ASSESS -an Interactive Program for Utility Assessment

ASSESS is an interactive computer program for assessing utility functions. A utility function is a quantitative scale of how an individual values different levels of a payoff, for example, the personal value that you attach to various monetary outcomes. The utility function of an individual may be used to help him/her make decisions among complex alternatives involving risk and multiple objectives. ASSESS can elicit a … [ Read more ]

Disappointment Without Prior Expectation

While profit and loss can be measured easily enough, the emotional responses that determine whether results feel like success or failure are much more complicated. INSEAD’s Associate Professor of Decision Sciences, Philippe Delquié and Alessandra Cillo argue this response is not a factor of prior expectations, as suggested by previous studies. Instead, outcomes are valued relative to all missed outcomes, whether these alternatives were foreseen … [ Read more ]