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Question: In many cases a group of people must make a decision that involves multiple objectives. In fact, difficult decisions usually are dealt with by committees composed of individuals who represent different interests. For example, imagine a lumber mill owner and an environmentalist on a committee trying to decide on national forest management policy. It might make sense for the committee to try to assess a multiattribute "group utility function." But assessment of the weights would be a problem because different individuals probably would want to weight the attributes differently. Can you give any advice to a committee working on a problem that might help it to arrive at a decision? How should the discussions be structured? Can sensitivity analysis help in such a situation; if so, how?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92333390

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