Possibilistic median of a fuzzy number

Fuzzy sets, fuzzy numbers and other entities of fuzzy set theory have become a frequently used part of many economic models including predictive, decision-support and control ones. In many applications the need for the representation of a fuzzy number by a single characteristic may arise. Many analogies of the moments of random variables have been introduced as a direct analogy to the formulas used in probability theory, such as the center of gravity, variance of a fuzzy number, etc. For most of these characteristics the fully possibilistic counterpart has also been proposed. But not for all. This paper introduces the formulation of a fully possibilistic median. We apply the LSC transformation introduced by Luukka, Stoklasa and Collan in 2019 to the fuzzy number median formulation proposed by Bodjanova in 2005 and derive the fully possibilistic counterpart of the median of a fuzzy number, present the necessary formulas and discuss its possible use in economic and business applications.