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EMPIRICAL VALIDATION OF ELICITED UTILITIES FOR PREDICTION AND DECISION MAKING *
Author(s) -
Barron F. Hutton
Publication year - 1980
Publication title -
decision sciences
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.238
H-Index - 108
eISSN - 1540-5915
pISSN - 0011-7315
DOI - 10.1111/j.1540-5915.1980.tb01148.x
Subject(s) - computer science , sample (material) , simple (philosophy) , estimation , management science , operations research , econometrics , mathematics , economics , philosophy , chemistry , management , epistemology , chromatography
The HOPE (Holistic Orthogonal Parameter Estimation) elicitation procedure assesses multiattribute utility functions via sample holistic judgments. Analyses of actual judgmental data are presented that support two simple assertions: (1) HOPE‐derived utilities are valid and (2) the resulting utility functions are useful for decision making.