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Resource Allocation to Interrelated Risky Projects Using a Multiattribute Utility Function

Author

Listed:
  • Abraham Mehrez

    (Ben Gurion University of the Negev)

  • Zilla Sinuany-Stern

    (Ben Gurion University of the Negev)

Abstract

Two major contributions are made to the problem of resource allocation to indivisible projects with uncertain outcomes: the concepts of preferential independence and utility independence for the space of discrete projects are defined, and a multiattribute utility theory is linked with mathematical programming for allocation. The utility function, as shown by Keeney, can be either multiplicative or additive. An overall procedure for structuring the model is outlined, a branch-and-bound algorithm for solving the multiplicative model is developed, and a numerical example is presented.

Suggested Citation

  • Abraham Mehrez & Zilla Sinuany-Stern, 1983. "Resource Allocation to Interrelated Risky Projects Using a Multiattribute Utility Function," Management Science, INFORMS, vol. 29(4), pages 430-439, April.
    • Handle: RePEc:inm:ormnsc:v:29:y:1983:i:4:p:430-439
    DOI: 10.1287/mnsc.29.4.430
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    Cited by:

    1. Kyparisis, George J. & Gupta, Sushil K. & Ip, Chi-Ming, 1996. "Project selection with discounted returns and multiple constraints," European Journal of Operational Research, Elsevier, vol. 94(1), pages 87-96, October.
    2. Cho, Keun-Tae & Kwon, Cheol-Shin, 2004. "Hierarchies with dependence of technological alternatives: A cross-impact hierarchy process," European Journal of Operational Research, Elsevier, vol. 156(2), pages 420-432, July.

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