utility (version 1.4.6)

utility.fun.exp: Exponential function for value or utility functions

Description

Exponential function for value or utility functions.

Usage

utility.fun.exp(attrib, par)

Value

Vector of values or utilities corresponding to the attributes passed by argument a

Arguments

attrib

vector of attribute levels to calculate corresponding value or utility.

par

Vector of parameters:
par[1]: absolute risk aversion
par[2]: minimum of attribute range (default = 0)
par[3]: maximum of attribute range (default = 1)

Author

Peter Reichert <[e-mail]>

Details

The function evaluates the expression
(1-exp(-par[1]*(a-par[2])/(par[3]-par[2])))/(1-exp(-par[1])).

References

Short description of the package:

Reichert, P., Schuwirth, N. and Langhans, S., Constructing, evaluating and visualizing value and utility functions for decision support, Environmental Modelling & Software 46, 283-291, 2013.

Textbooks on the use of utility and value functions in decision analysis:

Keeney, R. L. and Raiffa, H. Decisions with Multiple Objectives - Preferences and Value Tradeoffs. John Wiley & Sons, 1976.

Eisenfuehr, F., Weber, M. and Langer, T., Rational Decision Making, Springer, Berlin, 2010.

See Also

See the node constructors
utility.endnode.intpol1d.create and utility.conversion.intpol.create
in which this function can be used.

Examples

utility.fun.exp(0:10/10,par=c(2,0,1))