Multiple Risk Assessment with Random Utility Models in Probabilistic Group Decision Making

Abstract

This paper discusses a probabilistic utility approach to group decision making for risk assessment. Individual decision makers are assumed to be all anonymous and to possess their unknown and diversified preference structures. The probabilistic utility approach based on random utility models is discussed for the risk assessment. The probabilistic group utility models are defined with the probability distributions called the preference probability. The multiple risk assessment for alternative gamble prospects is discussed, which come from the incomplete information structure. The multiple risk evaluation function is constructed via the probabilistic value tradeoffs on multiple attributes under the alternative gamble prospects.