Accession Number : AD0786189
Title : Seven Independence Concepts and Continuous Multiattribute Utility Functions.
Descriptive Note : Technical rept.,
Corporate Author : PENNSYLVANIA STATE UNIV UNIVERSITY PARK COLL OF BUSINESS ADMINISTRATION
Personal Author(s) : Fishburn,Peter C. ; Keeney,Ralph L.
Report Date : SEP 1974
Pagination or Media Count : 54
Abstract : This paper examines seven independence concepts based on a preference relation on the set of simple probability measures defined on a set of multiattribute consequences. Three of the independence relations involve gambles and the other four are based on riskless preferences over the n-tuples in the consequence set. The main theorems state conditions under which one or more of the risky independence relations can be derived from a riskless independence relation in conjunction with other conditions. The other conditions include the assumptions that the consequence set is a convex subset of a finite-dimensional Euclidean space and that the individual's von Neumann-Morgenstern utility function on the consequence set is continuous. (Author)
Descriptors : *Economic models, *Decision making, Mathematical programming, Risk, Convex sets, Theorems
Subject Categories : Economics and Cost Analysis
Distribution Statement : APPROVED FOR PUBLIC RELEASE