Multiattribute One‐Switch Utility

The one‐switch property states that the preference between any two lotteries switches at most once as wealth increases. Working within the expected utility framework, we extend the one‐switch notion to the multiattribute case and identify the families of multiattribute utility functions that are one‐switch. We then show that all multiattribute one‐switch utility functions can be approximated by a sum of two multiattribute exponential utilities (sumex utility). Finally, we discuss how the one‐switch property, when appropriate, can simplify the assessment of multiattribute utility.