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Decision support on the basis of utility models with discordance-related preferential information: investigation of risk aversion properties

Abstract A fundamental and widely applied approach to decision-making is the multi-attribute utility theory. Because it aggregates preferences in the compensatory manner, it can be extended with the concept of veto function, which is adopted from the outranking approach, and models full or partial non-compensation of unsatisfactory preferences. This paper discusses the methodological foundations underlying this approach, and introduces the mechanisms of decision support on the basis of utility models with discordance-related information. It then presents the main contribution of the research, in which the forms and properties of veto functions are studied, particularly with respect to risk aversion. Outcomes of risk averse, risk seeking and risk neutral veto functions are analysed and compared. Risk aversion of veto functions is also correlated with risk aversion of utility functions, which are aggregated in the same multi-attribute model and exhibit common complementary preference structures of the decision-maker. The study aims to assess the influence of risk aversion on the decision, to identify possible anomalies in preference structures, to determine the suitability of different risk aversion formats and intensities for various problem settings, and to derive key characteristics. The experimental model considers several evaluation factors, such as validity of results, ability to efficiently discriminate alternatives, richness of output data, extremeness of results and robustness.