(u, 1) Utility function in multiple criteria decision models

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F07%3A22932" target="_blank" >RIV/60460709:41110/07:22932 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

(u, 1) Utility function in multiple criteria decision models

Original language description

Decision theory and decision models enable the decision-maker to make rational decisions under the more or less known future situation. In practice, the best decision alternative is often chosen under more decision criteria, too. So the decision problemwith m alternatives, n states of nature and k criteria can be defined. In this paper an analysis of decision alternatives using the special form of utility function - (u, 1) utility function - in the multiple criteria case is described. An example of this function and its application is demonstrated and discussed herein. The advantage of utility function lies within the possibility of the best analysis of positive or negative payoff values, which is impossible using the von Neumann utility. When utilityvalues are aggregated using a weighted sum of values, risk profiles of all alternatives can be analysed more realistically because the aggregated utility value can be decreased by the negative utility values.

Czech name

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Czech description

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Type

J_x - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

CEP classification

BB - Applied statistics, operational research

OECD FORD branch

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Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2007

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Scientia Agriculturae Bohemica

ISSN

1211-3174

e-ISSN

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Volume of the periodical

38

Issue of the periodical within the volume

2

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

6

Pages from-to

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UT code for WoS article

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EID of the result in the Scopus database

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