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Decision-Aid and Expected Utility Theory: A Critical Survey

hal.structure.identifierLaboratoire d'analyse et modélisation de systèmes pour l'aide à la décision [LAMSADE]
dc.contributor.authorBouyssou, Denis
HAL ID: 182535
ORCID: 0000-0003-3487-8498
dc.date.accessioned2020-10-13T10:24:28Z
dc.date.available2020-10-13T10:24:28Z
dc.date.issued1984
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/21106
dc.language.isoenen
dc.subjectUtility Functionen
dc.subjectPreference Relationen
dc.subjectDecision Analysisen
dc.subjectBasic Attitudeen
dc.subjectStochastic Dominanceen
dc.subject.ddc003en
dc.titleDecision-Aid and Expected Utility Theory: A Critical Surveyen
dc.typeChapitre d'ouvrage
dc.description.abstractenExpected utility theory can be viewed in two different ways. First, as a formal mathematical theory providing representation and uniqueness theorems for preference structures. Secondly, as a decision-aid model, seemingly resting on the formal theory and which emerged in the late 50’s : what I will call decision analysis. It is not easy from a historical point of view to understand how a purely formal theory designed to handle mixed strategies in Game Theory gave rise to a decision-aid model. Nevertheless the best-known argument in favour of decision analysis is that it is logically sound and axiomatically based. The aim of this paper is to investigate the links between these two levels, in order to clarify the way the decision-aid model works in practice. After a brief description of the main features of the formal model, I will try to see to what extent the decision-aid model is based on it and how it actually works. In the last section, I will review empirical studies dealing with the decision-aid model.en
dc.identifier.citationpages181-216en
dc.relation.ispartoftitleProgress in Utility and Risk Theoryen
dc.relation.ispartofeditorHagen, Ole
dc.relation.ispartofeditorWenstøp, Fred
dc.relation.ispartofpublnameSpringeren
dc.relation.ispartofdate1984
dc.relation.ispartofpages279en
dc.relation.ispartofurl10.1007/978-94-009-6351-1en
dc.subject.ddclabelRecherche opérationnelleen
dc.relation.ispartofisbn978-94-009-6351-1en
dc.relation.forthcomingnonen
dc.identifier.doi10.1007/978-94-009-6351-1_6en
dc.description.ssrncandidatenonen
dc.description.halcandidatenonen
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.date.updated2020-10-13T10:22:28Z
hal.author.functionaut


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