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A Duality Procedure to Elicit Nonlinear Multiattribute Utility Functions

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  • Francisco J. André

    ()
    (Department of Economics, Universidad Pablo de Olavide)

  • Laura Riesgo

    ()
    (Department of Economics, Universidad Pablo de Olavide)

Abstract

The practical implementation of the Multiattribute Utility Theory is limited, partly for the lack of operative methods to elicit the parameters of the Multiattribute Utility Function, particularly when this function is not linear. As a consequence, most studies are restricted to linear specifications, which are easier to estimate and to interpret. We propose an indirect method to elicit the parameters of a nonlinear utility function to be compatible with the actual behaviour of decision makers, rather than with their answers to direct surveys. The idea rests on approaching the parameter estimation problem as a dual of the decision problem and making the observed decisions to be compatible with a rational decision making process.

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File URL: http://www.upo.es/serv/bib/wps/econ0602.pdf
File Function: First version, 2006
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Bibliographic Info

Paper provided by Universidad Pablo de Olavide, Department of Economics in its series Working Papers with number 06.02.

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Length: 28 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:pab:wpaper:06.02

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Keywords: Multiple-Criteria Analysis; Multi-Attribute Utility Function; Simulation; Agriculture.;

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  1. Stam, Antonie & Duarte Silva, A. Pedro, 2003. "On multiplicative priority rating methods for the AHP," European Journal of Operational Research, Elsevier, vol. 145(1), pages 92-108, February.
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  6. Gomez-Limon, Jose A. & Arriaza, Manuel & Riesgo, Laura, 2003. "An MCDM analysis of agricultural risk aversion," European Journal of Operational Research, Elsevier, vol. 151(3), pages 569-585, December.
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  8. Smith, Donnie & Capstick, Daniel F., 1976. "Establishing Priorities Among Multiple Management Goals," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 8(02), December.
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  10. Solano, C. & Leon, H. & Perez, E. & Herrero, M., 2001. "Characterising objective profiles of Costa Rican dairy farmers," Agricultural Systems, Elsevier, vol. 67(3), pages 153-179, March.
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