Sampling For Group Utility

Gregory B. Baecher

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DOI: 10.2190/KRKE-HN4M-GEG3-TTJH

Abstract

A sampling theory approach is developed for estimating group utility functions for inclusion in decision-analytic approaches to public plan evaluation. This approach is based on Bayesian sampling theory and leads to estimates of group utility accounting for sampling and measurement error. The results of the estimation may be directly incorporated in decision analysis. The strength of this approach is that it leads to more rigorously based estimates of interest group utility functions than commonly used surrogates, and can be analytically balanced with other forms of preference information such as market data.

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