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Preface

Published online by Cambridge University Press:  28 July 2009

Paul Weirich
Affiliation:
University of Missouri, Columbia
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Summary

The utility of an event depends on various factors. According to tradition, it may be broken down into the event's utility for each of the people it affects, or the utilities of the possible worlds it may yield, or the utilities of the goods and bads it realizes. Each form of utility analysis introduces a dimension along which an event's utility is dispersed. Utility analysis gains power and versatility if traditional methods of analysis are systemized to form one multidimensional method of analysis. My aim is to bring about this unification and thereby advance decision theory, which relies on analyses of an option's utility.

Multidimensional utility analysis both improves and enriches decision theory. It improves decision theory by providing new formulations of important decision principles, such as the principle to maximize expected utility. It also enriches decision theory by adding the power to solve recalcitrant decision problems. In particular, the richer theory handles cases in which an expert makes a decision for a group of people. The multiple dimensions of analysis create a decision space broad enough to accommodate all factors affecting an option's utility.

My theory's cornerstone is a new form of intrinsic utility analysis. It uses basic parcels of utility to which all other utilities are reducible. Other forms of utility analysis use utilities constructed from these basic parcels.

Type
Chapter
Information
Decision Space
Multidimensional Utility Analysis
, pp. xiii - xiv
Publisher: Cambridge University Press
Print publication year: 2001

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  • Preface
  • Paul Weirich, University of Missouri, Columbia
  • Book: Decision Space
  • Online publication: 28 July 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511498602.001
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  • Preface
  • Paul Weirich, University of Missouri, Columbia
  • Book: Decision Space
  • Online publication: 28 July 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511498602.001
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Preface
  • Paul Weirich, University of Missouri, Columbia
  • Book: Decision Space
  • Online publication: 28 July 2009
  • Chapter DOI: https://doi.org/10.1017/CBO9780511498602.001
Available formats
×