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Applying Multi-attribute Utility Theory to Decision Making in Environmental Planning: A Case Study of the Electric Utility in Korea

Author

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  • Tai-Yoo Kim
  • Seung-Jun Kwak
  • Seung-Hoon Yoo

Abstract

This paper applies the multi-attribute utility theory (MAUT) to obtaining value judgments concerning the significance of environmental impacts to achieve integration of environmental concerns at an early stage of planning, using the electric utility of Korea as a specific case study. An environmental multi-attribute index is constructed as a multi-attribute utility function, based on value judgments provided by a group of experts related to electric utility and a decision maker from Korea Electric Power Corporation (KEPCO). The societal values are derived from examining trade-offs between environmentalindex and money. The implications of the results for KEPCO are also discussed. We found that the work and results can provide valuable insights and decision opportunities for major decision making in environmental planning facing KEPCO.

Suggested Citation

  • Tai-Yoo Kim & Seung-Jun Kwak & Seung-Hoon Yoo, 1998. "Applying Multi-attribute Utility Theory to Decision Making in Environmental Planning: A Case Study of the Electric Utility in Korea," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 41(5), pages 597-609.
    • Handle: RePEc:taf:jenpmg:v:41:y:1998:i:5:p:597-609
    DOI: 10.1080/09640569811470
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    Citations

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    Cited by:

    1. Hee-Cheon Ju & Seung-Hoon Yoo, 2014. "Using the fuzzy set theory to developing an environmental impact assessment index for a thermal power plant," Quality & Quantity: International Journal of Methodology, Springer, vol. 48(2), pages 673-680, March.
    2. Wang, Ying-Ming & Yang, Jian-Bo & Xu, Dong-Ling, 2006. "Environmental impact assessment using the evidential reasoning approach," European Journal of Operational Research, Elsevier, vol. 174(3), pages 1885-1913, November.
    3. Ju-Hee Kim & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "Economic Value of Building a Firefighter Training Academy for Urban Disaster Management in Seoul, South Korea," Sustainability, MDPI, vol. 10(12), pages 1-11, December.
    4. Eva Hofmann & Erik Hoelzl & Erich Kirchler, 2008. "A Comparison of Models Describing the Impact of Moral Decision Making on Investment Decisions," Journal of Business Ethics, Springer, vol. 82(1), pages 171-187, September.
    5. Kwak, Seung-Jun & Yoo, Seung-Hoon & Kim, Tai-Yoo, 2001. "A constructive approach to air-quality valuation in Korea," Ecological Economics, Elsevier, vol. 38(3), pages 327-344, September.
    6. Pavel, Md Sadik & Chakrabarty, Sayan & Gow, Jeff, 2014. "Assessing willingness to pay for health care quality improvements," MPRA Paper 68591, University Library of Munich, Germany.
    7. Amir Saffari & Mohammad Ataei & Farhang Sereshki & Mostafa Naderi, 2019. "Environmental impact assessment (EIA) by using the Fuzzy Delphi Folchi (FDF) method (case study: Shahrood cement plant, Iran)," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 21(2), pages 817-860, April.
    8. Konidari, Popi & Mavrakis, Dimitrios, 2007. "A multi-criteria evaluation method for climate change mitigation policy instruments," Energy Policy, Elsevier, vol. 35(12), pages 6235-6257, December.
    9. Ananda, Jayanath & Herath, Gamini, 2009. "A critical review of multi-criteria decision making methods with special reference to forest management and planning," Ecological Economics, Elsevier, vol. 68(10), pages 2535-2548, August.
    10. Ananda, Jayanath & Herath, Gamini, 2005. "Evaluating public risk preferences in forest land-use choices using multi-attribute utility theory," Ecological Economics, Elsevier, vol. 55(3), pages 408-419, November.
    11. Mataria, Awad & Donaldson, Cam & Luchini, Stephane & Moatti, Jean-Paul, 2004. "A stated preference approach to assessing health care-quality improvements in Palestine: from theoretical validity to policy implications," Journal of Health Economics, Elsevier, vol. 23(6), pages 1285-1311, November.

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