A novel fuzzy decision-making approach to pension fund investments in renewable energy

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dc.contributor.authorYüksel, Serhat
dc.contributor.authorEti, Serkan
dc.contributor.authorDinçer, Hasan
dc.contributor.authorMeral, Hasan
dc.contributor.authorUmar, Muhammad
dc.contributor.authorGökalp, Yaşar
dc.date.accessioned2026-01-14T06:16:44Z
dc.date.available2026-01-14T06:16:44Z
dc.date.issued2025
dc.departmentİstanbul Medipol Üniversitesi, İMÜ Meslek Yüksekokulu, Bilgisayar Programcılığı Ana Bilim Dalı
dc.departmentİstanbul Medipol Üniversitesi, İşletme ve Yönetim Bilimleri Fakültesi, Uluslararası Ticaret ve Finansman Bölümü
dc.departmentİstanbul Medipol Üniversitesi, Sağlık Bilimleri Fakültesi, Sağlık Yönetimi Bölümü
dc.description.abstractPension fund must consider some significant issues when making renewable energy project investment decisions. It is necessary to determine the most important factors and prioritize the indicators. Accordingly, the purpose of this study is to conduct a priority analysis of the determinants of investment in renewable energy projects by pension funds. This study constructs a novel fuzzy decision-making model. First, five indicators for this process are weighted using an entropy methodology based on sine trigonometric Pythagorean fuzzy sets. The CRITIC methodology is also considered to make a comparative evaluation. Second, five different clean energy investment alternatives for pension funds are ranked using the RATGOS methodology. Similarly, this ranking analysis is also made by considering TOPSIS technique to check the reliability of the results. The main contribution of this study is the creation of a new and comprehensive fuzzy decision-making model to identify the most important factors in renewable energy project investments for pension funds. The proposed model uses the RATGOS technique to rank clean energy investment alternatives for pension funds. By considering the geometrical mean in the RATGOS calculation process, criticisms related to existing ranking techniques can be overcome. The use of sine trigonometric Pythagorean fuzzy numbers provides significant benefits to the quality of the proposed decision-making model. The defuzzification process can be implemented appropriately using these sets. Therefore, this study’s findings pave the way for investors to make investment decisions under these circumstances. It is concluded that the most important criterion is risk minimization. Effective regulations are another critical issue. Furthermore, the ranking results indicate that the most suitable renewable energy alternative is green bonds. The comparative results with STPFY-TOPSIS show that the proposed model generates coherent and reliable findings.
dc.identifier.citationYüksel, S., Eti, S., Dinçer, H., Meral, H., Umar, M. ve Gökalp, Y. (2025). A novel fuzzy decision-making approach to pension fund investments in renewable energy. Financial Innovation, 11(1). http://dx.doi.org/10.1186/s40854-024-00703-6
dc.identifier.doi10.1186/s40854-024-00703-6
dc.identifier.issn2199-4730
dc.identifier.issue1
dc.identifier.scopus2-s2.0-85213971289
dc.identifier.scopusqualityQ1
dc.identifier.urihttp://dx.doi.org/10.1186/s40854-024-00703-6
dc.identifier.urihttps://hdl.handle.net/20.500.12511/13370
dc.identifier.volume11
dc.identifier.wosWOS:001389955500001
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorYüksel, Serhat
dc.institutionauthorEti, Serkan
dc.institutionauthorDinçer, Hasan
dc.institutionauthorGökalp, Yaşar
dc.institutionauthorid0000-0002-9858-1266
dc.institutionauthorid0000-0002-4791-4091
dc.institutionauthorid0000-0002-8072-031X
dc.institutionauthorid0000-0002-3390-4597
dc.language.isoen
dc.relation.ispartofFinancial Innovation
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rightsAttribution 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectClean Energy
dc.subjectEnergy Investments
dc.subjectFinancial Innovation
dc.subjectPension Funds
dc.titleA novel fuzzy decision-making approach to pension fund investments in renewable energy
dc.typeArticle

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