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Strategic decision-making under ambiguity : a new problem space and a proposed optimization approach
Arend, Richard J. - In: Business research 13 (2020) 3, pp. 1231-1251
The existence of ambiguity presents a challenge to decision-makers as it eliminates the ability to apply standard …, ambiguity arises in most strategically important decisions in some form because of the genuine limits on the decision … problems as strategic decision-making under ambiguity where choices over resource investments must be made in competitive …
Persistent link: https://www.econbiz.de/10012422373
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Dynamic choice under ambiguity
Siniscalchi, Marciano - In: Theoretical economics : TE ; an open access journal in … 6 (2011) 3, pp. 379-421
This paper analyzes dynamic choice for ambiguity-sensitive decision makers. It demonstrates that unambiguous behavioral … sophisticated MEU preferences are then used to analyze the value of information under ambiguity; a basic trade-off between …
Persistent link: https://www.econbiz.de/10011691151
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Updating preferences with multiple priors
Hanany, Eran; Klibanoff, Peter - In: Theoretical economics : TE ; an open access journal in … 2 (2007) 3, pp. 261-298
We propose and axiomatically characterize dynamically consistent update rules for decision making under ambiguity … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg …
Persistent link: https://www.econbiz.de/10011702323
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When rational decision-making becomes irrational : a critical assessment and re-conceptualization of intuition effectiveness
Julmi, Christian - In: Business research 12 (2019) 1, pp. 291-314
Intuition can lead to more effective decision-making than analysis under certain conditions. This assumption can be regarded as common sense. However, dominant research streams on intuition effectiveness in decision-making conceptualize intuition inadequately, because intuition is considered...
Persistent link: https://www.econbiz.de/10012029308
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Choice by iterative search
Masatlioglu, Yusufcan; Nakajima, Daisuke - In: Theoretical economics : TE ; an open access journal in … 8 (2013) 3, pp. 701-728
When making choices, decision makers often either lack information about alternatives or lack the cognitive capacity to analyze every alternative. To capture these situations, we formulate a framework to study behavioral search by utilizing the idea of consideration sets. Consumers engage in a...
Persistent link: https://www.econbiz.de/10011685228
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Response mode and stochastic choice together explain preference reversals
Collins, Sean M.; James, Duncan - In: Quantitative economics : QE ; journal of the … 6 (2015) 3, pp. 825-856
Informed by Grether and Plott (1979) and Cox and Grether (1996), we implement various preference elicitation procedures over a parameter grid. First, we find a lower incidence of preference reversals for probability equivalents from the dual-to-selling version of Becker, Degroot, and Marschak (1964;...
Persistent link: https://www.econbiz.de/10011757769
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Regret-sensitive treatment decisions
Fujii, Yoichiro; Osaki, Yusuke - In: Health economics review 8 (2018) 14, pp. 1-8
The threshold approach to medical decision-making, in which treatment decisions are made based on whether the probability of sickness exceeds a predetermined threshold, was introduced by (Pauker and Kassirer, N Engl J Med 293:229-234, 1975) and (Pauker and Kassirer, N Engl J Med 302:1109-1116,...
Persistent link: https://www.econbiz.de/10011896508
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Behavioral decision making in normative and descriptive views : a critical review of literature
Chai, Junyi; Weng, Zhiquan; Liu, Wenbin - In: Journal of risk and financial management : JRFM 14 (2021) 10, pp. 1-14
emerging and interdisciplinary field. We pay particular attention to the decision under uncertainty, including ambiguity …
Persistent link: https://www.econbiz.de/10012792414
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A new application for the goal programming : the target decision rule for uncertain problems
Gaspars-Wieloch, Helena - In: Journal of risk and financial management : JRFM 13 (2020) 11/280, pp. 1-14
The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used in many domains and the literature offers diverse extensions of this procedure. On the other hand, so far, some evident analogies between M-DM under certainty and scenario-based...
Persistent link: https://www.econbiz.de/10012388744
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A lab test on the decision not to decide
Schade, Christian D.; Snir, Avichai - In: Business research 13 (2020) 3, pp. 1253-1291
Decisions are often postponed even when future profits are not expected to compensate for the losses. This is especially relevant for financial and entrepreneurial disinvestment choices, as investors often have a disposition to hold on to losing assets for too long. We use an experiment with...
Persistent link: https://www.econbiz.de/10012422376