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An Experiment In Multiattribute Utility Theory

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  • Delforce, Robert J.
  • Hardaker, J. Brian
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    Abstract

    A version of multiattribute utility theory is evaluated as an aid to social decision making using an Australian case study. A multiattribute utility function is assessed over the descriptive, discrete decision alternatives of the decision problem rather than over the risky consequences of the attributes as in the standard approach. The evaluation is made first from the perspective of the decision analysts as a test of the feasibility of the method, and second, from the perspective of social decision makers as a test of the value of the analysis to them. Several difficulties arose in administering the procedure, and the decision makers were sceptical about the derived prescriptions. Nevertheless, the research findings appear to support the proposition that multiattribute utility theory should be viewed as more than merely a normative device for social decision making by experts.

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    File URL: http://purl.umn.edu/22330
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    Bibliographic Info

    Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

    Volume (Year): 29 (1985)
    Issue (Month): 03 (December)
    Pages:

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    Handle: RePEc:ags:ajaeau:22330

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    Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
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    Keywords: Research Methods/ Statistical Methods;

    References

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    1. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
    2. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
    3. J. Marcus Fleming, 1957. "Cardinal Welfare and Individualistic Ethics: A Comment," Journal of Political Economy, University of Chicago Press, vol. 65, pages 355.
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    Cited by:
    1. Jayanath Ananada & Gamini Herath, 2008. "Quantifying Public Preferences in Regional Forest Planning: A Comparison of Decision Theoretic Models," Economics Series 2008_02, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.
    2. Gomez, Carlos Mario & Gutierrez, Carlos, 2011. "Enhancing Irrigation Efficiency but Increasing Water Use: The Jevons' Paradox," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114622, European Association of Agricultural Economists.
    3. Gomez Gomez, Carlos Mario & Gutierrez, Carlos, 2008. "The MODERE Model and The Economic Analysis of Farmers’ Decisions," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6492, European Association of Agricultural Economists.
    4. Hayashi, Kiyotada, 2000. "Multicriteria analysis for agricultural resource management: A critical survey and future perspectives," European Journal of Operational Research, Elsevier, vol. 122(2), pages 486-500, April.
    5. Jayanath Ananda & Gamini Herath, 2006. "Reconciling Value Conflicts in Regional Forest Planning in Australia : A Comparison of Decision Theoretic Models," Economics Series 2006_06, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance.

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