Nontrivial decision problems typically involve a trade-off among multiple attributes of choice options. One simple way of resolving such trade-offs is to aggregate multiple attributes into one real-valued index, known as weighted or separable utility. Applications of weighted utility can be...

A new model of intertemporal choice — "discounted incremental utility" (DIU) — is presented. DIU coincides with Samuelson's discounted utility (constant/exponential discounting) when utility function is linear. DIU has several advantages over discounted utility (and its generalizations —...

Intertemporal choice is intuitively analogous to choice under risk/uncertainty when outcomes are viewed as consequences received in an uncertain future. "Discounted incremental utility" (DIU) model of intertemporal choice parallels expected utility representation of risk preferences. DIU...

Elicitation methods in decision making under risk allow a researcher to infer the subjective utilities of outcomes as well as the subjective weights of probabilities from the observed preferences of an individual. An optimally efficient elicitation method is proposed, which takes into account...