Assessment of Preferences by Conditions on Pricing-Out Amounts

A value function for consequences described by a monetary attribute and one or more other attributes can be determined by assessing pricing-out amounts between the monetary attribute and each of the other attributes. This willingness-to-pay procedure is restricted to decision problems in which the pricing-out amounts are independent of the decision maker's monetary position. This paper extends the procedure to decision problems in which the pricing-out amounts do depend on monetary position. It then presents new procedures by which conditions on this dependence can be used in place of multiattribute risk conditions to determine a utility function.