Multiattribute value elicitation

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Citation (Scopus)

Abstract

Multiattribute Value Theory (MAVT) methods are perhaps the most intuitive mul-ticriteria methods, and have the most theoretically well-understood basis. They are employ a divide-and-conquer modelling strategy in which the value of an op-tion is conceptualised as a function (typically the sum) of the scores associated with the performance of the option on different attributes. This chapter outlines the concept of preferential independence, which has a critical underpinning role of elicitation within the MAVT paradigm. I also present MAVT elicitation in the context of the overall Decision Analysis process, comprising three broad stages: Designing and Planning; Structuring the Model; and Analysing the Model. I out-line some of the main practical methods for arriving at the partial values and weighting them to arrive at an overall value score, including both traditional methods relying on cardinal assessment, and the MACBETH approach which uses qualitative difference judgements. A running example of a house choice problem is used to illustrate the different elicitation approaches.
LanguageEnglish
Title of host publicationElicitation
Subtitle of host publicationThe Science and Art of Structuring Judgement
EditorsLuis C. Dias, Alec Morton, John Quigley
Place of PublicationNew York
PublisherSpringer
Pages287-311
Number of pages25
Volume261
ISBN (Print)9783319650517
DOIs
Publication statusPublished - 18 Dec 2017

Publication series

NameInternational Series in Operations Research & Management Science
PublisherSpringer
Volume261
ISSN (Print)0884-8289

Fingerprint

Value theory
Weighting
Modeling
Paradigm
Decision analysis
Planning

Keywords

  • multiattribute value theory
  • divide and conquer methods
  • preferential independence
  • multi-criteria decision analysis
  • representation theorem

Cite this

Morton, A. (2017). Multiattribute value elicitation. In L. C. Dias, A. Morton, & J. Quigley (Eds.), Elicitation: The Science and Art of Structuring Judgement (Vol. 261, pp. 287-311). (International Series in Operations Research & Management Science; Vol. 261). New York: Springer. https://doi.org/10.1007/978-3-319-65052-4_12
Morton, Alec. / Multiattribute value elicitation. Elicitation: The Science and Art of Structuring Judgement. editor / Luis C. Dias ; Alec Morton ; John Quigley. Vol. 261 New York : Springer, 2017. pp. 287-311 (International Series in Operations Research & Management Science).
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Morton, A 2017, Multiattribute value elicitation. in LC Dias, A Morton & J Quigley (eds), Elicitation: The Science and Art of Structuring Judgement. vol. 261, International Series in Operations Research & Management Science, vol. 261, Springer, New York, pp. 287-311. https://doi.org/10.1007/978-3-319-65052-4_12

Multiattribute value elicitation. / Morton, Alec.

Elicitation: The Science and Art of Structuring Judgement. ed. / Luis C. Dias; Alec Morton; John Quigley. Vol. 261 New York : Springer, 2017. p. 287-311 (International Series in Operations Research & Management Science; Vol. 261).

Research output: Chapter in Book/Report/Conference proceedingChapter

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Morton A. Multiattribute value elicitation. In Dias LC, Morton A, Quigley J, editors, Elicitation: The Science and Art of Structuring Judgement. Vol. 261. New York: Springer. 2017. p. 287-311. (International Series in Operations Research & Management Science). https://doi.org/10.1007/978-3-319-65052-4_12