This paper examines changes in the optimal proportions of investment capital placed in a safe asset and in a risky asset by an expected utility maximizing risk averse investor. If the return for the safe asset increases and the risky asset distribution remains fixed, the optimal proportion...

Traditional definitions of stochastic dominance assume that the decision agent's preference-or-indifference relation on outcomes of risky decisions is transitive. This paper proposes a stochastic dominance relation for the comparison of risky decisions that is applicable to any complete and...

This paper is an update of a paper that five of us published in 1992. The areas of multiple criteria decision making (MCDM) and multiattribute utility theory (MAUT) continue to be active areas of management science research and application. This paper extends the history of these areas and...

Dispersive equity is concerned with the impact of life-threatening risks from alternative policy decisions on homogeneous groups in a population. It is not addressed to the disutility of various numbers of fatalities that might occur, but rather to how fatalities are distributed over the groups....

Under the assumption that voters have linear preference orders, this study investigates the propensity of simple weighted scoring rules to yield a winning alternative which is the same as the alternative (if any) which would win using a norm rule such as the simple-majority rule or the Borda...

Independence axioms similar to those proposed for multiattribute von Neumann--Morgenstern linear utility theory are examined in the context of new nonlinear utility theories developed by Chew and MacCrimmon, and Fishburn. These new theories weaken the independence axiom of von Neumann and...

Proceeding from a unifying framework, this paper reviews recent developments in lexicographic orders, preferences, utilities, probabilities and decision rules. Several new results are included.

This paper is the second of a two-paper study of fairness issues for decisions that affect the benefits received and the risks encountered by a population. The study examines fairness for individuals and for homogeneous groups within the population. It considers fairness both for population...

The first major experimental comparison of approval voting with regular plurality voting occurred in the 1985 annual election of The Institute of Management Sciences (TIMS). In approval voting a person votes for (approves of) as many candidates as desired, the winner being the candidate with the...

Utility theory is interested in people's preferences or values and with assumptions about a person's preferences that enable them to be represented in numerically useful ways. The first two sections of this paper say more about what utility is, why people are interested in it, and how it is...