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
      Operations Research

Distribution Statement : APPROVED FOR PUBLIC RELEASE