Preferential independence and utility independence

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Reference no: EM13981332

1. Explain what is meant when we speak of interaction between attributes. Why would the additive utility function from Chapter 15 be inappropriate if two attributes interact?

2. What are the advantages and disadvantages of directly assessing a multiattribute utility function?

3. Explain preferential independence in your own words. Can you cite an example from your own experience in which preferential independence holds? Can you cite an example in which it does not hold?

4. Explain in your own words the difference between preferential independence and utility independence.

5. Explain in your own words the difference between utility independence and additive in dependence. Why is it important to understand the concept of additive independence?

Reference no: EM13981332

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