A decision model for evaluating job alternatives

This study attempts to build a decision model to evaluate job alternatives for doctoral students. The decision model is based on the Von Neumann-Morgenstern utility function as well as the measurable value function. In the case of uncertainty, the utility function can order only preferences. In the case of certainty, the measurable value function can order both preferences as well as preference differences. The utility function is tested for the presence of the strength of preference concept using the theorem of “Substitution of Equal Exchange”. A methodology has also been proposed to obtain responses to the utility function and then transforming that function to a measurable value function. The importance of the concept of ordering preference differences and incorporating risk measure is revealed by the superiority of the measurable value function over the utility function in terms of predictive validity.