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Preferences, Utility, and Stochastic Approximation

Preferences, Utility, and Stochastic Approximation
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Author(s): Yuri P. Pavlov (Bulgarian Academy of Sciences, Institute of Information and Communication Technologies, Bulgaria) and Rumen D. Andreev (Bulgarian Academy of Sciences, Institute of Information and Communication Technologies, Bulgaria)
Copyright: 2019
Pages: 14
Source title: Advanced Methodologies and Technologies in Business Operations and Management
Source Author(s)/Editor(s): Mehdi Khosrow-Pour, D.B.A. (Information Resources Management Association, USA)
DOI: 10.4018/978-1-5225-7362-3.ch055

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Abstract

A complex system with human participation like “human-process” is characterized with active assistance of the human in the determination of its objective and in decision-taking during its development. The construction of a mathematically grounded model of such a system is faced with the problem of shortage of mathematically precise information that presents the human activity. A solution of this problem is to seek expression of different aspects of the complex system through description of the expert's preferences as an element of the system. The presentation of human preferences analytically with utility functions is an approach for their mathematical description. The objective of the chapter is to present an innovative approach to value-driven modeling of management based on preference-oriented decision making. A decision technology that realizes measurement of human's preferences as an analytic utility function is described. The utility theory and stochastic approximation are possible solutions for this problem that results in a value-based approach to modeling of complex systems.

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