Group Decisions in Value Management

Testing Value vs Waiting Value in Environmental Decisions under Uncertainty

This paper introduces the concept of the Testing Value into the analysis of environmental decisions under uncertainty and irreversibility. This value emerges in situations where the probability of receiving information concerning future economic bene…ts and costs of development depends on the level of development carried out. We show that when information may be acquired also exogenously, the T...

Influencing Decisions of Value in Health: A Response to Recent Commentaries

Information Aggregation and Group Decisions∗

Individuals with identical preferences each receive a signal about the unknown state of the world and separately decide upon a utilitymaximizing recommendation on the basis of that signal. The group’s decision maximizes the common utility function based on perfect pooling of individual information. With no restrictions on the information structure, the individual recommendations place no constr...

Preference Elicitation for Group Decisions

Groups engaged in a mutual activity often need assistance in order to reach a joint decision. However, the group members’ personal preferences are often unknown and need to be collected. Querying for preferences can annoy the users. We suggest employing a voting mechanism that finds a winning item under incomplete settings. We present a practical method for eliciting the preferences, so that wi...

Group Decisions with Multiple Criteria

We consider a decision problem where a group of individuals evaluates multiattribute alternatives. We explore the minimal required agreements that are sufficient to specify the group utility function. A surprising result is that, under some conditions, a bilateral agreement among pairs of individuals on a single attribute is sufficient to derive the multiattribute group utility. The bilateral a...