Issues in utility modeling and rational decision making

Marc Maes; Michael Havbro Faber Nielsen

Issues in utility modeling and rational decision making

Research output: Contribution to book/anthology/report/conference proceeding › Article in proceeding › Research

Abstract

The present paper investigates several aspects of utility modeling. It considers welldocumented patterns of behavior in the face of uncertainty by individuals, groups, organizations and society. Risk preferences and risk attitudes such as aversion are reviewed. Problems with specific attitudes are identified. The modeling of utility as a preference ranking tool within the decision theoretic framework is considered and generalized.

Original language	English
Title of host publication	Proceedings of 11th IFIP WG
Publication date	2004
Pages	95-104
Publication status	Published - 2004
Externally published	Yes

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Cite this

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title = "Issues in utility modeling and rational decision making",

abstract = "The present paper investigates several aspects of utility modeling. It considers welldocumented patterns of behavior in the face of uncertainty by individuals, groups, organizations and society. Risk preferences and risk attitudes such as aversion are reviewed. Problems with specific attitudes are identified. The modeling of utility as a preference ranking tool within the decision theoretic framework is considered and generalized.",

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