Fuzzy set theory has emerged as a powerful tool to address the inherent imprecisions and uncertainties in financial modelling, notably in option pricing. By incorporating fuzziness into conventional ...

Possibility theory and fuzzy set theory form a cohesive framework for modelling and reasoning under imprecision and vagueness. Whereas probability theory quantifies aleatory uncertainty via additive ...

Then in the early 20th century, Jan Lukasiewicz proposed a three-valued logic (true, possible, false), which never gained wide acceptance. In 1965, Lotfi A. Zadeh of the University of California at ...

Set theory is a mathematical abstract concerned with the grouping of sets of numbers that have commonality. For example, all even numbers make up a set, and all odd numbers comprise a set. All numbers ...