CONTENTS:- Foreword; Preface; Fuzzy Sets; Fuzzy Preference Relations; Fuzzy Congruence Relation on the Semigroup of Alternatives; Preference Based Choice Functions; Fuzzy Revealed Preference; Fuzzy Welfare Measure; Fuzzy Poverty Index; Bibliography; Glossary of Symbols.
The application of the theory of fuzzy sets to economics has not been as widespread as its application in many other disciplines. Zadeh's main motivation for the invention of fuzzy sets was the imprecision in human decision-making. Fuzzy sets emerged from the need to bridge the gap between mathematical models and their empirical interpretations. The capability of fuzzy sets to express gradual transitions from membership and vice versa has a wide utility.