<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1405-5546</journal-id>
<journal-title><![CDATA[Computación y Sistemas]]></journal-title>
<abbrev-journal-title><![CDATA[Comp. y Sist.]]></abbrev-journal-title>
<issn>1405-5546</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Centro de Investigación en Computación]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1405-55462024000301349</article-id>
<article-id pub-id-type="doi">10.13053/cys-28-3-5187</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Using Compensatory Fuzzy Logic to Model an Investor&#8217;s Preference Regarding Portfolio Stock Selection within Markowitz&#8217;s Mean-Variance Framework]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cisneros]]></surname>
<given-names><![CDATA[Luis]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Porras]]></surname>
<given-names><![CDATA[Raúl]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rivera]]></surname>
<given-names><![CDATA[Gilberto]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Espín-Andrade]]></surname>
<given-names><![CDATA[Rafael A.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[Vicente]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma de Ciudad Juárez  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Autónoma de Coahuila Facultad de Contaduría y Administración ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2024</year>
</pub-date>
<volume>28</volume>
<numero>3</numero>
<fpage>1349</fpage>
<lpage>1359</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1405-55462024000301349&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1405-55462024000301349&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1405-55462024000301349&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: We analyze the use of Compensatory Fuzzy Logic (CFL) applied to an optimization model to reflect an investor&#8217;s preferences regarding portfolio stock selection. CFL is a framework that allows the construction of fuzzy predicates using fuzzy parametrized linguistic variables. Although the potential of a CFL predicate to model preferences is high, to the best of our knowledge, this is the first use of this strategy to do so. Real data from the Mexican Stock Exchange was employed to create a test instance. Portfolios were obtained using the Particle Swarm Optimization algorithm. By maximising the degree of truth of the predicate representing the investor&#8217;s preferences, the model is able to reflect investor profiles regarding the return-risk relation of the portfolios. Three artificial investor profiles were defined during the experimentation; the model was able to reflect all of these preferences.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Swarm particle optimization]]></kwd>
<kwd lng="en"><![CDATA[preference incorporation]]></kwd>
<kwd lng="en"><![CDATA[metaheuristic algorithm]]></kwd>
<kwd lng="en"><![CDATA[prescriptive analytics]]></kwd>
<kwd lng="en"><![CDATA[fuzzy optimization]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abdolbaghi-Ataabadi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Nazemi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Saki]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Multi-objective possibility model for selecting the optimal stock portfolio]]></article-title>
<source><![CDATA[Advances in Mathematical Finance and Applications]]></source>
<year>2023</year>
<volume>8</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Amiri]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Heidary]]></surname>
<given-names><![CDATA[M. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio optimization with robust possibilistic programming]]></article-title>
<source><![CDATA[Iranian Journal of Finance]]></source>
<year>2019</year>
<volume>3</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>44-65</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Corazza]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[di-Tollo]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Fasano]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Pesenti]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A novel hybrid PSO-based metaheuristic for costly portfolio selection problems]]></article-title>
<source><![CDATA[Annals of Operations Research]]></source>
<year>2021</year>
<volume>304</volume>
<numero>1&#8211;2</numero>
<issue>1&#8211;2</issue>
<page-range>109-37</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dai]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Qin]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Multi-period uncertain portfolio optimization model with minimum transaction lots and dynamic risk preference]]></article-title>
<source><![CDATA[Applied Soft Computing]]></source>
<year>2021</year>
<volume>109</volume>
<page-range>107519</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Doering]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Kizys]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Juan]]></surname>
<given-names><![CDATA[A. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Fito]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Polat]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Metaheuristics for rich portfolio optimisation and risk management: Current state and future trends]]></article-title>
<source><![CDATA[Operations Research Perspectives]]></source>
<year>2019</year>
<volume>6</volume>
<page-range>100121</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Espin-Andrade]]></surname>
<given-names><![CDATA[R. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Cruz-Reyes]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Llorente-Peralta]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Gonzalez-Caballero]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Pedrycz]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Ruiz]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Archimedean compensatory fuzzy logic as a pluralist contextual theory useful for knowledge discovery]]></article-title>
<source><![CDATA[International Journal of Fuzzy Systems]]></source>
<year>2021</year>
<volume>24</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-21</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Espin-Andrade]]></surname>
<given-names><![CDATA[R. A.]]></given-names>
</name>
<name>
<surname><![CDATA[González-Caballero]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Pedrycz]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Fernández-González]]></surname>
<given-names><![CDATA[E. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Archimedean-compensatory fuzzy logic systems]]></article-title>
<source><![CDATA[International Journal of Computational Intelligence Systems]]></source>
<year>2016</year>
<volume>8</volume>
<numero>^s2</numero>
<issue>^s2</issue>
<supplement>2</supplement>
<page-range>54-62</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fazli]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Lashkari]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Taherkhani]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Habibi]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[A novel experts advice aggregation framework using deep reinforcement learning for portfolio management]]></source>
<year>2022</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hamdi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Karimi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Mehrdoust]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Belhaouari]]></surname>
<given-names><![CDATA[S. B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio selection problem using CVaR risk measures equipped with DEA, PSO, and ICA algorithms]]></article-title>
<source><![CDATA[Mathematics]]></source>
<year>2022</year>
<volume>10</volume>
<numero>15</numero>
<issue>15</issue>
<page-range>2808</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harris]]></surname>
<given-names><![CDATA[R. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Mazibas]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio optimization with behavioural preferences and investor memory]]></article-title>
<source><![CDATA[European Journal of Operational Research]]></source>
<year>2022</year>
<volume>296</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>368-87</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kawano]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Valdez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Castillo]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fuzzy combination of moth-flame optimization and lightning search algorithm with fuzzy dynamic parameter adjustment]]></article-title>
<source><![CDATA[Computación y Sistemas]]></source>
<year>2022</year>
<volume>26</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>743-57</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Shu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Sun]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Teo]]></surname>
<given-names><![CDATA[K. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[An optimistic value&#8211;variance&#8211;entropy model of uncertain portfolio optimization problem under different risk preferences]]></article-title>
<source><![CDATA[Soft Computing]]></source>
<year>2021</year>
<volume>25</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>3993-4001</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mann]]></surname>
<given-names><![CDATA[H. B.]]></given-names>
</name>
<name>
<surname><![CDATA[Whitney]]></surname>
<given-names><![CDATA[D. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[On a test of whether one of two random variables is stochastically larger than the other]]></article-title>
<source><![CDATA[The Annals of Mathematical Statistics]]></source>
<year>1947</year>
<volume>18</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>50-60</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Markowitz]]></surname>
<given-names><![CDATA[H. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Portfolio selection]]></article-title>
<source><![CDATA[The journal of Finance]]></source>
<year>1952</year>
<volume>7</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>71-91</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nozarpour]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Davoodi]]></surname>
<given-names><![CDATA[S. M. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Fadaee]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Selecting the optimal multi-period stock portfolio with different time horizons in the credibility theory framework]]></article-title>
<source><![CDATA[Advances in Mathematical Finance and Applications]]></source>
<year>2023</year>
<volume>8</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>1043-56</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Thakur]]></surname>
<given-names><![CDATA[G. S. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Bhattacharyya]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Sarkar]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Fuzzy expert system for stock portfolio selection: An application to bombay stock exchange]]></source>
<year>2022</year>
</nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zadeh]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fuzzy sets]]></article-title>
<source><![CDATA[Information and Control]]></source>
<year>1965</year>
<volume>8</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>338-53</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
