WEIGHT: Ration of importance among factors in multiple factors or group. For example, in utility determination, the weight a consumer attached to a particular product differs from one person to the next. The Prospect theory by Kahneman-Tversky is a good example:
U = Σwipiv(x)
... where w = weight; p = probability; v = function that assigns value to x, and x = observed value of decision made. For the individual it may be expressed as: u = w(p)v(x); the weight then is:
w = u / (pv(x))
For example, in the context of consumer behavior: will the person buy? This depends on the person's perceived utility (u) from the product; probability of buying the product based on his past behavior in like circumstance and unfilled needs; x = decisions and v = function that gives rise to xi, i.e. perceived value - price > 0. Assume now there are 4 products: A, B, C and D. The consumer has a limited budget and would buy only two out four products.Which product would he buy? If A, B, C, and D are different products and has different utility level, the consumer would have to set priority on selecting which product to buy. He would chose products with highest utility and have the highest weight of importance. Thus, (w1A), (w2B), (w3C) and (w4D) with condition that Σwi = 1 or w1 + w2 + w3 + w4 = 1. where his budget allows 2 products, the two products with the highest weight will be selected---everything else being equal.
http://www.wikihow.com/Calculate-Your-Weighted-GPA
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