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Assessment of Preferences by Conditions on Pricing-Out Amounts

Author

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  • Charles M. Harvey

    (Dickinson College, Carlisle, Pennsylvania)

Abstract

A value function for consequences described by a monetary attribute and one or more other attributes can be determined by assessing pricing-out amounts between the monetary attribute and each of the other attributes. This willingness-to-pay procedure is restricted to decision problems in which the pricing-out amounts are independent of the decision maker's monetary position. This paper extends the procedure to decision problems in which the pricing-out amounts do depend on monetary position. It then presents new procedures by which conditions on this dependence can be used in place of multiattribute risk conditions to determine a utility function.

Suggested Citation

  • Charles M. Harvey, 1985. "Assessment of Preferences by Conditions on Pricing-Out Amounts," Operations Research, INFORMS, vol. 33(2), pages 443-454, April.
    • Handle: RePEc:inm:oropre:v:33:y:1985:i:2:p:443-454
    DOI: 10.1287/opre.33.2.443
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    Keywords

    852 multiattribute value and utility;

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