Utility and its Measurement
The different methods which have been suggested for measuring unidimensional and multidimensional utility functions in business and related fields are described and discussed. The factors which should influence the measurement method chosen in a given decision-making situation are explicitly conside...
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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
1973
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/lkcsb_research/3936 https://www.jstor.org/stable/2345110 |
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| Institution: | Singapore Management University |
| Language: | English |
| Summary: | The different methods which have been suggested for measuring unidimensional and multidimensional utility functions in business and related fields are described and discussed. The factors which should influence the measurement method chosen in a given decision-making situation are explicitly considered. The concept of group utility and the procedures which exist for formulating a coherent risk policy for a whole organization are described. Several practical applications of utility theory are given and conclusions reached as to those areas where further research is needed. |
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