The paper describes the process of model development and applies multiattribute utility theory to the practical problem of optimizing the selection among competing models designed for the same purpose. As an example, two models (Human Interactive and Monte Carlo) are compared which differ on the basis of their existing levels of abstraction, or their degree of remoteness from the real world. The slight superiority of the Monte Carlo Model resulted largely because it had higher utilities for the more important attributes of models such as repeatability of output, degree of error/low variability, and feasibility of use and application.
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