. Professors need fast cars. I intend to base my purchase on purchase price of t
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. Professors need fast cars. I intend to base my purchase on purchase price of the car, 0 to 60 mph time, and “superhero factor”. I am considering the following three very fast ones: i. Lotus Esprit Turbo, $84000, 4.4 seconds 0-60, and a superhero factor of 8 ii. Jaguar XJR, $76000, 5.0 seconds 0-60, and a superhero factor of 7 iii. Porsche 911 Carrera 4, $80000, 5.5 seconds 0-60, and a superhero factor of 8.5 a. Do any of the decisions dominate? b. Determine the utilities for each attribute (on purchase price of the car, 0 to 60 mph time, and “superhero factor”) c. I love acceleration. If I value the 0-60 time twice as much as purchase price and superhero factor, which car should I choose? . Professors need fast cars. I intend to base my purchase on purchase price of the car, 0 to 60 mph time, and “superhero factor”. I am considering the following three very fast ones: i. Lotus Esprit Turbo, $84000, 4.4 seconds 0-60, and a superhero factor of 8 ii. Jaguar XJR, $76000, 5.0 seconds 0-60, and a superhero factor of 7 iii. Porsche 911 Carrera 4, $80000, 5.5 seconds 0-60, and a superhero factor of 8.5 a. Do any of the decisions dominate? b. Determine the utilities for each attribute (on purchase price of the car, 0 to 60 mph time, and “superhero factor”) c. I love acceleration. If I value the 0-60 time twice as much as purchase price and superhero factor, which car should I choose? . Professors need fast cars. I intend to base my purchase on purchase price of the car, 0 to 60 mph time, and “superhero factor”. I am considering the following three very fast ones: i. Lotus Esprit Turbo, $84000, 4.4 seconds 0-60, and a superhero factor of 8 ii. Jaguar XJR, $76000, 5.0 seconds 0-60, and a superhero factor of 7 iii. Porsche 911 Carrera 4, $80000, 5.5 seconds 0-60, and a superhero factor of 8.5 a. Do any of the decisions dominate? b. Determine the utilities for each attribute (on purchase price of the car, 0 to 60 mph time, and “superhero factor”) c. I love acceleration. If I value the 0-60 time twice as much as purchase price and superhero factor, which car should I choose?Explanation / Answer
a. No. The Lotus Esprit scores in 0-60 speed category, Jaguar XJR is the cheapest to own while Porsche carrera has the highest superhero factor.
b. A choice needs to have lowest price in dollar terms, should have least acceleration time for reaching from 0-60 and should have a higher superhero factor.
Utility values are assigned to each attribute according to the responses from the users. Suppose following utility values are given for each attribute
17
On this criteria, the utility value of different vehicles
Lotus - 17+25+23 = 65
Jaguar - 25+23+19 = 67
Porsche - 21+19+25 = 65
c. If acceleration is to be given double weightage, then the values become
Lotus = 17+50+23 =90
Jaguar =25+46+19 =90
Porsche = 21+38+25 = 84
On this criteria, the first two cars have the same scores i.e. Lotus and Jaguar. There can be a clear winner if the other two factors ( price and SH factor) are given slightly different utility values.
Price in K Utility Value Acceleration Utility value SH factor Utility value 75-76 25 4.4-4.6 25 8.5-8.1 25 77-78 23 4.7-5.0 23 8.0-7.6 23 79-80 21 5.1-5.3 21 7.1-7.5 21 81-82 19 5.4-5.6 19 6.6-7 19 83-84 17 5.7-5.8 17 <6.517
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