Generalized Utility Independence and Some Implications

Fishburn PC & Keeney RL (1975). Generalized Utility Independence and Some Implications. Operations Research 23 (5): 928-940. DOI:10.1287/opre.23.5.928.

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Abstract

This paper introduces the concept of generalized utility independence. Subject to various generalized utility independence assumptions, we derive three functional forms for a multiattribute von Neumann-Morgenstern utility function u. These are the additive, the multiplicative, and the quasi-additive forms, each of which expresses u as a combination of utility functions defined on the separate attributes. It is demonstrated that if u is unbounded from above and below, then given the three forms, either reversal of preferences over some attributes occurs or else the additive form must hold.

Item Type: Article
Research Programs: System and Decision Sciences - Core (SDS)
Depositing User: Romeo Molina
Date Deposited: 29 Nov 2016 13:46
Last Modified: 29 Nov 2016 13:46
URI: http://pure.iiasa.ac.at/14016

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