A Parametric Representation of Additive Value Functions

Thomas W. Keelin
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Thomas W. Keelin: Decision Focus, Inc., Palo Alto, California

Management Science, 1981, vol. 27, issue 10, 1200-1208

Abstract: This paper introduces a new parameter for measuring deterministic preference tradeoffs between pairs of attributes. In terms of this parameter, necessary and sufficient conditions for a value function to be additive are established. When additivity conditions are satisfied, a set of these parameters is shown to characterize the value function uniquely up to a set of scaling constants. Implications for assessment, for transforming a nonadditive representation into an additive one, and for multiattribute utility functions are presented.

Keywords: multiattribute; utility; parametric; preference tradeoffs; value functions (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:27:y:1981:i:10:p:1200-1208

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