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An Experiment In Multiattribute Utility Theory

Author

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

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.

Suggested Citation

  • Delforce, Robert J. & Hardaker, J. Brian, 1985. "An Experiment In Multiattribute Utility Theory," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 29(3), pages 1-20, December.
    • Handle: RePEc:ags:ajaeau:22330
    DOI: 10.22004/ag.econ.22330
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    References listed on IDEAS

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    1. J. Marcus Fleming, 1957. "Cardinal Welfare and Individualistic Ethics: A Comment," Journal of Political Economy, University of Chicago Press, vol. 65(4), pages 355-355.
    2. repec:ags:agsaem:288652 is not listed on IDEAS
    3. Marcus Fleming, 1952. "A Cardinal Concept of Welfare," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 66(3), pages 366-384.
    4. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, in: Robert Evenson & Prabhu Pingali (ed.), Handbook of Agricultural Economics, edition 1, volume 3, chapter 44, pages 2343-2378, Elsevier.
    5. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63(4), pages 309-309.
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    2. C. D. Pérez-Blanco & E. E. Koks & E. Calliari & J. Mysiak, 2018. "Economic Impacts of Irrigation-Constrained Agriculture in the Lower Po Basin," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 4(01), pages 1-38, January.
    3. 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.
    4. 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.
    5. Catarina Roseta‐Palma & Yiğit Sağlam, 2019. "Downside risk in reservoir management," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 63(2), pages 328-353, April.
    6. Tavana, Madjid & Di Caprio, Debora, 2016. "Modeling synergies in multi-criteria supplier selection and order allocation: An application to commodity tradingAuthor-Name: Sodenkamp, Mariya A," European Journal of Operational Research, Elsevier, vol. 254(3), pages 859-874.

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