Edwards, W., & Barron, F. H. (1994). SMARTS and SMARTER: improved simple methods for multiattribute utility measurement. Organizationol Behavior and Human Decision Process, 60(3), 306–325.
Added by: Klaus D. Goepel (10 Jun 2019 07:02:49 Asia/Singapore) Last edited by: Klaus D. Goepel (10 Jun 2019 07:03:08 Asia/Singapore)
|Resource type: Journal Article
BibTeX citation key: Edwards1994
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|Categories: Decision Making
Keywords: SMART, SMARTER, SMARTS
Creators: Barron, Edwards
Collection: Organizationol Behavior and Human Decision Process
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This paper presents two approximate methods for multiattribute utility measurement, SMARTS and SMARTER, each based on an elicitation procedure for weights. Both correct an error in SMART, originally proposed by Edwards in 1977, and in addition SMARTER is simpler to use. SMARTS uses linear approximations to single-dimension utility functions, an additive aggregation model, and swing weights. The paper proposes tests for the usability of these approximations. SMARTER, based on a formally justifiable weighting procedure developed by Barron and Barrett, uses the same procedures as SMARTS except that it omits the second of two elicitation steps in swing weights, substituting calculations based on ranks. It can be shown to perform about 98% as well as SMARTS does, without requiring any difficult judgments from elicitees.