An interactive decision procedure with multiple attributes under risk

An interactive decision procedure with multiple attributes under risk

0.00 Avg rating0 Votes
Article ID: iaor1995271
Country: Switzerland
Volume: 52
Issue: 1
Start Page Number: 151
End Page Number: 170
Publication Date: Sep 1994
Journal: Annals of Operations Research
Authors: ,
Keywords: artificial intelligence: expert systems
Abstract:

Consider a finite set of alternatives under risk which have multiple attributes. MARPI is an interactive computer-based procedure to find an efficient choice in the sense of linear expected utility. The choice is based on incomplete information about the decision maker’s preferences which is elicited and processed in a sequential way. The information includes qualitative properties of the multivariate utility function such as monotonicity, risk aversion, and separability. Further, in case of an additively separable utility function, bounds on the scaling constants are elicited, and preferences (not necessarily indifferences) between sure amounts and lotteries are asked from the decision maker. The lotteries are Bernoulli lotteries generated by MARPI using special strategies. At every stage of the procedure the efficient set of alternatives is determined with respect to the information elicited so far. The procedure has been fully implemented on a PC. The paper exhibits the basic ideas of MARPI and some details of its implementation.

Reviews

Required fields are marked *. Your email address will not be published.