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Elicitation of Multiattribute Value Functions through High Dimensional Model Representations

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  • Francesca Beccacece
  • Emanuele Borgonovo
  • Greg Buzzard
  • Alessandra Cillo
  • Stanley Zionts

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.

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Bibliographic Info

Paper provided by IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University in its series Working Papers with number 495.

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Date of creation: 2013
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Handle: RePEc:igi:igierp:495

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  1. Beccacece, F. & Borgonovo, E., 2011. "Functional ANOVA, ultramodularity and monotonicity: Applications in multiattribute utility theory," European Journal of Operational Research, Elsevier, vol. 210(2), pages 326-335, April.
  2. James S. Dyer & Peter C. Fishburn & Ralph E. Steuer & Jyrki Wallenius & Stanley Zionts, 1992. "Multiple Criteria Decision Making, Multiattribute Utility Theory: The Next Ten Years," Management Science, INFORMS, vol. 38(5), pages 645-654, May.
  3. Angilella, Silvia & Greco, Salvatore & Lamantia, Fabio & Matarazzo, Benedetto, 2004. "Assessing non-additive utility for multicriteria decision aid," European Journal of Operational Research, Elsevier, vol. 158(3), pages 734-744, November.
  4. Han Bleichrodt & Alessandra Cillo & Enrico Diecidue, 2010. "A Quantitative Measurement of Regret Theory," Management Science, INFORMS, vol. 56(1), pages 161-175, January.
  5. Angilella, Silvia & Greco, Salvatore & Matarazzo, Benedetto, 2010. "Non-additive robust ordinal regression: A multiple criteria decision model based on the Choquet integral," European Journal of Operational Research, Elsevier, vol. 201(1), pages 277-288, February.
  6. Aurélien Baillon & Han Bleichrodt & Alessandra Cillo, 2013. "A Tailor-Made Test of Intransitive Choice," Working Papers 496, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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