An Evaluation of E7 Countries’ Sustainable Energy Investments: A Decision-Making Approach with Spherical Fuzzy Sets

Rahadian Dadan (), Firli Anisah (), Dinçer Hasan (), Yüksel Serhat (), Hacıoğlu Ümit (), Ştefan Gherghina and Aksoy Tamer ()
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Rahadian Dadan: Department of Management, Faculty of Economics and Business, Telkom University, Bandung, Indonesia
Firli Anisah: Department of Management, Faculty of Economics and Business, Telkom University, Bandung, Indonesia
Dinçer Hasan: School of Business, Istanbul Medipol University, Istanbul, Turkey
Yüksel Serhat: School of Business, Istanbul Medipol University, Istanbul, Turkey
Hacıoğlu Ümit: Ibn Haldun University, School of Business, Istanbul, Turkey
Aksoy Tamer: Ibn Haldun University, School of Business, Istanbul, Turkey

Economics - The Open-Access, Open-Assessment Journal, 2023, vol. 17, issue 1, 21

Abstract: The purpose of this study is to identify important strategies to increase sustainable energy investments in emerging economies. For this situation, first, four different indicators are selected according to the dimensions of the balanced scorecard technique. The weights of these items are computed by using Quantum Spherical fuzzy DEMATEL. In the second phase, emerging seven (E7) countries are ranked regarding the performance of sustainable energy investments. In this process, Quantum Spherical fuzzy TOPSIS is taken into consideration. The main contribution of this study is that prior factors can be defined for emerging economies to increase sustainable energy investments in a more effective way. Furthermore, a novel decision-making model is developed while integrating TOPSIS and DEMATEL with Quantum theory, Spherical fuzzy sets, facial expressions of the experts, and collaborative filtering. It is concluded that competition is the most significant factor for the performance of sustainable energy investments. In addition, the ranking results denote that China and Russia are the most successful emerging economies with respect to sustainable energy investments. It is strongly recommended that emerging countries should mainly consider benchmarking the capacity of energy hubs with the aim of increasing the capacity of ongoing energy plants.

Keywords: quantum spherical fuzzy sets; DEMATEL; TOPSIS; recommender systems; neuro decision-making (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:econoa:v:17:y:2023:i:1:p:21:n:1

DOI: 10.1515/econ-2022-0051

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