A Measure of Decision Flexibility

We propose a decision-analytical approach to comparing the flexibility of decision situations from the perspective of a decisionmaker 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.

• Type: Conference
• Year: 1996
• Where: UAI
• Authors: Ross D. Shachter, Marvin Mandelbaum
• Keywords: Decision-analytical Approach, Flexibility Concepts, Monetary Value Model, UAI 1996, UAI 2008