Multiattribute One-Switch Utility

Ilia Tsetlin () and Robert L. Winkler ()
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Ilia Tsetlin: INSEAD, Singapore 138676
Robert L. Winkler: Fuqua School of Business, Duke University, Durham, North Carolina 27708

Management Science, 2012, vol. 58, issue 3, 602-605

Abstract: The one-switch property states that the preference between any two lotteries switches at most once as wealth increases. Working within the expected utility framework, we extend the one-switch notion to the multiattribute case and identify the families of multiattribute utility functions that are one-switch. We then show that all multiattribute one-switch utility functions can be approximated by a sum of two multiattribute exponential utilities (sumex utility). Finally, we discuss how the one-switch property, when appropriate, can simplify the assessment of multiattribute utility. This paper was accepted by Peter Wakker, decision analysis.

Keywords: decision analysis; multiattribute utility; one-switch property; utility assessment; sumex utility (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:58:y:2012:i:3:p:602-605

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