Risk Matrix Integrating Risk Attitudes Based on Utility Theory
Abstract
Recent studies indicate that absence of the consideration of risk attitudes of decisionmakers in the risk matrix establishment process has become a major limitation. In order to evaluate risk in a more comprehensive manner, an approach to establish risk matrices that integrates risk attitudes based on utility theory is proposed. There are three main steps within this approach: (1) describing risk attitudes of decisionmakers by utility functions,...
Paper Details
Title
Risk Matrix Integrating Risk Attitudes Based on Utility Theory
Published Date
May 11, 2015
Journal
Volume
35
Issue
8
Pages
1437 - 1447
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