Utility and its Measurement

Publication Type

Journal Article

Publication Date

1973

Abstract

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.

Discipline

Business | Management Sciences and Quantitative Methods

Research Areas

Strategy and Organisation

Publication

Journal of the Royal Statistical Society. Series A (General)

Volume

136

Issue

2

First Page

226

Last Page

247

ISSN

0035-9238

Identifier

10.2307/2345110

Publisher

Royal Statistical Society

Additional URL

https://doi.org/10.2307/2345110

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