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National Repository of Grey Literature 1 records found  Search took 0.00 seconds. 
Utility function in the decision-making process
 MARÝŠKA, Patrik
This diploma thesis deals with the process of creating an application with appropriate alghoritms and mechanisms for constructing utility function for money for a given decision maker. Related theoretical topics from the decision theory, utility theory and especially the process of construction of the utility function for money are explained. Application randomly generates questions in given intervals for the decision maker. After the process of the generating question is finished, alghorithm for finding optimal starting values is applied. This alghoritm gradually compares SSE in the calculated interval. Nonlinear regression is used to fit the data gathered in previous steps. The graph of the found utility function is drawn and found parameters of the utility function are displayed together with the corresponding data. The paper goes on to evaluate the functionality of the application by solving model examples (St.Petersburg paradox, Powerball lottery and Cube lottery) for two different decision makers. These decision makers used designed application for constructing their utility functions for money. These two utility functions are utilized for calculating certainty equivalents for both decision makers and the results are compared. Application is implemented in Python and PyQt5.
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