Practical value models

Publication Type: 
Detlof von Winterfeldt
Ralph L. Keeney
Many complex decision problems require value judgments, and it is often useful to build formal models of these value judgments. Several models and assessment procedures exist for this task ranging from simple rating and weighting techniques to sophisticated multiattribute utility models that incorporate tradeoffs and risk attitudes. In this chapter, we argue that the choice of a value model and assessment procedure depends on the decision context, the purpose of the model, the quality of available value judgments, times, and ...