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 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.
Business | Management Sciences and Quantitative Methods
Strategy and Organisation
Journal of the Royal Statistical Society. Series A (General)
Royal Statistical Society
Hull, J.; Moore, P. G.; and THOMAS, Howard.
Utility and its Measurement. (1973). Journal of the Royal Statistical Society. Series A (General). 136, (2), 226-247. Research Collection Lee Kong Chian School Of Business.
Available at: http://ink.library.smu.edu.sg/lkcsb_research/3936