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Quasi‐separable utility functions

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  • Ralph Lyons Keeney

Abstract

This paper is concerned with a method for the assessment of utility functions of multi‐numeraire consequences. It is proven that given von Neumann and Morgenstern's axioms of “rational behavior” and two additional assumptions, the utility function for (x, y) consequences can be written as U(x, y) = Ux(x) + Uy(y) + KUx(x) Uy(y). K is a constant that must be evaluated empirically. This form shall be designated as a quasi‐separable utility function. It is more general than the separable utility function and is shown to be nearly as easy to use. Implications and ramifications of such a utility function and its requisite assumptions are discussed. A technique for practical application of this work is presented.

Suggested Citation

  • Ralph Lyons Keeney, 1968. "Quasi‐separable utility functions," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 15(4), pages 551-566, December.
    • Handle: RePEc:wly:navlog:v:15:y:1968:i:4:p:551-566
    DOI: 10.1002/nav.3800150408
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    Cited by:

    1. Hongmin Li & Scott Webster & Gwangjae Yu, 2020. "Product Design Under Multinomial Logit Choices: Optimization of Quality and Prices in an Evolving Product Line," Manufacturing & Service Operations Management, INFORMS, vol. 22(5), pages 1011-1025, September.
    2. Han Jong Jun & Jae Hee Kim & Deuk Young Rhee & Sun Woo Chang, 2020. "“SeoulHouse2Vec”: An Embedding-Based Collaborative Filtering Housing Recommender System for Analyzing Housing Preference," Sustainability, MDPI, vol. 12(17), pages 1-24, August.

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