| Article ID: | iaor1999311 |
| Country: | Netherlands |
| Volume: | 80 |
| Issue: | 1 |
| Start Page Number: | 167 |
| End Page Number: | 182 |
| Publication Date: | Jun 1998 |
| Journal: | Annals of Operations Research |
| Authors: | Dyer James S., Jia Jianmin |
This paper discusses necessary and sufficient preference conditions for utility models based on a risk-value framework. These conditions provide additional insights into traditional utility models regarding decision making by risk-value tradeoffs, and can help decision makers identify specific functional forms of utility measure in practice.