Analysis of crowdfunding platforms for microgrid project investors via a q-rung orthopair fuzzy hybrid decision-making approach

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Financial Innovation, vol.8, no.1, 2022 (Scopus) identifier identifier

  • Publication Type: Article / Article
  • Volume: 8 Issue: 1
  • Publication Date: 2022
  • Doi Number: 10.1186/s40854-022-00353-6
  • Journal Name: Financial Innovation
  • Journal Indexes: Scopus
  • Keywords: Financial innovation, Crowdfunding, Microgrid projects, Energy investments, q-rung fuzzy sets
  • Istanbul Medipol University Affiliated: Yes


Effective crowdfunding platforms positively contribute toward improving microgrid energy management systems. Therefore, a comprehensive analysis is required to understand the key factors responsible for success in crowdfunding systems by considering various criteria. This study evaluates crowdfunding platforms for microgrid project investments. In this context, a novel fuzzy decision-making model that includes two different stages is proposed. First, the selected criteria for the crowdfunding platforms for microgrid project investments are evaluated. Second, alternatives, regarding the microgrid project investments, are ranked. In this process, a multi-stepwise weight assessment ratio analysis (M-SWARA) approach based on q-rung orthopair fuzzy sets (q-ROFSs) is considered. Intuitionistic and Pythagorean fuzzy sets are also used in the calculation process to make a comparative evaluation. Similarly, a sensitivity analysis of the ranking alternatives is also conducted with 12 different q values. All the results are rather similar; thus, the findings are reliable. Another model is also created for this purpose with the help of the decision-making trial and evaluation laboratory (DEMATEL) and the technique for order preference by similarity to ideal solution methodologies to check the performance of the proposed model. It is defined that by considering the q-ROF DEMATEL weights, the ranking results vary for different cases. The proposed model with a M-SWARA is more reliable than the model created via the DEMATEL method. This situation provides information regarding the superiority of the model proposed in this study. It is concluded that security is the most important factor in crowdfunding platforms for smart-grid project investors. Additionally, solar panels and energy storage systems/batteries are the most significant alternatives for microgrid project investors. Necessary measures should be taken to forestall the risk of fraud that may occur on this platform. Therefore, the website to be established must be secure against possible hacking attacks. Another important conclusion of this study is that solar panels should be preliminarily developed to increase the effectiveness of microgrid systems.