This article demonstrates that: (1) When a normally distributed decision variable is combined with an analytic utility function (one with derivatives of all orders and a power series expansion involving those derivatives), the expected utility can be expressed in powers of \mu and \sigma ². (2)...

Food preference and utility measures are functionally related to the frequency and quantity of foods consumed within fixed time periods. The coefficients of these functions can be estimated by psychometric or econometric methods. Total preference or utility can be maximized subject to budgetary...

This paper presents a decision model for a serious medical problem: the diagnosis and treatment of undifferentiated liver disease with jaundice. The model formalizes the use of information before a treatment is chosen, taking account of prior information collected by the doctor from laboratory...

A procedure is presented to evaluate the appropriateness of alternative methodologies for analyzing a specified problem. This procedure is illustrated by identifying desirable characteristics of nuclear power plant site selection methodologies and evaluating the adequacy of methodologies that...

We consider a model of search when the distribution of prices (wages) is unknown. The effect of changing the objective function from minimizing expected cost to maximizing expected utility is examined.

This paper describes a multiple competing technologies market penetration model which incorporates multiple attributes rather than strictly price into the market share allocation function. The model which is linear and deterministic was developed in response to the sponsor's request for a...

University administrators involved in budget planning must trade off variables such as faculty size, faculty salary increments, tuition increases, and investment in new initiatives. TRADES is a computer-based, interactive financial model designed to assist in making trade-offs and finding...

In this paper we present a general model that enables us to better understand the decision of a patient whether or not to participate in a treatment, and, if so, the optimal timing for the treatment, from his point of view. The model takes into account both "objective information" which...

An analysis is made of a preference order dynamic programming procedure proposed in the literature for stochastic assembly line balancing problems. It is shown that in general the procedure does not satisfy the monotonicity condition and that therefore there is no guarantee that the solutions...