Title :
A fuzzy tool for the validation of individual risk premia in high-technology venture valuation: The application of a novel framework to convert FCMs into rule-based fuzzy systems
Author :
Salomon, Ralf ; Heydebreck, Peter ; Krüger, Lars
Author_Institution :
Dept. of Comput. Sci. & Electr. Eng., Univ. of Rostock, Rostock, Germany
Abstract :
Venture valuation is an essential technique in economics. Depending on the reason for a valuation, there are several methods applicable. It becomes even more complex when it comes to the valuation of companies that possess mainly intangible assets and whose success lies in the future. In this article a further step towards a Fuzzy Method is presented and discussed that allows the determination of a relevant parameter for a widely used valuation method. We focus on the application of a novel methodological framework to convert Fuzzy Cognitive Maps into Fuzzy rule-based Inference Systems. We demonstrate the principal feasibility and elucidate a method to optimize the functionality.
Keywords :
cognitive systems; economics; fuzzy set theory; fuzzy systems; inference mechanisms; knowledge based systems; risk management; venture capital; FCM; economics; fuzzy cognitive maps; fuzzy method; fuzzy rule-based inference systems; fuzzy tool; high-technology venture valuation; individual risk premia; intangible assets; principal feasibility; rule-based fuzzy systems; valuation method; Biological system modeling; Companies; Context; Cost accounting; Investments; Mathematical model; Venture capital; Company Valuation; Fuzzy Cognitive Map; Fuzzy Inference Systems; Fuzzy Rules; High-Technology Ventures; Risk-adequate Discount Rate;
Conference_Titel :
Fuzzy Systems (FUZZ), 2011 IEEE International Conference on
Conference_Location :
Taipei
Print_ISBN :
978-1-4244-7315-1
Electronic_ISBN :
1098-7584
DOI :
10.1109/FUZZY.2011.6007445