A FUZZY APPROACH FOR EXPERT EVALUATION OF INVESTMENT PORTFOLIOS

The main focus of this paper is on proposing a new fuzzy approach for evaluating investment portfolios. The approach  suggested uses tools of the theory of confidence intervals, theory of fuzzy subsets and the method of expertise. Using the mentioned instrumentarium an empirical approbation is conducted. The approbation is realized through the case data and is aimed at demonstrating the approach and its applicability. The suggested approach could also be used as a base for comparison and/or ranking different portfolios. The used experts’ evaluations could be aggregate results from other approaches for portfolio management. Thus, the approach could be described as a universal tool for combining several methods for evaluation of investment portfolios.

Keywords:  management process of investment portfolio, fuzzy evaluation; fuzzy expertons and incidence matrices; delayed effects

JEL Classification: G11, M20, C69