
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 ntuples 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 finitedimensional Euclidean space and that the individual's von NeumannMorgenstern 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