction lots. Eur. J. Oper. Res. 242, 93\u201394 (2015)","journal-title":"Eur. J. Oper. Res."},{"key":"1413_CR2","doi-asserted-by":"publisher","first-page":"4723","DOI":"10.3233\/JIFS-211766","volume":"43","author":"XG Zhou","year":"2022","unstructured":"Zhou, X.G., He, X., Huang, X.X.: Uncertain minimax mean-variance and mean-semivariance models for portfolio selection. J. Intell. Fuzzy. Syst. 43, 4723\u20134740 (2022)","journal-title":"J. Intell. Fuzzy. Syst."},{"issue":"7","key":"1413_CR4","first-page":"77","volume":"1","author":"H Markowitz","year":"1952","unstructured":"Markowitz, H.: Portfolio selection. J. Financ. 1(7), 77\u201391 (1952)","journal-title":"J. Financ."},{"key":"1413_CR5","doi-asserted-by":"publisher","first-page":"1610","DOI":"10.1016\/j.ejor.2005.10.014","volume":"177","author":"M Hirschberger","year":"2007","unstructured":"Hirschberger, M., Qi, Y., Steuer, R.E.: Randomly generating portfolio-selection covariance matrices with specified distributional characteristics. Eur. J. Oper. Res. 177, 1610\u20131625 (2007)","journal-title":"Eur. J. Oper. Res."},{"key":"1413_CR6","doi-asserted-by":"publisher","first-page":"21","DOI":"10.1016\/j.knosys.2017.12.020","volume":"144","author":"W Zhou","year":"2018","unstructured":"Zhou, W., Xu, Z.S.: Portfolio selection and risk investment under the hesitant fuzzy environment. Knowl. Based. Syst. 144, 21\u201331 (2018)","journal-title":"Knowl. Based. Syst."},{"issue":"5","key":"1413_CR7","doi-asserted-by":"publisher","first-page":"673","DOI":"10.1287\/mnsc.44.5.673","volume":"44","author":"MR Young","year":"1998","unstructured":"Young, M.R.: A minimax portfolio selection rule with linear programming solution. Manag. Sci. 44(5), 673\u2013683 (1998)","journal-title":"Manag. Sci."},{"issue":"1","key":"1413_CR8","doi-asserted-by":"publisher","first-page":"205","DOI":"10.1007\/BF02282050","volume":"45","author":"H Konno","year":"1993","unstructured":"Konno, H., Shirakawa, H., Yamazaki, H.: A mean-absolute deviation-skewness portfolio optimization model. Ann. Oper. Res. 45(1), 205\u2013220 (1993)","journal-title":"Ann. Oper. Res."},{"key":"1413_CR9","doi-asserted-by":"publisher","first-page":"546","DOI":"10.1016\/S0377-2217(02)00784-1","volume":"150","author":"Y Crama","year":"2003","unstructured":"Crama, Y., Schyns, M.: Simulated annealing for complex portfolio selection problems. Eur. J. Oper. Res. 150, 546\u2013571 (2003)","journal-title":"Eur. J. Oper. Res."},{"issue":"2","key":"1413_CR10","first-page":"101","volume":"6","author":"D Yanushevsky","year":"2016","unstructured":"Yanushevsky, D.: Multicriteria portfolio selection problem: Robust assets allocation. Int. J. Multi Decis. Mater. 6(2), 101\u2013111 (2016)","journal-title":"Int. J. Multi Decis. Mater."},{"issue":"2","key":"1413_CR11","doi-asserted-by":"publisher","first-page":"655","DOI":"10.1016\/j.ejor.2017.08.001","volume":"265","author":"E Patari","year":"2018","unstructured":"Patari, E., Karell, V., Luukka, P., Yeomans, J.S.: Comparison of the multi-criteriaa decision-making methods for equity portfolio selection: The U.S. evidence. Eur. J. Oper. Res. 265(2), 655\u2013672 (2018)","journal-title":"Eur. J. Oper. Res."},{"key":"1413_CR12","doi-asserted-by":"publisher","first-page":"47","DOI":"10.1016\/j.frl.2019.04.017","volume":"31","author":"S Glogger","year":"2019","unstructured":"Glogger, S., Heiden, S., Schneller, D.: Bearing the bear: sentiment-based disagreement in multi-criteria portfolio optimization. Financ. Res. Lett. 31, 47\u201353 (2019)","journal-title":"Financ. Res. Lett."},{"key":"1413_CR13","doi-asserted-by":"publisher","first-page":"205","DOI":"10.1016\/j.jbusres.2021.02.044","volume":"129","author":"P Xidonas","year":"2021","unstructured":"Xidonas, P., Doukas, H., Hassapis, C.: Grouped data, investment committees & multi-criteria portfolio selection. J. Bus. Res. 129, 205\u2013222 (2021)","journal-title":"J. Bus. Res."},{"key":"1413_CR14","doi-asserted-by":"publisher","first-page":"385","DOI":"10.1016\/j.ejor.2012.10.036","volume":"227","author":"RC Tsaur","year":"2013","unstructured":"Tsaur, R.C.: Fuzzy portfolio model with different investor risk attitudes. Eur. J. Oper. Res. 227, 385\u2013390 (2013)","journal-title":"Eur. J. Oper. Res."},{"issue":"4","key":"1413_CR15","doi-asserted-by":"publisher","first-page":"361","DOI":"10.1023\/A:1020907229361","volume":"1","author":"SY Wang","year":"2002","unstructured":"Wang, S.Y., Zhu, S.: On Fuzzy portfolio selection problems. Fuzzy. Optim. Decis. Ma. 1(4), 361\u2013377 (2002)","journal-title":"Fuzzy. Optim. Decis. Ma."},{"issue":"2","key":"1413_CR16","doi-asserted-by":"publisher","first-page":"325","DOI":"10.1002\/int.22052","volume":"34","author":"W Zhou","year":"2019","unstructured":"Zhou, W., Xu, Z.S.: Score-hesitation trade-off and portfolio selection under intuitionistic fuzzy environment. Int. J. Intell. Syst. 34(2), 325\u2013341 (2019)","journal-title":"Int. J. Intell. Syst."},{"key":"1413_CR17","doi-asserted-by":"publisher","first-page":"28","DOI":"10.1016\/j.knosys.2018.12.029","volume":"168","author":"XY Zhou","year":"2019","unstructured":"Zhou, X.Y., Wang, L.Q., Liao, H.C., Wang, S.Y., Lev, B., Fujita, H.: A prospect theory-based group decision approach considering consensus for portfolio selection with hesitant fuzzy information. Knowl-Based Syst. 168, 28\u201338 (2019)","journal-title":"Knowl-Based Syst."},{"issue":"1","key":"1413_CR18","doi-asserted-by":"publisher","first-page":"109","DOI":"10.1109\/TFUZZ.2011.2170076","volume":"20","author":"RM Rodr\u00edguez","year":"2012","unstructured":"Rodr\u00edguez, R.M., Martinez, L., Herrera, F.: Hesitant fuzzy linguistic term sets for decision making. IEEE Trans. Fuzzy. Syst. 20(1), 109\u2013119 (2012)","journal-title":"IEEE Trans. Fuzzy. Syst."},{"issue":"1","key":"1413_CR19","first-page":"35","volume":"37","author":"HC Liao","year":"2017","unstructured":"Liao, H.C., Gou, X.J., Xu, Z.S.: A survey of decision making theory and methodologies of hesitant fuzzy linguistic term set. Syst. Eng. 37(1), 35\u201348 (2017)","journal-title":"Syst. Eng."},{"key":"1413_CR20","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.asoc.2019.105719","volume":"84","author":"W Zhou","year":"2019","unstructured":"Zhou, W., Xu, Z.S.: Hesitant fuzzy linguistic portfolio model with variable risk appetite and its application in the investment ratio calculation. Appl. Soft. Comput. 84, 1\u201314 (2019)","journal-title":"Appl. Soft. Comput."},{"key":"1413_CR21","doi-asserted-by":"publisher","first-page":"419","DOI":"10.1016\/j.econmod.2015.10.041","volume":"53","author":"M Pfiffelmann","year":"2016","unstructured":"Pfiffelmann, M., Roger, T., Bourachnikova, O.: When behavioral portfolio theory meets Markowitz theory. Econ. Model. 53, 419\u2013435 (2016)","journal-title":"Econ. Model."},{"issue":"47","key":"1413_CR22","doi-asserted-by":"publisher","first-page":"263","DOI":"10.2307\/1914185","volume":"2","author":"D Kahneman","year":"1979","unstructured":"Kahneman, D., Tversky, A.: Prospect theory: an analysis of decision under risk. Econometrica 2(47), 263\u2013292 (1979)","journal-title":"Econometrica"},{"issue":"2","key":"1413_CR23","doi-asserted-by":"publisher","first-page":"127","DOI":"10.2307\/2676187","volume":"35","author":"H Shefrin","year":"2000","unstructured":"Shefrin, H., Statman, M.: Behavioral portfolio theory. J. Financ. Quant. Anal. 35(2), 127\u2013151 (2000)","journal-title":"J. Financ. Quant. Anal."},{"key":"1413_CR24","doi-asserted-by":"publisher","first-page":"613","DOI":"10.1016\/j.asoc.2017.06.058","volume":"67","author":"M Cai","year":"2018","unstructured":"Cai, M., Gong, Z.W.: Group decision making using distances between unbalanced linguistic assessments. Appl. Soft. Comput. 67, 613\u2013624 (2018)","journal-title":"Appl. Soft. Comput."},{"key":"1413_CR25","volume-title":"Group Decision-Making: Implications for Investment Committees","author":"G Mottola","year":"2009","unstructured":"Mottola, G., Utkus, S.: Group Decision-Making: Implications for Investment Committees. The Vanguard Group, Valley Forge (2009)"},{"key":"1413_CR26","doi-asserted-by":"publisher","first-page":"297","DOI":"10.1007\/BF00122574","volume":"5","author":"A Tversky","year":"1992","unstructured":"Tversky, A., Kahneman, D.: Advances in prospect theory: cumulative representation of uncertainty. J. Risk. Uncertain. 5, 297\u2013323 (1992)","journal-title":"J. Risk. Uncertain."},{"key":"1413_CR27","doi-asserted-by":"publisher","first-page":"127","DOI":"10.1016\/j.knosys.2014.12.009","volume":"76","author":"HC Liao","year":"2015","unstructured":"Liao, H.C., Xu, Z.S., Zeng, X.J., Jose, M.: Merigo: qualitative decision making with correlation coefficients of hesitant fuzzy linguistic term sets. Knowl. Based. Syst. 76, 127\u2013138 (2015)","journal-title":"Knowl. Based. Syst."},{"key":"1413_CR28","doi-asserted-by":"publisher","first-page":"593","DOI":"10.1007\/s10726-005-9008-4","volume":"15","author":"ZS Xu","year":"2006","unstructured":"Xu, Z.S.: A note on linguistic hybrid arithmetic averaging operator in multiple attribute group decision making with linguistic information. Group. Decis. Negot. 15, 593\u2013604 (2006)","journal-title":"Group. Decis. Negot."},{"key":"1413_CR29","doi-asserted-by":"publisher","first-page":"311","DOI":"10.1007\/s11408-018-0313-8","volume":"32","author":"BD Simo-Kengne","year":"2018","unstructured":"Simo-Kengne, B.D., Ababio, K.A., Mba, J., Koumba, U.: Behaviral portfolio selection and optimization: an application to international stocks. Financ. Mark. Portf. 32, 311\u2013328 (2018)","journal-title":"Financ. Mark. Portf."},{"key":"1413_CR30","doi-asserted-by":"publisher","first-page":"644","DOI":"10.1016\/j.ejor.2018.05.065","volume":"271","author":"JN Bi","year":"2018","unstructured":"Bi, J.N., Jin, H.Q., Meng, Q.B.: Behavioral mean-variance portfolio selection. Eur. J. Oper. Res. 271, 644\u2013663 (2018)","journal-title":"Eur. J. Oper. Res."},{"issue":"06","key":"1413_CR31","first-page":"149","volume":"19","author":"AY Liu","year":"2011","unstructured":"Liu, A.Y., Wei, F.J.: Research on the method of determining experts\u2019 posterior weight based on improved language evaluation scale. Chin. J. Manag. Sci. 19(06), 149\u2013155 (2011)","journal-title":"Chin. J. Manag. Sci."}],"container-title":["International Journal of Fuzzy Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s40815-022-01413-w.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s40815-022-01413-w\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s40815-022-01413-w.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,3,14]],"date-time":"2023-03-14T20:25:20Z","timestamp":1678825520000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s40815-022-01413-w"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,11,17]]},"references-count":30,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2023,3]]}},"alternative-id":["1413"],"URL":"https:\/\/doi.org\/10.1007\/s40815-022-01413-w","relation":{},"ISSN":["1562-2479","2199-3211"],"issn-type":[{"value":"1562-2479","type":"print"},{"value":"2199-3211","type":"electronic"}],"subject":[],"published":{"date-parts":[[2022,11,17]]},"assertion":[{"value":"25 January 2022","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"18 August 2022","order":2,"name":"revised","label":"Revised","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"3 October 2022","order":3,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"17 November 2022","order":4,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors declare no competing interests.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}},{"value":"Not applicable.","order":3,"name":"Ethics","group":{"name":"EthicsHeading","label":"Ethical Approval"}},{"value":"Not applicable.","order":4,"name":"Ethics","group":{"name":"EthicsHeading","label":"Consent to Participate"}},{"value":"Not applicable.","order":5,"name":"Ethics","group":{"name":"EthicsHeading","label":"Consent for Publication"}}]}}