nach oben

Erschienen in:

2016 | OriginalPaper | Buchkapitel

8. Multiattribute Utility Theory (MAUT)

verfasst von : James S. Dyer

Erschienen in: Multiple Criteria Decision Analysis

Verlag: Springer New York

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

In this chapter, we provide a review of multiattribute utility theory. We begin with a brief review of single-attribute preference theory, and explore preference representations that measure a decision maker’s strength of preference and her preferences for risky alternatives. We emphasize the distinction between these two cases, and then explore the implications for multiattribute preference models. We describe the multiattribute decision problem, and discuss the conditions that allow a multiattribute preference function to be decomposed into additive and multiplicative forms under conditions of certainty and risk. The relationships among these distinct types of multiattribute preference functions are then explored, and issues related to their assessment and applications are surveyed.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Other Outranking Approaches

Nächstes Kapitel UTA Methods

The classic book Decisions with Multiple Objectives by R. L. Keeney and H. Raiffa was originally published by Wiley in 1976. The Cambridge University Press version was published in 1993.

“The important addition since 1976 concerns value functions that address strength of preference between pairs of consequences (see [4, 13]).” A quote from the Preface to the Cambridge University Press Edition, R. L. Keeney and H. Raiffa, Decisions with Multiple Objectives, Cambridge University Press, 1993.

Note that the \( {\overset{o}{v}}_i \) are called partial value functions by Bouyssou and Pirlot in Chap. 4 of this volume.

Specifically, we assume restricted solvability from below, an Archimedian property, at least three attributes are essential, and that the attributes are bounded from below. If n = 2, we assume that the two attributes are preferentially independent of one another and that the Thomsen condition is satisfied (see Krantz et al. [35] and the discussion by Bouyssou and Pirlot in Chap. 4 of this volume).

Abbas, A.E., Bell, D.: One-switch independence for multiattribute utility functions. Oper. Res. 59(3), 764–771 (2011)CrossRef

Abbas, A.E., Matheson, J.: Normative decision making with multiattribute performance targets. J. Multicrit. Decis. Anal. 16, 67–78 (2010)CrossRef

Anderson, R., Clemen, R.: Toward an improved methodology to construct and reconcile decision analytic preference judgments. Decis. Anal. 10, 121–134 (2013)CrossRef

Bell, D., Raiffa, H.: Risky choice revisited. In: Bell, D.E., Raiffa, H., Tversky, A. (eds.) Decision Making: Descriptive, Normative, and Prescriptive Interactions. Cambridge University Press, New York (1988)CrossRef

Bordley, R., Kirkwood, C.: Multiattribute preference analysis with performance targets. Oper. Res. 52(6), 823–835 (2004)CrossRef

Butler, J.C., Dyer, J.S., Jia, J.: Using attributes to predict objectives in preference models. Decis. Anal. 3(2), 100–116 (2006)CrossRef

Camerer, C.: Individual decision making. In: Kagel, J.H., Roth, A.E. (eds.) Handbook of Experimental Economics. Princeton University Press, Princeton (1995)

Charnes, A., Cooper, W.W.: Management Models and Industrial Applications of Linear Programming. Wiley, New York (1961)

Charnes, A., Cooper, W.W.: Goal programming and multiple objective optimizations. Eur. J. Oper. Res. 1(1), 37–54 (1977)CrossRef

10.

Charnes, A., Cooper, W.W., Ferguson, R.O.: Optimal estimation of executive compensation by linear programming. Manag. Sci. 1(2), 138–151 (1955)CrossRef

11.

Debreu, G.: Topological methods in cardinal utility theory. In: Arrow, K.J., Karlin, S., Suppes, P. (eds.) Mathematical Methods in the Social Sciences. Stanford University Press, Stanford (1959)

12.

Dyer, J.S.: Remarks on the analytic hierarchy process. Manag. Sci. 36, 249–258 (1990)CrossRef

13.

Dyer, J.S., Sarin, R.A.: Measurable multiattribute value functions. Oper. Res. 22, 810–822 (1979)CrossRef

14.

Dyer, J.S., Sarin, R.K.: Relative risk aversion. Manag. Sci. 28, 875–886 (1982)CrossRef

15.

Ellsberg, D.: Classic and current notions of “Measurable Utility”. Econometrica 64, 528–556 (1954)

16.

Farquhar, P.H., Keller, L.R.: Preference intensity measurement. Ann. Oper. Res. 19, 205–217 (1989)CrossRef

17.

Fishburn, P.C.: Independence in utility with whole product sets. Oper. Res. 13, 28–45 (1965)CrossRef

18.

Fishburn, P.C.: Utility Theory for Decision Making. Wiley, New York (1970)

19.

Fishburn, P.C.: Lexicographic orders, utilities, and decision rules. Manag. Sci. 20, 1442–1471 (1974)CrossRef

20.

Fishburn, P.C.: Nonlinear Preference and Utility Theory. Johns Hopkins University Press, Baltimore and London (1988)

21.

Fishburn, P.C., Wakker, P.: The invention of the independence condition for preferences. Manag. Sci. 41(7), 1130–1144 (1995)CrossRef

22.

Geoffrion, A.: Objective function approximations in mathematical programming. Math. Program. 13(1), 23–37 (1977)CrossRef

23.

Geoffrion, A., Dyer, J.S., Feinberg, A.: An interactive approach for multi-criterion optimization with an application to the operation of an academic department. Manag. Sci. 19, 357–368 (1972)CrossRef

24.

Gorman, W.M.: The structure of utility functions. Rev. Econ. Stud. 35, 367–390 (1968)CrossRef

25.

Ignizio, J.P.: Introduction to Linear Goal Programming. Sage, Thousand Oaks (1986)

26.

Ignizio, J., Romero, C.: Goal programming. In: Bidgoli, H. (ed.) Encyclopedia of Information Systems, vol. 2, pp. 489–500. Academic, San Diego (2003)CrossRef

27.

Jia, J., Dyer, J.S.: A standard measure of risk and risk-value models. Manag. Sci. 42(12), 1691–1705 (1996)CrossRef

28.

Kahneman, D., Tversky, A.: Prospect theory: an analysis of decisions under risk. Econometrica 47, 276–287 (1979)CrossRef

29.

Kamenetzky, R.D.: The relationship between the analytic hierarchy process and the additive value function. Decis. Sci. 13, 702–713 (1982)CrossRef

30.

Keeney, R.L.: Value-Focused Thinking. Harvard University Press, Boston (1996)

31.

Keeney, R.L., Gregory, R.S.: Selecting attributes to measure the achievement of objectives. Oper. Res. 53(1), 1–11 (2005)CrossRef

32.

Keeney, R.L., Raiffa, H.: Decision with Multiple Objectives: Preference and Value Tradeoffs. Cambridge University Press, New York (1993)CrossRef

33.

Keller, L.R.: An empirical test of relative risk aversion. IEEE Trans. Man Syst. Cybern. SMC-15, 476–482 (1985)

34.

Kirkwood, C.W.: Strategic Decision Making. Duxbury, Belmont (1996)

35.

Krantz, D.H., Luce, R.D., Suppes, P., Tversky, A.: Foundations of Measurement, Volume I, Additive and Polynomial Representations. Academic, New York (1971)

36.

Kreps, D.M.: A Course in Microeconomic Theory. Princeton University Press, Princeton (1990)

37.

Krzysztofowicz, R.: Strength of preference and risk attitude in utility measurement. Organ. Behav. Hum. Perform. 31, 88–113 (1983)CrossRef

38.

Luce, R.D., Tukey, J.W.: Simultaneous conjoint measurement: a new type of fundamental measurement. J. Math. Psychol. 1, 1–27 (1964)CrossRef

39.

Pratt, J.W.: Risk aversion in the small and in the large. Econometrica 32, 122–136 (1964)CrossRef

40.

Saaty, T.L.: The Analytic Hierarchy Process. McGraw-Hill, New York (1980)

41.

Salo, A.A., Hamalainen, R.P.: On the measurement of preferences in the analytic hierarchy process. J. Multi-Criterion Decis. Anal. 6, 309–319 (1997)CrossRef

42.

Sarin, R.K.: Strength of preference and risky choice. Oper. Res. 30, 982–997 (1982)CrossRef

43.

Savage, L.J.: The Foundations of Statistics. Wiley, New York (1954)

44.

Scott, D., Suppes, P.: Foundational aspects of theories of measurement. J. Symb. Log. 23, 113–128 (1958)CrossRef

45.

Trzaskalik, T., Michnik, J. (eds.): Multiple Objective and Goal Programming: Recent Developments. Physica Verlag, Heidelberg (2002)

46.

von Neumann, J., Morgenstern, O.: Theory of Games and Economic Behavior. Princeton University Press, Princeton (1947)

47.

von Winterfeldt, D., Edwards, W.: Decision Analysis and Behavioral Research. Cambridge University Press, Cambridge (1986)

48.

Wakker, P.: Prospect Theory: For Risk and Ambiguity. Cambridge University Press, Cambridge (2010)CrossRef

Titel: Multiattribute Utility Theory (MAUT)
verfasst von: James S. Dyer
Verlag: Springer New York
Buch: Multiple Criteria Decision Analysis
Print ISBN: 978-1-4939-3093-7

Electronic ISBN: 978-1-4939-3094-4

Copyright-Jahr: 2016
DOI: https://doi.org/10.1007/978-1-4939-3094-4_8