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Utility Independence and Preferences for Multiattributed Consequences

Author

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  • Ralph L. Keeney

    (Massachusetts Institute of Technology, Cambridge, Massachusetts)

Abstract

This paper introduces and defines the concept of utility independence, and derives general expressions for simplifying the assessment of multiattribute utility functions, given that certain utility independence assumptions hold. These results are more general than the commonly used additive utility function, which is shown to be a special case. Finally, the paper discusses the relevance of this work as an approximation technique when requisite assumptions are not satisfied.

Suggested Citation

  • Ralph L. Keeney, 1971. "Utility Independence and Preferences for Multiattributed Consequences," Operations Research, INFORMS, vol. 19(4), pages 875-893, August.
    • Handle: RePEc:inm:oropre:v:19:y:1971:i:4:p:875-893
    DOI: 10.1287/opre.19.4.875
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    Cited by:

    1. Haowen You & Elizabeth B. Connelly & James H. Lambert & Andres F. Clarens, 2014. "Climate and other scenarios disrupt priorities in several management perspectives," Environment Systems and Decisions, Springer, vol. 34(4), pages 540-554, December.
    2. Y Malevergne & B Rey, 2010. "Preserving preference rankings under non-financial background risk," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(8), pages 1302-1308, August.
    3. P. K. Kapur & Saurabh Panwar & Ompal Singh & Vivek Kumar, 2022. "Joint optimization of software time-to-market and testing duration using multi-attribute utility theory," Annals of Operations Research, Springer, vol. 312(1), pages 305-332, May.
    4. Prinz, Aloys & Bünger, Björn, 2011. "The usefulness of a Happy Income Index," CAWM Discussion Papers 15, University of Münster, Münster Center for Economic Policy (MEP).
    5. Prinz, Aloys & Bünger, Björn, 2012. "Balancing ‘full life’: An economic approach to the route to happiness," Journal of Economic Psychology, Elsevier, vol. 33(1), pages 58-70.
    6. Ananda, Jayanath & Herath, Gamini, 2005. "Evaluating public risk preferences in forest land-use choices using multi-attribute utility theory," Ecological Economics, Elsevier, vol. 55(3), pages 408-419, November.
    7. Garrett, Vicki & Koontz, Tomas M., 2008. "Breaking the cycle: Producer and consumer perspectives on the non-adoption of passive solar housing in the US," Energy Policy, Elsevier, vol. 36(4), pages 1551-1566, April.
    8. Carsten Homburg & André Hoppe & Roman Schick & Amelie Braul, 2021. "Accounting for preference dependency in target costing – a note," Review of Quantitative Finance and Accounting, Springer, vol. 57(3), pages 845-858, October.
    9. Mangin, Christophe G. E. & de Neufville, Richard & Field, Frank III & Clark, Joel, 1995. "Defining markets for new materials : Developing a utility methodology with case application," Resources Policy, Elsevier, vol. 21(3), pages 169-178, September.
    10. Kubińska, Elżbieta & Adamczyk-Kowalczuk, Magdalena & Andrzejewski, Mariusz & Rozakis, Stelios, 2022. "Incorporating the status quo effect into the decision making process: The case of municipal companies merger," Socio-Economic Planning Sciences, Elsevier, vol. 84(C).
    11. He, Ying & Huang, Rui-Hua, 2008. "Risk attributes theory: Decision making under risk," European Journal of Operational Research, Elsevier, vol. 186(1), pages 243-260, April.

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