An User-Friendly Approach to Assess Preferences Under Risk: The Target-Oriented Model

Posted: 25 Feb 2014

See all articles by Robert Bordley

Robert Bordley

University of Michigan at Ann Arbor

Luisa Tibiletti

University of Turin - Department of Management

Mariacristina Uberti

University of Turin

Date Written: February 18, 2014

Abstract

According to the target-oriented decision model (see Castagnoli and Li Calzi,1996 and Bordley and Li Calzi, 2000) the individual agent cardinal utility can be simply elicited by assessing the (random) goal the agent wishes to meet. The use of the target-oriented language to design risk preferences may improve the questionnaire usability.

Keywords: Risk assessment, goal-oriented decision making, utility function assessment

JEL Classification: G02, G11

Suggested Citation

Bordley, Robert and Tibiletti, Luisa and Uberti, Mariacristina, An User-Friendly Approach to Assess Preferences Under Risk: The Target-Oriented Model (February 18, 2014). Available at SSRN: https://ssrn.com/abstract=2400878 or http://dx.doi.org/10.2139/ssrn.2400878

Robert Bordley

University of Michigan at Ann Arbor ( email )

500 S. State Street
Ann Arbor, MI 48109
United States

Luisa Tibiletti (Contact Author)

University of Turin - Department of Management ( email )

C.so Unione Sovietica, 218 bis
Turin, Turin 10100
Italy
39-11-670-6229 (Phone)
39-11-670-6238 (Fax)

HOME PAGE: http://www.management.unito.it/tibiletti

Mariacristina Uberti

University of Turin ( email )

Via Po 53
Torino, Turin - Piedmont 10100
Italy

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