Multiattribute one-switch utility

Published

Journal Article

The one-switch property states that the preference between any two lotteries switches at most once as wealth increases. Working within the expected utility framework, we extend the one-switch notion to the multiattribute case and identify the families of multiattribute utility functions that are one-switch. We then show that all multiattribute one-switch utility functions can be approximated by a sum of two multiattribute exponential utilities (sumex utility). Finally, we discuss how the one-switch property, when appropriate, can simplify the assessment of multiattribute utility. © 2012 INFORMS.

Full Text

Duke Authors

Cited Authors

  • Tsetlin, I; Winkler, RL

Published Date

  • March 1, 2012

Published In

Volume / Issue

  • 58 / 3

Start / End Page

  • 602 - 605

Electronic International Standard Serial Number (EISSN)

  • 1526-5501

International Standard Serial Number (ISSN)

  • 0025-1909

Digital Object Identifier (DOI)

  • 10.1287/mnsc.1100.1299

Citation Source

  • Scopus