An Empirical Examination of Multiple Objective Risk Attitudes

• Published in: Decision analysis Vol. 12; no. 2; pp. 96 - 103
• Main Authors: Klimack, William K, Kloeber, Jr., Jack M, Bauer, Kenneth W, Oxley, Mark E
• Format: Journal Article
• Language: English
• Published: Linthicum INFORMS 01.06.2015; Institute for Operations Research and the Management Sciences
• Subjects: decision analysis; Decision-making; multiobjective; Probability; Risk aversion; risk aversion/tolerance; Utility functions; value theory/functions

We experimentally examined the relationships between the measurable value and utility functions of a nonmonetary multidimensional decision situation for a number of subjects. We found that value and utility were not equivalent constructs. We tested five families of functions and found the sigmoid fu...