Publications

Journal Article

The one-switch property states that the preference between any two lotteries switches at most once as wealth increases.

Working within the expected utility framework, the authors extend the one-switch notion to the multiattribute case and identify the families of multiattribute utility functions that are one-switch.

The authors then show that all multiattribute one-switch utility functions can be approximated by a sum of two multiattribute exponential utilities (sumex utility).

Finally, the authors discuss how the one-switch property, when appropriate, can simplify the assessment of multiattribute utility.