A Value Function for Assessing Sustainability: Application to Industrial Buildings
Decision support tools based on multi-attribute analysis involve the use of different types of variables. These variables are aimed at providing a framework that allows preferences to be quantified. This is particularly useful in the field of sustainability, where variables with different units are involved. One widely accepted framework for standardizing different units is the value function. Studies of value function are complex and frequently have limited physical meaning. In this context, this paper emphasizes the need to define a general equation that reflects the preferences of the decision maker in a clear and easily applied way. The paper proposes a new general equation that fulfils these requirements. By modifying certain parameters, this general equation represents the most commonly used relationships (linear, convex, concave and S-shaped). The proposed equation is finally applied to four variables used in the field of industrial buildings and sustainability.
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- Cristian-Ioan Tiu & Thaleia Zariphopoulou, 2000. "On Level Curves of Value Functions in Optimization Models of Expected Utility," Mathematical Finance, Wiley Blackwell, vol. 10(2), pages 323-338.
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