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A Science of Decision MakingThe Legacy of Ward Edwards$
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Jie W. Weiss and David J. Weiss

Print publication date: 2008

Print ISBN-13: 9780195322989

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780195322989.001.0001

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Evaluating Credit Applications: A Validation of Multiattribute Utility Weight Elicitation Techniques

Evaluating Credit Applications: A Validation of Multiattribute Utility Weight Elicitation Techniques

Chapter:
(p.395) 29 Evaluating Credit Applications: A Validation of Multiattribute Utility Weight Elicitation Techniques
Source:
A Science of Decision Making
Author(s):

Jie W Weiss

David J Weiss

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195322989.003.0030

Multiattribute Utility Measurement (MAUM) provides a set of tools and procedures designed to aid the decision maker faced with decision problems of such complexity and ambiguity that unaided, intuitive judgment is likely to lead to the selection of suboptimal alternatives. This chapter provides an empirical comparison of a number of alternative MAUM weight elicitation procedures in a situation that offered a meaningful external criterion along with subjects expert in its use. High quality decisions resulted from weight judgments provided in response to all weight elicitation procedures as long as single dimensions were first individually scaled and then weighted for aggregation. A procedure in which alternatives were rated holistically, and weights and single dimension utility functions derived statistically showed poorer quality decisions. Thus, the “divide and conquer” theme of MAUM was upheld.

Keywords:   multiattribute utility measurement, decision making, divide and conquer, weight elicitation

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