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Malcolm J. Beynon & Malcolm J. Beynon

In: The SAGE Dictionary of Quantitative Management Research

Chapter 59: Multi-Attribute Utility/Value Theory

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Multi-Attribute Utility/Value Theory
Multi-attribute utility/value theory
Malcolm J.Beynon
Introduction

Multi-attribute utility/value theory (MAUT/MAVT)-based approaches evaluate preference values for defined alternatives based on descriptive attribute values selected by a decision maker. The generality of their definition means that they are representative of many associated techniques.

Simple additive weighting (SAW) is one such associated technique, whereby the aggregation of weighted attribute values form the preference values required. Moreover, it clearly demonstrates MAUT/MAVT, whereby if attributes are mutually independent, an additive value function can be used to calculate the overall preference values of the alternatives. The simplicity of SAW makes it very popular to practitioners (Hobbs et al., 1992; Zanakis et al., 1995). In a simulation-based comparison with other techniques, similarity in the results was found; furthermore, suggestions were given on how SAW ...

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