Elicitation of Multiattribute Value Functions through High Dimensional Model Representations

Francesca Beccacece, Emanuele Borgonovo, Greg Buzzard, Alessandra Cillo and Stanley Zionts

No 495, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

Abstract: This work addresses the early phases of the elicitation of multiattribute value functions proposing a practical method for assessing interactions and monotonicity. We exploit the link between multiattribute value functions and the theory of high dimensional model representations. The resulting elicitation method does not state any a-priori assumption on an individual’s preference structure. We test the approach via an experiment in a riskless context in which subjects are asked to evaluate mobile phone packages that differ on three attributes. Keywords: Multiattribute Utility Theory; High Dimensional Model Representations; Value Function Elicitation; Sparse Grid Interpolation.

Date: 2013
New Economics Papers: this item is included in nep-lam, nep-ltv, nep-neu and nep-upt
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