Advances in multiattribute utility theory

✍ Scribed by Peter H. Farquhar

• Publisher: Springer US
• Year: 1980
• Tongue: English
• Weight: 637 KB
• Volume: 12
• Category: Article
• ISSN: 0040-5833
• DOI: 10.1007/bf00131317

✦ Synopsis

Several advances in multiattribute expected utility theory have emerged recently. Much of the existing theory deals with independence axioms on whole attributes and the corresponding utility decompositions. This paper reviews three alternate approaches for obtaining representations of multiattribute utility functions: (1) multivalent preference analysis, (2)approximation methods, and (3)indifference spanning analysis. Unlike some utility decompositions, these approaches require the assessment of only single-attribute functions which makes implementation relatively simple. Only multivalent preference analysis and indifference spanning analysis, however, provide axioms that can be empirically tested to justify a particular utility representation.