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Decomposing a Utility Function Based on Discrete Distribution Independence
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DOI：10.1287/deca.2014.0302.png)
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Abstract
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For two-attribute decision-making problems, the multilinear utility model cannot be applied when the risk aversion on one attribute depends on the level of the other attribute. We propose a family of general preference conditions called nth-degree discrete distribution independence that can accommodate a variety of dependence relationships between two attributes. The special case of second-degree discrete distribution independence is equivalent to the utility independence condition. We focus on third-degree discrete distribution independence that leads to a decomposition formula that contains many other preference models as special cases.
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