CAREER: Decisions with Multiple and Dependent Objectives

University Of Illinois At Urbana-Champaign, Urbana IL

Investigators

Abstract

The three elements that form the basis of any decision are (1) The alternatives, or what we can do; (2) The information, or what we know; and (3) The preferences, or what we like. A probability distribution captures the information element of the decision and a multiattribute utility function captures the preferences in decisions with multiple objectives (attributes). The construction of a multiattribute utility function is therefore a fundamental step in decision analysis. Unfortunately, it is also a difficult task to perform in practice if we wish to capture the interactions (utility dependence relations) among the different attributes. We might, for example, have a different attitude toward placing some of our wealth at risk if we were healthy and expected to live a long time than if we were ill and expected to die soon. It is therefore important to capture this dependence relation between the two attributes if we wish to provide an accurate representation of our preferences in this decision problem. Otherwise, we may end up making the wrong decision. The objective of this research project is to provide a general framework for constructing multiattribute utility functions that capture the utility dependence relations among the attributes in decisions with multiple objectives. The research will be validated by applying it to a variety of practical applications such as the automobile industry, global warming decisions, as well as medical decision making. The research results will be disseminated through conferences and journal papers. The algorithms will also be made available to the public through a web-based decision support system to help with decision making. In addition, the award will help provide decision training to teens at the Juvenile Detention Center in Champaign County, IL, and will also help train a group of Teens, the Peer Ambassadors group, who will learn decision skills and teach it to teens of their same age at the Juvenile Center.