Directed expected utility networks

DOI10.1287/DECA.2017.0347MaRDI QIDQ4692030zbMATH OpenOpenAlexFDO

Authors Manuele Leonelli, Jim Q. Smith

Publication date 24 October 2018

Published in Decision Analysis (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1608.00810

zbMATH Keywords

Bayesian networksexpected utilitygraphical modelsutility diagrams

Mathematics Subject Classification ID

Applications of graph theory (05C90) Utility theory (91B16)

Abstract: A variety of statistical graphical models have been defined to represent the conditional independences underlying a random vector of interest. Similarly, many different graphs embedding various types of preferential independences, as for example conditional utility independence and generalized additive independence, have more recently started to appear. In this paper we define a new graphical model, called a directed expected utility network, whose edges depict both probabilistic and utility conditional independences. These embed a very flexible class of utility models, much larger than those usually conceived in standard influence diagrams. Our graphical representation, and various transformations of the original graph into a tree structure, are then used to guide fast routines for the computation of a decision problem's expected utilities. We show that our routines generalize those usually utilized in standard influence diagrams' evaluations under much more restrictive conditions. We then proceed with the construction of a directed expected utility network to support decision makers in the domain of household food security.

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Cited in

(3)

• Coherent combination of probabilistic outputs for group decision making: an algebraic approach
• CUI networks: a graphical representation for conditional utility independence
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