Abstract
We present a dynamic program for determining the set of all possibly optimal strategies for a decision analysis problem with imprecisely known utility function, where imprecision is described by set inclusion. This procedure is based on the assumption that the utility function is affine in an unknown parameter, which for example might be the vector of utility values itself or the vector of importance weights. A simple multiattribute example is presented to illustrate the theory and the computational procedure.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Bertsekas, D.P. (1976), Dynamic Programming and Stochastic Control Academic Press, N.Y.
Cyert, R.M., and DeGroot, M.H. (1975), “Adaptive Utility,” 223–246 in Adaptive Economics R.H. Day (Ed.), Academic Press, N.Y.
Fishburn, P.C. (1965), “Independence in Utility Theory with Whole Product Sets,” Operations Research 13, 28–45.
Sarin, R.K. (1977a), “Screening of Multiattribute Alternatives,” Omega 13, 481–489.
Sarin, R.K. (1977b), “Interactive Evaluation and Bound Procedure for Selecting Multi-attributed Alternatives,” in TIMS Studies in the Management Sciences 6, 211–224.
Smallwood, R.D., and Sondik, E.J. (1973), “The Optimal Control of Partially Observable Markov Processes Over a Finite Horizon,” Operations Research 21, 1300–1322.
White, C.C., Dozono, S., and Scherer, W.T. (1982), “An Interactive Procedure for Aiding Multiattribute Alternative Selection,” submitted for publication.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1983 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
White, C.C., El Deib, H.K. (1983). Multi-Stage Decisionmaking with Imprecise Utilities. In: Hansen, P. (eds) Essays and Surveys on Multiple Criteria Decision Making. Lecture Notes in Economics and Mathematical Systems, vol 209. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-46473-7_39
Download citation
DOI: https://doi.org/10.1007/978-3-642-46473-7_39
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-11991-3
Online ISBN: 978-3-642-46473-7
eBook Packages: Springer Book Archive