A note on quantifying the uncertainty corresponding to the utilities

Norberto Corral Blanco · Marı́a Ángeles Gil

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Decision-Making and Behavioral Economics Multi-Criteria Decision Making Probability and Statistical Research

Abstract

In a previous paper we have studied the relevant analogies between the variance, applied to a compound scheme of probability and utility, and the measure which we had defined to evaluate the unquietness for such a compound scheme. The purpose of the present note is to display the advantage exhibited by the second measure, with respect to the first one, in quantifying the uncertainty corresponding to the utilities. This advantage consists of the larger ability to distinguish among the different compound schemes, and results from the assymetry (more precisely, from the strict monotony) in the function intervening in the second measure

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