Preference conditions for utility models: A risk-value perspective

Preference conditions for utility models: A risk-value perspective

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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: ,
Abstract:

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.

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