Book contents
- Frontmatter
- Contents
- List of Figures
- Preface
- 1 Objective and Methods
- 2 Intrinsic Utility Analysis
- 3 Expected Utility Analysis
- 4 Expected Utility's Promotion
- 5 Two-Dimensional Utility Analysis
- 6 Group Utility Analysis
- 7 Application to Trustee Decisions
- 8 Power and Versatility
- Appendix: Consistency of Calculations of Utilities
- References
- Index
7 - Application to Trustee Decisions
Published online by Cambridge University Press: 28 July 2009
- Frontmatter
- Contents
- List of Figures
- Preface
- 1 Objective and Methods
- 2 Intrinsic Utility Analysis
- 3 Expected Utility Analysis
- 4 Expected Utility's Promotion
- 5 Two-Dimensional Utility Analysis
- 6 Group Utility Analysis
- 7 Application to Trustee Decisions
- 8 Power and Versatility
- Appendix: Consistency of Calculations of Utilities
- References
- Index
Summary
This chapter does not introduce a new dimension of utility analysis but applies the principles of utility analysis formulated in the preceding chapters to some problems that arise in the course of making decisions for others. Solving these problems demonstrates those principles' power, which arises from their combination. Expected utility analysis by itself is not a sufficient means of making decisions for others. Such decisions also require analysis with respect to goals and people. They require multidimensional utility analysis. Success with them vindicates the contextualist method grounding multidimensional utility analysis. It shows that contextualist decision theory is more versatile as well as more explanatory than operationist rivals.
DECISIONS FOR OTHERS
I do not treat all decisions made for others. To introduce my topic, I classify decisions made for others and identify the category I treat. I call those for whom decisions are made clients and distinguish decisions according to the decision maker's objective.
Parents make decisions for their children. They arrange bedtimes, menus, schools, and activities. In making these decisions they often override the beliefs and goals of their children. For example, a parent may send her child to a school that can cultivate his musical talents although the child's main goal is to attend the school his friends attend. Or a parent may insist on her child's taking an afternoon nap, although he does not believe he needs it.
- Type
- Chapter
- Information
- Decision SpaceMultidimensional Utility Analysis, pp. 216 - 240Publisher: Cambridge University PressPrint publication year: 2001