Multiobjective Decision Making - Utility Theoretic Approach

Tamura, H. (1986). Multiobjective Decision Making - Utility Theoretic Approach. IIASA Collaborative Paper. IIASA, Laxenburg, Austria: CP-86-023

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Abstract

One of the difficult problems in decision analysis relates to the situation, when the decision must be undertaken by a committee. There exist several formalizations of decision making process based on the utility function approach. This approach is however very difficult to apply in the group decision case, since the number of coefficients characterizing the utility function is very high and it is practically impossible to directly identify such utility function. Therefore, reduction of dimensionality of the parameter space is necessary.

In this paper a concept of convex dependence between two conflicting decision makers is presented. This concept was effectively used by the author to develop a decomposition principle of the group utility function as well as to formulate the conditions necessary to perform such a decomposition. The concept was successfully applied for a practical example.

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