Piecewise Linear Single-Dimensional Value Functions
An advantage of single-dimensional value functions is that they do not have to be linear over the entire range of the evaluation measure; that is, they can account for “returns-to-scale.” As discussed in the previous chapter, evaluation measurement scales can consist of discrete levels or be continuous. To accommodate these two types of measurement scales, there are two common types of single-dimensional value functions–piecewise linear and exponential.5 Figures 3.3a and 3.3b show examples of piecewise linear single-dimensional value functions.
Figure 3.3a. Piecewise linear value function with ...
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