Accession Number:

AD0770576

Title:

Multi-Attribute Utility Theory: Models and Assessment Procedures

Descriptive Note:

Technical rept.

Corporate Author:

MICHIGAN UNIV ANN ARBOR ENGINEERING PSYCHOLOGY LAB

Personal Author(s):

• Winterfeldt, Detlof V.
• Fischer, Gregory W.

Report Date:

1973-11-05

Pagination or Media Count:

62.0

Abstract:

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.

Descriptors:

• *DECISION MAKING
• MATHEMATICAL MODELS
• MATRICES(MATHEMATICS)
• PROBABILITY
• STATISTICAL ANALYSIS

Subject Categories:

• Psychology
• Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE