THE GENERALIZED HYBRID AVERAGING OPERATOR AND ITS APPLICATION INFINANCIAL DECISION MAKING

We present the generalized hybrid averaging (GHA) operator. It is a new aggregation operator that generalizes the hybrid averaging (HA) operator by using the generalized mean. Then, we are able to generalize a wide range of mean operators such as the HA, the hybrid quadratic averaging (HQA), etc. The HA is an aggregation operator that includes the ordered weighted averaging (OWA) operator and the weighted average (WA). Then, with the GHA, we are able to get all the particular cases obtained by using generalized means in the OWA and in the WA such as the weighted geometric mean, the ordered weighted geometric (OWG) operator, the weighted quadratic mean (WQM), etc. We further generalize the GHA by using quasi-arithmetic means. Then, we obtain the quasi-arithmetic hybrid averaging (Quasi-HA) operator. Finally, we apply the new approach in a financial decision making problem.