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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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SMARTS and SMARTER: Improved Simple Methods for Multiattribute Utility Measurement

SMARTS and SMARTER: Improved Simple Methods for Multiattribute Utility Measurement

Chapter:
(p.409) 30 SMARTS and SMARTER: Improved Simple Methods for Multiattribute Utility Measurement
Source:
A Science of Decision Making
Author(s):

Jie W Weiss

David J Weiss

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195322989.003.0031

This chapter presents two methods of multiattribute utility measurement, each based on an elicitation procedure for weights. Both are derived from the spirit and the techniques of SMART (Simple Multiattribute Rating Technique). SMARTS (SMART using Swings) remedies an intellectual error of SMART by using an invention called swing weights. SMARTER (SMART Exploiting Ranks) uses Barron and Barrett's formally justifiable rank weights to eliminate the most difficult judgmental step in SMARTS. A decision based on these weights, on average, gains 98 to 99% of the utility obtainable by using full elicitation of weights.

Keywords:   multiattribute utility measurement, elicitation procedure, swing weights, rank weights

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