Utility Function

Determination of Your Utility Function

This site is a part of the JavaScript E-labs learning objects for decision making. Other JavaScript in this series are categorized under different areas of applications in the MENU section on this page.

Professor Hossein Arsham   


Enter any two monetary values with their known utility. Enter the monetary value your wish to find its utility, click the left mouse button once, then follow the instruction.

In entering your data to move from cell to cell in the data-matrix use the Tab key not arrow or enter keys.

Enter Your Data
Monetary value - I Its utility
Monetary value - II Its utility
Monetary value  

Instruction to Follow:

  1. Consider the following Two choices you are being offered.
  2. Enter either 1 or 2, if you prefer choice 1 or 2, respectively.
    If you are Indifference enter 3.
    Click the Calculate button. Upon your decision, new choices will be offered.
  3. Repeat the above process by entering your selection (either of 1, or 2)
    until you are indifference between the two new choices.
  4. In the case of entering 3 and clicking on the Calculate button, the utility
    value is computed and appears in the utility box.
  5. Click on Clear All button to start a new session.



Choice No. 1 : For Sure: You get $ for doing nothing
     
Choice No. 2 : With Uncertainty: You get $ with probability (p) OR
$ with probability (1-p)

Enter your choice
Utility is




For Technical Details, Back to:
Decision Analysis with Applications


Kindly email your comments to:
Professor Hossein Arsham


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Kindly e-mail me your comments, suggestions, and concerns. Thank you.

Professor Hossein Arsham   


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