Advances in Multiattribute Utility Theory.

Abstract

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) spanning analysis. Unlike some utility decomposition, these approaches require the assessment of only single-attribute functions which makes implementation relatively simple. Only multivalent preference analysis and spanning analysis, however, provide axioms that can be empirically tested to justify a particular utility representation. (Author)

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Document Details

Document Type
Technical Report
Publication Date
Jul 01, 1979
Accession Number
ADA075169

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  • Peter H. Farquhar

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  • Harvard University

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