Generalized Utility Independence and Some Implications.

Abstract

The concept of generalized utility independence is introduced. Subject to various generalized utility independence assumptions, three functional forms for a multiattribute von Neumann-Morgenstern utility function u are derived. These are the additive, the multiplicative, and the quasi-additive form, each of which expresses u as a combination of utility functions defined on the separate attributes. It is demonstrated that if u is unbounded from above and below, then given the three forms, either reversal of preferences over some attributes occurs or the additive form must hold. (Author)

Document Details

Document Type
Technical Report
Publication Date
Apr 01, 1974
Accession Number
AD0778324

Entities

People

  • Peter C. Fishburn
  • Ralph L. Keeney

Organizations

  • Massachusetts Institute of Technology

Tags

DTIC Thesaurus Topics

  • Additives (Chemicals)

Fields of Study

  • Economics

Readers

  • Mathematical Modeling and Probability Theory.
  • Team-Based Human-Centered Cognitive Task Decision Making and Information Performance.