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Optimizability of utility and value functions

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  • Terry P. Harrison
  • Richard E. Rosenthal

Abstract

For more than a decade, multiattribute utility/value theory and multiobjective mathematical programming have offered different approaches to similar problems. Unfortunately, the two areas have developed with little interaction in spite of their common aims. We consider the use of utility/value functions in a mathematical programming framework, and demonstrate that these functions often possess desirable properties from an optimization point of view. We conclude that a hybridization of approaches is more viable than is perhaps commonly assumed.

Suggested Citation

  • Terry P. Harrison & Richard E. Rosenthal, 1988. "Optimizability of utility and value functions," Naval Research Logistics (NRL), John Wiley & Sons, vol. 35(3), pages 411-418, June.
    • Handle: RePEc:wly:navres:v:35:y:1988:i:3:p:411-418
    DOI: 10.1002/1520-6750(198806)35:33.0.CO;2-O
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    References listed on IDEAS

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    1. James S. Dyer & Rakesh K. Sarin, 1979. "Measurable Multiattribute Value Functions," Operations Research, INFORMS, vol. 27(4), pages 810-822, August.
    2. Donald L. Keefer & Stephen M. Pollock, 1980. "Approximations and Sensitivity in Multiobjective Resource Allocation," Operations Research, INFORMS, vol. 28(1), pages 114-128, February.
    3. Craig W. Kirkwood & Rakesh K. Sarin, 1980. "Preference Conditions for Multiattribute Value Functions," Operations Research, INFORMS, vol. 28(1), pages 225-232, February.
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    Cited by:

    1. Lakshminarayan, P. G., 1993. "Tradeoffs in balancing multiple objectives of an integrated agricultural economic and environmental system," ISU General Staff Papers 1993010108000011833, Iowa State University, Department of Economics.
    2. Aksoy, Yasemin & Butler, Timothy W. & Minor, Elliott D., 1996. "Comparative studies in interactive multiple objective mathematical programming," European Journal of Operational Research, Elsevier, vol. 89(2), pages 408-422, March.

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