Assessment of Preferences by Conditions on Pricing-Out Amounts

Charles M. Harvey
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Charles M. Harvey: Dickinson College, Carlisle, Pennsylvania

Operations Research, 1985, vol. 33, issue 2, 443-454

Abstract: A value function for consequences described by a monetary attribute and one or more other attributes can be determined by assessing pricing-out amounts between the monetary attribute and each of the other attributes. This willingness-to-pay procedure is restricted to decision problems in which the pricing-out amounts are independent of the decision maker's monetary position. This paper extends the procedure to decision problems in which the pricing-out amounts do depend on monetary position. It then presents new procedures by which conditions on this dependence can be used in place of multiattribute risk conditions to determine a utility function.

Keywords: 852; multiattribute; value; and; utility (search for similar items in EconPapers)
Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:33:y:1985:i:2:p:443-454

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