A Measure of Decision Flexibility
Ross Shachter, Marvin Mandelbaum
We propose a decision-analytical approach to comparing the flexibility of decision situations from the perspective of a decision-maker who exhibits constant risk-aversion over a monetary value model. Our approach is simple yet seems to be consistent with a variety of flexibility concepts, including robust and adaptive alternatives. We try to compensate within the model for uncertainty that was not anticipated or not modeled. This approach not only allows one to compare the flexibility of plans, but also guides the search for new, more flexible alternatives.
Keywords: Flexibility, risk-aversion, model uncertainty, decision analysis,
PDF Link: /papers/96/p485-shachter.pdf
AUTHOR = "Ross Shachter
and Marvin Mandelbaum",
TITLE = "A Measure of Decision Flexibility",
BOOKTITLE = "Proceedings of the Twelfth Conference Annual Conference on Uncertainty in Artificial Intelligence (UAI-96)",
PUBLISHER = "Morgan Kaufmann",
ADDRESS = "San Francisco, CA",
YEAR = "1996",
PAGES = "485--491"