Multi-attribute utility theory is discussed from a psychological point of view. The various independence assumptions underlying the riskless additive utility model, the additive expected utility model, the multiplicative expected utility model, and the quasi-additive expected utility model are formulated and illustrated. Empirical studies which shed light on the descriptive validity of these axioms are reviewed and some suggestions are made for future psychological research on multi-attribute utility theory.
How to Cite:
De Soete, G., 1982. Multi-Attribute Utility Theory: A Psychological Perspective. Psychologica Belgica, 22(1), pp.1–10. DOI: http://doi.org/10.5334/pb.684