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An operational test for the existence of a consistent increasing quasi-concave value function

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  • Soleimani-damaneh, Majid
  • Pourkarimi, Latif
  • Korhonen, Pekka J.
  • Wallenius, Jyrki

Abstract

The existence of an increasing quasi-concave value function consistent with given preference information is an important issue in various fields including Economics, Multiple Criteria Decision Making, and Applied Mathematics. A quasi-concave value function is equivalent to convex-to-the-origin indifference contours, a very common assumption in Economics. In this paper, we establish necessary and sufficient conditions for the existence of a value function satisfying aforementioned properties. This leads to an operational, tractable and easy to use test for checking the existence of such a value function. In addition to developing the existence test, we construct consistent linear and non-linear desirable value functions.

Suggested Citation

  • Soleimani-damaneh, Majid & Pourkarimi, Latif & Korhonen, Pekka J. & Wallenius, Jyrki, 2021. "An operational test for the existence of a consistent increasing quasi-concave value function," European Journal of Operational Research, Elsevier, vol. 289(1), pages 232-239.
    • Handle: RePEc:eee:ejores:v:289:y:2021:i:1:p:232-239
    DOI: 10.1016/j.ejor.2020.06.049
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    References listed on IDEAS

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