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An Interval Approach to Measuring Decision Maker Preferences

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  • Robert P. King
  • Lindon J. Robison

Abstract

A method for constructing interval measurements of decision makers' absolute risk-aversion functions is presented. Under this new procedure, the form of the absolute risk-aversion function is not restricted, and the precision of the interval measurement can be determined by the analyst. Interval measurements are used with the criterion of stochastic dominance with respect to a function to order uncertain choices. An empirical test shows that interval measurements exclude preferred choices from consideration less often than do single-valued utility functions and are more discriminating than first- and second-degree stochastic dominance.

Suggested Citation

  • Robert P. King & Lindon J. Robison, 1981. "An Interval Approach to Measuring Decision Maker Preferences," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(3), pages 510-520.
    • Handle: RePEc:oup:ajagec:v:63:y:1981:i:3:p:510-520.
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    File URL: http://hdl.handle.net/10.2307/1240542
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