ASSESSMENT OF MULTIATTRIBUTED MEASURABLE VALUE AND UTILITY FUNCTIONS VIA MATHEMATICAL PROGRAMMING

Gary Klein, Herbert Moskowitz, Sathiadev Mahesh, A. Ravindran

Research output: Contribution to journalArticlepeer-review

23 Scopus citations

Abstract

A major restriction on the use of decision analysis in practice is the frequent difficulty of determining a decision maker's multiattribute utility function. The assessment process can be complex and tedious and generally involves: (1) identifying relevant independence conditions, (2) assessing conditional utility functions, (3) assessing scaling constants, and (4) checking for consistency. Some of the assessment and modeling complexities encountered include an assessor's inability to respond in a quantitatively meaningful and consistent way to hypothetical gambles and an analyst's problem in selecting an appropriate functional form that accurately characterizes the conditional utility assessments. A simplified procedure that mitigates these difficulties is proposed. This procedure facilitates the determination of scaling constants by obtaining (via mathematical programming) a multiattributed measurable value function which is converted to a multiattributed utility function. The methodology can be developed advantageously to produce an interactive software package for use as an assessment aid.

Original languageEnglish (US)
Pages (from-to)309-324
Number of pages16
JournalDecision Sciences
Volume16
Issue number3
DOIs
StatePublished - Jul 1985

All Science Journal Classification (ASJC) codes

  • Business, Management and Accounting(all)
  • Strategy and Management
  • Information Systems and Management
  • Management of Technology and Innovation

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