Decision making under certainty with one objective

Franz Eisenführ (), Martin Weber and Thomas Langer ()
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Thomas Langer: University of Münster

Chapter Chapter 5 in Rational Decision Making, 2010, pp 107-124 from Springer

Abstract: Summary Completeness and transitivity are rationality demands which we postulate for a preference when we consider decision making under certainty with one objective. If a preference is a complete and transitive ordering, it is always possible to find a value function that represents that preference. There are measurable and non-measurable value functions; different from non-measurable value functions, measurable value functions allow conclusions to be drawn about the strength of the preference. You will learn three methods of determining the value function: the directrating method, the difference standard sequence technique and the bisection method. Consistency checks are an essential element of the process of determining the value function.

Date: 2010
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DOI: 10.1007/978-3-642-02851-9_5

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