Common Mistakes in Making Value Trade-Offs

Ralph L. Keeney ()
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Ralph L. Keeney: Fuqua School of Business, Duke University, Durham, North Carolina 27708

Operations Research, 2002, vol. 50, issue 6, 935-945

Abstract: Value trade-offs define how much must be gained in the achievement of one objective to compensate for a lesser achievement on a different objective. Value trade-offs that adequately express a decision maker's values are essential both for good decision making in multiple-objective contexts and for insightful analyses of multiple-objective decisions. This paper identifies and illustrates 12 important mistakes frequently made that limit one's ability to determine useful value trade-offs. It then suggests how to avoid making these mistakes. The intent is to provide practical advice for making good value trade-offs, and hence, better decisions.

Keywords: Decision analysis; multiple criteria: assessing decision maker's value trade-offs. Utility/preference; multiattribute: quantifying preferences (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (49)

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