Multi-Attribute Utility Theory: Models and Assessment Procedures
MICHIGAN UNIV ANN ARBOR ENGINEERING PSYCHOLOGY LAB
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The article reviews multi-attribute utility theory from a measurement theoretic perspective. It describes and classifies decision situations according to three salient aspects of choice uncertainty, time-variability, and multi-dimensionality. For each choice situation the main mathematical representations, their inter-relations and differences are discussed. Measurement theoretic tests are described which separate between multi-attribute utility models in riskless and risky time invariant choice situations. Assessment procedures are outlined to encode utility functions for the representations developed, and experimental applications of multi-attribute utility theory are briefly reviewed.
- Operations Research