Attribute Dominance Utility

Ali E. Abbas () and Ronald A. Howard ()
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Ali E. Abbas: School of Engineering, University of Illinois at Urbana-Champaign, 117 Transportation Building, MC-238, 104 South Mathews Avenue, Urbana, Illinois 61801
Ronald A. Howard: Department of Management Science and Engineering, School of Engineering, Stanford University, Terman Engineering Center 700-420, Stanford, California 94305-4026

Decision Analysis, 2005, vol. 2, issue 4, 185-206

Abstract: We present an analogy between joint cumulative probability distributions and a class of multiattribute utility functions, which we call attribute dominance utility functions. Attribute dominance utility functions permit assessing multiattribute utility functions using common techniques of joint probability assessment such as marginal-conditional assessments and the method of copulas. By itself, this class of utility functions appears in many cases of decision analysis practice. Furthermore, we show that many functional forms of multiattribute utility function can be decomposed into attribute dominance utility functions that are easier to elicit. We introduce the notion of utility inference analogous to Bayes’ rule for probability inference and provide a graphic representation of attribute dominance utility functions, which we call utility diagrams.

Keywords: influence diagrams; multiattribute utility; Bayes' rule; utility dependence (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (31)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:ordeca:v:2:y:2005:i:4:p:185-206

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