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Consistent Assessment Procedures Using Conditional Utility Functions

Author

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  • David E. Bell

    (Harvard University, Boston, Massachusetts)

Abstract

We consider the assessment of two-attribute von Neumann-Morgenstern utility functions. The use of conditional utility functions is suggested and motivated. We derive a new independence relation between attributes that decomposes the utility function into four single-attribute utility functions. This independence condition is weaker than but may be specialized to utility independence. We examine the class of utility functions that may be assessed by use of conditional utility functions without danger of inconsistencies and derive a decomposition that is a simple generalization of joint utility independence. Implications for group utility functions are considered.

Suggested Citation

  • David E. Bell, 1979. "Consistent Assessment Procedures Using Conditional Utility Functions," Operations Research, INFORMS, vol. 27(5), pages 1054-1066, October.
    • Handle: RePEc:inm:oropre:v:27:y:1979:i:5:p:1054-1066
    DOI: 10.1287/opre.27.5.1054
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    Cited by:

    1. Ali E. Abbas & David E. Bell, 2012. "METHODS---One-Switch Conditions for Multiattribute Utility Functions," Operations Research, INFORMS, vol. 60(5), pages 1199-1212, October.
    2. Ali E. Abbas & Ronald A. Howard, 2005. "Attribute Dominance Utility," Decision Analysis, INFORMS, vol. 2(4), pages 185-206, December.
    3. Ali E. Abbas & Zhengwei Sun, 2019. "Archimedean Utility Copulas with Polynomial Generating Functions," Decision Analysis, INFORMS, vol. 16(3), pages 218-237, September.
    4. Ying He & James S. Dyer & John C. Butler, 2014. "Decomposing a Utility Function Based on Discrete Distribution Independence," Decision Analysis, INFORMS, vol. 11(4), pages 233-249, December.
    5. Ali E. Abbas & David E. Bell, 2011. "One-Switch Independence for Multiattribute Utility Functions," Operations Research, INFORMS, vol. 59(3), pages 764-771, June.
    6. Ali E. Abbas & Zhengwei Sun, 2015. "Multiattribute Utility Functions Satisfying Mutual Preferential Independence," Operations Research, INFORMS, vol. 63(2), pages 378-393, April.
    7. Ilia Tsetlin & Robert L. Winkler, 2006. "On Equivalent Target-Oriented Formulations for Multiattribute Utility," Decision Analysis, INFORMS, vol. 3(2), pages 94-99, June.

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