Abstract
This paper discusses necessary and sufficient preference conditions for utility models basedon a risk-value framework. These conditions provide additional insights into traditionalutility models regarding decision making by risk-value tradeoffs, and can help decisionmakers identify specific functional forms of utility measure in practice.
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Dyer, J., Jia, J. Preference conditions for utility models:A risk-value perspective. Annals of Operations Research 80, 167–182 (1998). https://doi.org/10.1023/A:1018959713640
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DOI: https://doi.org/10.1023/A:1018959713640