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A Parametric Representation of Additive Value Functions

Author

Listed:
  • Thomas W. Keelin

    (Decision Focus, Inc., Palo Alto, California)

Abstract

This paper introduces a new parameter for measuring deterministic preference tradeoffs between pairs of attributes. In terms of this parameter, necessary and sufficient conditions for a value function to be additive are established. When additivity conditions are satisfied, a set of these parameters is shown to characterize the value function uniquely up to a set of scaling constants. Implications for assessment, for transforming a nonadditive representation into an additive one, and for multiattribute utility functions are presented.

Suggested Citation

  • Thomas W. Keelin, 1981. "A Parametric Representation of Additive Value Functions," Management Science, INFORMS, vol. 27(10), pages 1200-1208, October.
    • Handle: RePEc:inm:ormnsc:v:27:y:1981:i:10:p:1200-1208
    DOI: 10.1287/mnsc.27.10.1200
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    Cited by:

    1. Ali E. Abbas & Zhengwei Sun, 2019. "Archimedean Utility Copulas with Polynomial Generating Functions," Decision Analysis, INFORMS, vol. 16(3), pages 218-237, September.
    2. Martin Zsifkovits & Markus Günther, 2015. "Simulating resistances in innovation diffusion over multiple generations: an agent-based approach for fuel-cell vehicles," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 23(2), pages 501-522, June.
    3. Ali E. Abbas & Zhengwei Sun, 2015. "Multiattribute Utility Functions Satisfying Mutual Preferential Independence," Operations Research, INFORMS, vol. 63(2), pages 378-393, April.

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