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State of the Art---Utility Assessment Methods
Farquhar, Peter H. - In: Management Science 30 (1984) 11, pp. 1283-1300
This paper is a comprehensive study of methods for assessing unidimensional expected utility functions. The paper … describes the utility assessment process in decision analysis and then reviews problem formulation, sources of bias in … preference judgments, and the analysis of risk attitudes. Two dozen utility assessment methods of which half appear for the first …
Persistent link: https://www.econbiz.de/10009204102
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Minimizing Makespan with Bimodal Processing Time Distributions
Pinedo, Michael - In: Management Science 27 (1981) 5, pp. 582-586
We consider the problem of scheduling n tasks on two identical parallel processors. Task i has a processing time of one time unit, but might have to undergo processing for a second time unit with probability p<sub>i</sub>, i.e., the processing time distributions of the tasks have mass only on one and on...
Persistent link: https://www.econbiz.de/10009197474
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Estimating Structural Models of Equilibrium and Cognitive Hierarchy Thinking in the Field: The Case of Withheld Movie Critic Reviews
Brown, Alexander L.; Camerer, Colin F.; Lovallo, Dan - In: Management Science 59 (2013) 3, pp. 733-747
Film studios occasionally withhold movies from critics before their release. Because the unreviewed movies tend to be below average in quality, this practice provides a useful setting in which to test models of limited strategic thinking: Do moviegoers seem to realize that no review is a sign of...
Persistent link: https://www.econbiz.de/10010990545
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A Case-Based Model of Probability and Pricing Judgments: Biases in Buying and Selling Uncertainty
Brenner, Lyle A.; Griffin, Dale W.; Koehler, Derek J. - In: Management Science 58 (2012) 1, pp. 159-178
We integrate a case-based model of probability judgment with prospect theory to explore asset pricing under uncertainty. Research within the "heuristics and biases" tradition suggests that probability judgments respond primarily to case-specific evidence and disregard aggregate characteristics...
Persistent link: https://www.econbiz.de/10010990558
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Gender, Competition, and Managerial Decisions
Price, Curtis R. - In: Management Science 58 (2012) 1, pp. 114-122
The purpose of this study is to investigate the <i>use of</i> competitive compensation between a manager and a worker in the laboratory. To this end, we impose a simple agency relationship between two groups of subjects termed managers and workers. The manager chooses a compensation scheme for the...
Persistent link: https://www.econbiz.de/10010990577
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Sequential Sampling with Economics of Selection Procedures
Chick, Stephen E.; Frazier, Peter - In: Management Science 58 (2012) 3, pp. 550-569
Sequential sampling problems arise in stochastic simulation and many other applications. Sampling is used to infer the unknown performance of several alternatives before one alternative is selected as best. This paper presents new economically motivated fully sequential sampling procedures to...
Persistent link: https://www.econbiz.de/10010990579
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On the Efficiency-Fairness Trade-off
Bertsimas, Dimitris; Farias, Vivek F.; Trichakis, Nikolaos - In: Management Science 58 (2012) 12, pp. 2234-2250
This paper deals with a basic issue: How does one approach the problem of designing the "right" objective for a given resource allocation problem? The notion of what is right can be fairly nebulous; we consider two issues that we see as key: efficiency and fairness. We approach the problem of...
Persistent link: https://www.econbiz.de/10010990603
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Imprecise Data Sets as a Source of Ambiguity: A Model and Experimental Evidence
Arad, Ayala; Gayer, Gabrielle - In: Management Science 58 (2012) 1, pp. 188-202
In many circumstances, evaluations are based on empirical data. However, some observations may be imprecise, meaning that it is not entirely clear what occurred in them. We address the question of how beliefs are formed in these situations. The individual in our model is essentially a...
Persistent link: https://www.econbiz.de/10010990623
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Multiattribute One-Switch Utility
Tsetlin, Ilia; Winkler, Robert L. - In: Management Science 58 (2012) 3, pp. 602-605
. Working within the expected utility framework, we extend the one-switch notion to the multiattribute case and identify the … families of multiattribute utility functions that are one-switch. We then show that all multiattribute one-switch utility … functions can be approximated by a sum of two multiattribute exponential utilities (sumex utility). Finally, we discuss how the …
Persistent link: https://www.econbiz.de/10010990630
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Your Money or Your Life: A Prescriptive Model for Health, Safety, and Consumption Decisions
Smith, James E.; Keeney, Ralph L. - In: Management Science 51 (2005) 9, pp. 1309-1325
In this paper we develop a conceptual framework and model for valuing risks to an individual's health and life and to support decision making about investments in health, quality of life, and safety. Our treatment of health risks in the model builds on the popular quality-adjusted-life-year...
Persistent link: https://www.econbiz.de/10009209039