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What is Utility Theory

Chapter 89
Encyclopedia of Information Science and Technology, Fifth Edition
A normative approach to the issue of how people should rationally choose in conditions of uncertainty.
Published in Chapter:
Renewable Resources and Value-Based Complex Forest Management
Yuri P. Pavlov (Institute of Information and Communication Technologies, Bulgarian Academy of Sciences, Bulgaria)
Copyright: © 2021 |Pages: 14
DOI: 10.4018/978-1-7998-3479-3.ch089
Abstract
In the chapter the question of multifactor value-driven management of renewable resources of complex forest systems is investigated. Timber harvesting closely concerns local population from economic and ecological positions. The production is relevant only as means to achieve human values. Because of this, values are the focus of the decision making and the strategic management needs to clearly defining and structuring the fundamental values. In the paper value-oriented models, based on a multi-attribute utility function, which analytically represents human preferences, are discussed. Such value-based modeling permits mathematical description of complex multifactor processes and optimal control. The mathematical optimal control solutions define a well-founded ecologically, socially, and economically oriented strategy of forest resource management.
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More Results
Chapter 40
Green ICT and Architectural Frameworks
Utility theory is used for calculating satisfaction or desirability value of consumption of various good and services or of allocation of various resources. Utility theory helps find numerical value for preference of one choice over another.
Published in Chapter: Green ICT and Architectural Frameworks; From: Handbook of Research on Green ICT: Technology, Business and Social Perspectives
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Chapter 21
Preferences, Utility, Value-Driven Modeling, and Decision Support
A normative approach to the issue of how people should rationally choose in conditions of uncertainty.
Published in Chapter: Preferences, Utility, Value-Driven Modeling, and Decision Support; From: Encyclopedia of Organizational Knowledge, Administration, and Technology
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Chapter 31
A Utility Theory of Privacy and Information Sharing
Is concerned with people’s choices and decisions based on preferences and values.
Published in Chapter: A Utility Theory of Privacy and Information Sharing; From: Encyclopedia of Information Science and Technology, Fifth Edition
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Chapter 10
Decision Making in IoT Systems Based on Guided Self-Organization and Autonomic Computing in the Context of the I4.0 Era
Allows to analyze the possibilities that a system has to carry out a process and to know the level of benefit or prejudice that said change will bring with it when taking one or another action.
Published in Chapter: Decision Making in IoT Systems Based on Guided Self-Organization and Autonomic Computing in the Context of the I4.0 Era; From: Decision Support Systems and Industrial IoT in Smart Grid, Factories, and Cities
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Chapter 234
Value Based Decision Control for Complex Systems
A normative approach to the matter of how people should rationally make choice under uncertainty.
Published in Chapter: Value Based Decision Control for Complex Systems; From: Encyclopedia of Business Analytics and Optimization
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