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Midvalue Method

With the value/utility function approach, there are a number of techniques for assessing a value function (or curve). The midvalue method is one of the most popular techniques for deriving a value curve. The midvalue method involves the following steps (Bodily 1985):

1. Determine the range over which the value curve is to be assessed (e.g., set the lower and upper bounds of the value scale) and assign a value of 0.0 and 1.0 to these endpoints, respectively.
2. Find the midvalue point between these endpoints and assign a value of 0.5 to that point.
3. Find the midvalue points between the minimum form step 1 and the midpoint defined in step 2, and between the midpoint and the maximum value, and assign the values 0.25 and 0.75 to these two points, respectively.
4. Repeat step 3 to find the midvalue points between the outcomes already assessed and to assign subsequent values of 0.125, 0.375, 0.625, 0.875, and so on, to the corresponding midvalue points, until as many points are obtained as needed, the more points, the greater accuracy level of the curve.
5. Draw the value curve through the assessed points and fit an analytical expression into the points.

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