ADMS 3300 Lecture Notes - Lecture 11: Cardinal Utility, Ordinal Utility, Regional Policy Of The European Union

• School: York University
• Department: Administrative Studies
• Course: ADMS 3300
• Professor: Shamim Abdullah

Document Summary

Chapter 16: conflicting objectives fundamental objectives and the additive utility function. Criteria for fundamental objectives and their attributes. Assessing (quantifying) utility functions, i. e. , scores, and weights. Review: utility function as a preference model in decision making is to capture risk attitudes. Additive preference model: calculate a utility score for each objective, weigh them according to the relative importance of the various objectives, add product of weight and score. A major must decide whether to approve a major new electric power generation station. The city needs more power capacity, but the new plant would wo(cid:396)se(cid:374) the (cid:272)it(cid:455)(cid:859)s ai(cid:396) (cid:395)ualit(cid:455). The economy of the city and the state. Two types of objectives: fundamental objectives the essential reasons in a decision, means objectives how to accomplish fundamental objectives. Fundamental-objectives hierarchy: a way to organize fundamental objectives and means objectives into hierarchy to show their relationship, in which the lower levels of the hierarchy explain what is meant by the higher (more general) levels.