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A Note on the Relationships between Utility and Value Functions

Bouyssou, Denis; Vansnick, Jean-Claude (1988), A Note on the Relationships between Utility and Value Functions, in Munier, Bertrand R., Risk, Decision and Rationality, Springer, p. 103-114. 10.1007/978-94-009-4019-2_6

Type
Chapitre d'ouvrage
Date
1988
Book title
Risk, Decision and Rationality
Book author
Munier, Bertrand R.
Publisher
Springer
ISBN
978-94-009-4019-2
Number of pages
707
Pages
103-114
Publication identifier
10.1007/978-94-009-4019-2_6
Metadata
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Author(s)
Bouyssou, Denis cc
Laboratoire d'analyse et modélisation de systèmes pour l'aide à la décision [LAMSADE]
Vansnick, Jean-Claude
Abstract (EN)
In order to dissipate the confusion created by the notion of “measurability”, many authors have argued that, in general, a von Neumann-Morgenstern utility function does not measure preference differences between outcomes since it is only based on simple lottery comparisons. Nevertheless the relationships between a von Neumann-Morgenstern utility function and a function measuring preference differences have rarely been studied from a theoretical point of view. The aim of this paper is to provide a simple necessary and sufficient condition, relating even chance lotteries and preference differences, for the two functions to coincide. The discussion of the acceptability and reasonableness of this easily interpretable condition could shed a new light on this question through avoiding the problem, encountered in most empirical studies, of the dependence of the shape of the functions on the assessment method used.
Subjects / Keywords
Utility Function; Risk Aversion; Risk Attitude; Interval Scale; Preference Difference

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