Local and regional coherence utility assessment procedures |
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Authors: | M R Novick D F Dekeyrel and D T Chuang |
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Affiliation: | (1) The University of Iowa, Iowa, USA |
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Abstract: | Summary Novick and Lindley (1978, 1979) have dealt with the use of utility functions for applications in education and have advocated
the use of the standard gamble (von Neumann and Morgenstern, 1953) elicitation procedure with the addition of coherence checking
using overspecification and a least squares fit. In this procedure utilities are inferred from probability judgements offered
by the assessor. This paper describes local and regional coherence procedures which seek utility coherence in successive restricted
domains of the parameter space as preludes to overall coherence checking. These procedures and some others are viewed as possible
ways of avoiding anchoring and certainty effect biases found in earlier fixed probability methods, and presumably present
in current fixed state procedures. |
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Keywords: | Utility Assessment Coherence |
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