Abstract
This article reviews multi-attribute utility theory under a measurement theoretic perspective. It describes and classifies decision situations according to three salient aspects of choice: uncertainty, time-variability, and multi-dimensionality. For each choice situation the main mathematical representations, their interrelations and differences are discussed. Measurement theoretic tests are described which separate between multi-attribute utility models in riskless and risky time invariant choice situations. Assessment procedures are outlined to encode utility functions for the representations developed, and experimental applications of multi-attribute utility theory are briefly reviewed.
The authors thank Ralph L. Keeney, David H. Krantz, and Dirk Wendt for helpful comments and suggestions to an earlier draft of this paper.
The research reported here was supported by the Advanced Research Projects Agency of the Department of Defense and was monitored by ONR under Contract No. N00014-67-A-0181-0045.
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© 1975 D. Reidel Publishing Company, Dordrecht, Holland
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Von Winterfeldt, D., Fischer, G.W. (1975). Multi-Attribute Utility Theory: Models and Assessment Procedures. In: Wendt, D., Vlek, C. (eds) Utility, Probability, and Human Decision Making. Theory and Decision Library, vol 11. Springer, Dordrecht. https://doi.org/10.1007/978-94-010-1834-0_3
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DOI: https://doi.org/10.1007/978-94-010-1834-0_3
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