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Multiplicative Utility Functions
Operations Research, 1974This paper presents sufficient conditions for a multiattribute utility function to be either multiplicative or additive. The number of requisite assumptions to imply the main result is equal to the number of attributes. Because the assumptions involve only trade-offs between two attributes at a time or lotteries over one attribute, it is reasonable to
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North American Actuarial Journal, 1998
This article is a self-contained survey of utility functions and some of their applications. Throughout the paper the theory is illustrated by three examples: exponential utility functions, power utility functions of the first kind (such as quadratic utility functions), and power utility functions of the second kind (such as the logarithmic utility ...
Hans U. Gerber, Gérard Pafum
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This article is a self-contained survey of utility functions and some of their applications. Throughout the paper the theory is illustrated by three examples: exponential utility functions, power utility functions of the first kind (such as quadratic utility functions), and power utility functions of the second kind (such as the logarithmic utility ...
Hans U. Gerber, Gérard Pafum
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Money-Metric Utility Functions
International Economic Review, 1985The paper considers a function \(M_ p(x)\) that specifies the minimum income needed at prices p to obtain a consumption vector preferred to x. This function is called a money metric. Sufficient conditions on the consumption set, on the preference relation, and on the prices are given ensuring that the money metric is a well-defined and continuous ...
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Journal of Risk and Uncertainty, 2000
There are specified all utility functions implied by special conditions on preferences between risky prospects in following theories: von Neumann-Morgenstern expected utility, rank dependent utility, weighted linear utility, and skew-symmetric bilinear utility.
Bell, David E., Fishburn, Peter C.
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There are specified all utility functions implied by special conditions on preferences between risky prospects in following theories: von Neumann-Morgenstern expected utility, rank dependent utility, weighted linear utility, and skew-symmetric bilinear utility.
Bell, David E., Fishburn, Peter C.
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Proceedings of the AAAI Conference on Artificial Intelligence, 2021
Current neural network architectures have no mechanism for explicitly reasoning about item trade-offs. Such trade-offs are important for popular tasks such as recommendation. The main idea of this work is to give neural networks inductive biases that are inspired by economic theories.
Porter Jenkins +5 more
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Current neural network architectures have no mechanism for explicitly reasoning about item trade-offs. Such trade-offs are important for popular tasks such as recommendation. The main idea of this work is to give neural networks inductive biases that are inspired by economic theories.
Porter Jenkins +5 more
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ESTIMATING EXPONENTIAL UTILITY FUNCTIONS
1978The exponential utility function for money has long attracted attention from theorists because it exhibits nonincreasing absolute risk aversion. Also, under certain conditions, it generates an expected utility function that is maximizable in a quadratic program. However, this functional form presents estimation problems.
Buccola, Steven T., French, Ben C.
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