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<p>In today’s competitive environment, evaluating and selecting stocks for portfolio optimization is a critical challenge for investors, especially under conditions of uncertainty. Traditional approaches often fail to address the complexities of multi-criteria decision-making (MCDM) in real-world investment scenarios. This study introduces a novel fuzzy Ordinal Priority Approach based on Aczel–Alsina weighted evaluation (OPA-AAWE) to tackle the portfolio selection problem. Taking into account seven financial performance criteria, the model was applied to 374 stocks listed on the Istanbul Stock Exchange for a period of 12 months. The findings demonstrate that the proposed methodology effectively handles uncertainty, offers flexibility in decision-making, and identifies the most optimal portfolios. Sensitivity analysis further confirms the robustness and reliability of the model. These results highlight the practical applicability of the fuzzy OPA-AAWE framework in real-world investment decision-making, offering investors a comprehensive tool for improved portfolio selection.</p>

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Decision-Analytics-Based Stock Selection: A Fuzzy Aczel–Alsina Ordinal Priority Approach

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2025年5月7日

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  • Dragan Pamučar,
  • Derya Deliktaş

摘要

In today’s competitive environment, evaluating and selecting stocks for portfolio optimization is a critical challenge for investors, especially under conditions of uncertainty. Traditional approaches often fail to address the complexities of multi-criteria decision-making (MCDM) in real-world investment scenarios. This study introduces a novel fuzzy Ordinal Priority Approach based on Aczel–Alsina weighted evaluation (OPA-AAWE) to tackle the portfolio selection problem. Taking into account seven financial performance criteria, the model was applied to 374 stocks listed on the Istanbul Stock Exchange for a period of 12 months. The findings demonstrate that the proposed methodology effectively handles uncertainty, offers flexibility in decision-making, and identifies the most optimal portfolios. Sensitivity analysis further confirms the robustness and reliability of the model. These results highlight the practical applicability of the fuzzy OPA-AAWE framework in real-world investment decision-making, offering investors a comprehensive tool for improved portfolio selection.