A fuzzy BWM and MARCOS integrated framework with Heronian function for evaluating cryptocurrency exchanges: a case study of Türkiye

Financial Innovation

Table 5 Results of the FMARCOS’H approach and final ranking of cryptocurrency exchanges

	Aggregated matrix			\({\widetilde{K}}_{i}^{-}\)			\({\widetilde{K}}_{i}^{+}\)			\({\widetilde{T}}_{i}\)
A1	0.105	0.125	0.129	1.550	2.206	3.141	0.692	0.896	1.140	2.242	3.102	4.280
A2	0.065	0.085	0.092	0.957	1.502	2.250	0.427	0.610	0.817	1.384	2.112	3.067
A3	0.107	0.131	0.145	1.579	2.327	3.522	0.705	0.945	1.278	2.285	3.272	4.800
A4	0.057	0.074	0.092	0.842	1.312	2.227	0.376	0.533	0.808	1.218	1.844	3.035
A5	0.045	0.063	0.076	0.663	1.116	1.845	0.296	0.453	0.670	0.960	1.570	2.515

	\(f\left({\widetilde{K}}_{i}^{-}\right)\)			\(f\left({\widetilde{K}}_{i}^{+}\right)\)			\({K}_{i}^{-}\)	\({K}_{i}^{+}\)	\(f({K}_{i}^{-})\)	\(f({K}_{i}^{+})\)	\({K}_{i}\)	Rank
A1	0.206	0.266	0.339	0.461	0.656	0.934	2.252	0.902	0.268	0.670	0.748	2
A2	0.127	0.181	0.243	0.285	0.447	0.669	1.536	0.614	0.183	0.457	0.323	3
A3	0.210	0.281	0.380	0.470	0.692	1.048	2.402	0.961	0.286	0.714	0.862	1
A4	0.112	0.158	0.240	0.250	0.390	0.662	1.386	0.552	0.164	0.412	0.258	4
A5	0.088	0.135	0.199	0.197	0.332	0.549	1.162	0.463	0.138	0.346	0.178	5