caa a22 4500 475754301 CHVBK 20180406123533.0 cr unu---uuuuu 170329e20000501xx s 000 0 eng 10.1007/s102030050005 doi (NATIONALLICENCE)springer-10.1007/s102030050005 Decision analysis using targets instead of utility functions [Elektronische Daten] [Robert Bordley, Marco LiCalzi] Abstract.: A common precept of decision analysis under uncertainty is the choice of an action which maximizes the expected value of a utility function. Savage's (1954) axioms for subjective expected utility provide a normative foundation for this principle of choice. This paper shows that the same set of axioms implies that one should select an action which maximizes the probability of meeting an uncertain target. This suggests a new perspective and an alternate target-based language for decision analysis. We explore the implications and the advantages of this target-based approach for both individual and group decision-making. Springer-Verlag Italia, 2000 Mathematics Subject Classification (2000): 91B06, 91B10, 90B50 nationallicence Journal of Economic Literature Classification: D81 nationallicence Bordley Robert Knowledge Network, GM Research Development Center¶e-mail: robert.bordley@gm.com, IT aut LiCalzi Marco Department of Applied Mathematics, University "Ca' Foscari” of Venice¶e-mail: licalzi@unive.it, IT aut https://doi.org/10.1007/s102030050005 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s102030050005 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Bordley Robert Knowledge Network, GM Research Development Center¶e-mail: robert.bordley@gm.com, IT aut NATIONALLICENCE 700 1- LiCalzi Marco Department of Applied Mathematics, University "Ca' Foscari” of Venice¶e-mail: licalzi@unive.it, IT aut Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer