Four Methods for Assessing Multi-attribute Utilities: An Experimental Validation
MICHIGAN UNIV ANN ARBOR ENGINEERING PSYCHOLOGY LAB
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In choosing between alternatives characterized by multiple value relevant attributes, decision makers must typically trade off one attribute against another. The first section of the paper discusses the theoretical basis for multi-attribute value assessment and concludes that while additive evaluation models should be appropriate for most riskless decisions, non- additive models will frequently be required for decision making under uncertainty. The second section discusses the sensitivity of evaluation models to assessment errors. The third section describes four procedures for constructing a decomposed evaluation model. The fourth section treats the general problem of validating evaluation procedures. And the final two sections discuss two experiments which demonstrated that all four of the decomposition procedures described can provide an appropriate measure of subjective value.
- Operations Research