In educational and industrial psychology, utility
theory has been used for determining optimal decision-theoretic
procedures such as optimal test cutting scores
for Pass/Fail and Accept/Reject decisions. Three methods
are described for empirically assessing utility
functions: (1) a method for scaling utility mixtures,
consisting of a true achievement or criterion level
combined with the probability of passing the test or
being accepted, which is applicable for determining
optimal decision procedures; (2) a method for scaling
the utility as a function of the true achievement or criterion
level; and (3) a graphical procedure for choosing
a utility function. These methods are useful for investigating
the utility structure. The three methods are
investigated using 30 students in a hypothetical educational
Pass/Fail situation and appear to yield reliable
information. Moreover, an overview of the students’
utility structures is reported.
Vrijhof, Bastiaan J, Mellenbergh, Gideon J & Van den Brink, Wulfert P. (1983). Assessing and studying utility functions in psychometric decision theory. Applied Psychological Measurement, 7, 341-357. doi:10.1177/014662168300700310
Vrijhof, Bastiaan J.; Mellenbergh, Gideon J.; Van den Brink, Wulfert P..
Assessing and studying utility functions in psychometric decision theory.
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