Robert F. Bordley

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This paper develops an approach based on performance targets to assess a preference function for a multiobjective decision under uncertainty. This approach yields preference functions that are strategically equivalent to conventional multiattribute utility functions, but the target-oriented approach is more natural for some classes of decisions. In some(More)
A common precept of decision analysis under uncertainty is the choice of an action which maximizes the expected value of a utility function. Savage’s (1954) axioms for subjective expected utility provide a normative foundation for this principle of choice. This paper shows that the same set of axioms implies that one should select an action which maximizes(More)
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This paper focuses on updating a client’s beliefs about an event based on information about the different probabilities which various experts assess for that event. A substantial literature solves this problem when all experts assess their probabilities over the same partitioning of the possible outcomes of an event. But different experts often think about(More)
Utilities and probabilities in decision theory are usually assessed by asking individuals to indicate their preferences between various uncertain choices. In this paper, we argue that (1) The utility of a consequence can be assessed as the membership function of the consequence in the fuzzy set ‘satisfactory’. (2) The probability of an event, instead of(More)
Many companies set performance targets for their divisions to decentralize the decisionmaking process and communicate with outside investors. This paper analyzes the effects of performance targets on the decision-making behavior of the divisions. We introduce the notion of an ‘effective utility function’}a function that a division should use in its(More)
To be consistent with the Hippocratic Oath, this article proposes that a physician choose that treatment that has the greatest chance of giving the patient an outcome no worse than the uncertain outcome an untreated patient would experience. As this article shows, this specifies the utility function that the physician should use in choosing among(More)