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Analytical Evaluation of Multi-Criteria Heuristics
Daniels, Richard L. - In: Management Science 38 (1992) 4, pp. 501-513
This paper considers the problem of evaluating the solution quality of multi-criteria heuristics. By assuming an additive multi-attribute value structure, efficient and heuristic solutions can be translated into value measures that depend only on the relative importance assigned to the criteria...
Persistent link: https://www.econbiz.de/10009204177
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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
by Peter Wakker, decision analysis.</i> …
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
support decision making about investments in health, quality of life, and safety. Our treatment of health risks in the model … uncertainty in income and health and incorporates the decision maker's ability to adjust consumption over time in response to … losses and improvements or reductions in health or longevity and apply it in two example medical decision problems. …
Persistent link: https://www.econbiz.de/10009209039
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Preferences for Proxy Attributes
Fischer, Gregory W.; Damodaran, Nirmala; Laskey, Kathryn B. - In: Management Science 33 (1987) 2, pp. 198-214
A proxy attribute is an indirect measure of an ultimate decision objective. Keeney and Raiffa (Keeney, R. L., H. Raiffa … alternatives. Each decision maker made two sets of utility assessments: the first regarding outcomes described by the fundamental … expected utility theory. The bias was large, resulting in a substantial loss of expected utility in a simulated policy decision …
Persistent link: https://www.econbiz.de/10009209067