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.