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Maut — Multiattribute Utility Theory

In: Multiple Criteria Decision Analysis: State of the Art Surveys

Author

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  • James S. Dyer

    (The Graduate School of Business University of Texas at Austin)

Abstract

In this chapter, we provide a review of multiattribute utility theory. We begin with a brief review of single-attribute preference theory, and we explore preference representations that measure a decision maker’s strength of preference and her preferences for risky alternatives. We emphasize the distinction between these two cases, and then explore the implications for multiattribute preference models. We describe the multiattribute decision problem, and discuss the conditions that allow a multiattribute preference function to be decomposed into additive and multiplicative forms under conditions of certainty and risk. The relationships among these distinct types of multiattribute preference functions are then explored, and issues related to their assessment and applications are surveyed.

Suggested Citation

  • James S. Dyer, 2005. "Maut — Multiattribute Utility Theory," International Series in Operations Research & Management Science, in: Multiple Criteria Decision Analysis: State of the Art Surveys, chapter 0, pages 265-292, Springer.
    • Handle: RePEc:spr:isochp:978-0-387-23081-8_7
    DOI: 10.1007/0-387-23081-5_7
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    Cited by:

    1. Zou, Guang & Faber, Michael Havbro & González, Arturo & Banisoleiman, Kian, 2021. "Computing the value of information from periodic testing in holistic decision making under uncertainty," Reliability Engineering and System Safety, Elsevier, vol. 206(C).
    2. Lopes, J.V.M. & Bresciani, A.E. & Carvalho, K.M. & Kulay, L.A. & Alves, R.M.B., 2021. "Multi-criteria decision approach to select carbon dioxide and hydrogen sources as potential raw materials for the production of chemicals," Renewable and Sustainable Energy Reviews, Elsevier, vol. 151(C).

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