Decision modeling and rational choice: AHP and utility theory

Article Abstract:

Some researchers are attempting to suggest other ways to study model decision-making problems and rationality as alternatives to utility theory. One such approach is the Analytic Hierarchy Process (AHP). However, researchers should use caution when evaluating other theories to avoid problems associated with the utility theory. Additionally, AHP has not been as closely scrutinized as utility theory. The best way to develop effective models and enhance the study of decision making is to analyze all modeling approaches.

Organizational behavior, Utility theory, Utility functions

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Observations on expert aggregation

Article Abstract:

Practical problems exist with the direct Bayesian technique of evaluating likelihood factors against expert opinions. It is not feasible to directly examine a joint likelihood distribution for all possible expert densities. The use of axioms is not expected to circumvent the Bayesian outline, but instead to prepare various conditions for the expert likelihood element that will simplify the problem of modeling and lower the assessment conflict for the important case.

Bayesian statistical decision theory, Bayesian analysis, Axioms

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Expert resolution

Article Abstract:

Combining probabilities produced by experts, or the use of expert resolution, involves the use of specific assumptions or axioms and the adoption of various regulation formats. The axiomatic technique used with expert resolution has generated controversy, as represented by the opinions on Morris. Because axioms do not provide universally, the debate over axioms can be expected.

Probabilities, Probability theory, Combinatorial probabilities

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