ETH Zurich - D-BAUG - IBK (Faber)

The present paper investigates several aspects of utility modeling. It considers
well-documented patterns of behavior in the face of uncertainty by individuals, groups, organizations
and society. Risk preferences and risk attitudes such as aversion are reviewed. Problems
with specific attitudes are identified. The modeling of utility as a preference ranking tool within
the decision theoretic framework is considered and generalized. The role of follow-up consequences,
the importance of the type of decision, and the practical aspects of decision making involving
civil engineering infrastructure are discussed.

Published in/by

Proceedings 11th IFIP WG7.5 Working Conference on Reliability and Optimization of Structural Systems, eds. M.A. Maes and L. Huyse, Banff, Canada, November 2-5, 2003.

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