APPLICATION OF FUZZY SET THEORY TO ECONOMICS

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Abstract
Fuzzy set theory is applied to three areas of economic modeling, economic forecasting and economic policy. In modeling it gives expression to the fact that after structural equations are obtained from theoretical considerations, the parameters cannot be estimated accurately. In forecasting a solution is given to the multiple model problem. In economic policy, it offers a range of optimum policies depending on a risk parameter and leaves the final policy choice to the decision maker.

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