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Coming close to the ideal alternative: The concordant-ranks strategy
Stockholms universitet, Samhällsvetenskapliga fakulteten, Psykologiska institutionen.
Stockholms universitet, Samhällsvetenskapliga fakulteten, Psykologiska institutionen.
2011 (engelsk)Inngår i: Judgment and Decision Making, E-ISSN 1930-2975, Vol. 6, nr 3, s. 196-210Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

We present the Concordant-Ranks (CR) strategy that decision makers use to quickly find an alternative that is proximate to an ideal alternative in a multi-attribute decision space. CR implies that decision makers prefer alternatives that exhibit concordant ranks between attribute values and attribute weights. We show that, in situations where the alternatives are equal in multi-attribute utility (MAU), minimization of the weighted Euclidean distance (WED) to an ideal alternative implies the choice of a CR alternative. In two experiments, participants chose among, as well as evaluated, alternatives that were constructed to be equal in MAU. In Experiment 1, four alternatives were designed in such a way that the choice of each alternative would be consistent with one particular choice strategy, one of which was the CR strategy. In Experiment 2, participants were presented with a CR alternative and a number of arbitrary alternatives. In both experiments, participants tended to choose the CR alternative. The CR alternative was on average evaluated as more attractive than other alternatives. In addition, measures of WED, between given alternatives and the ideal alternative, by and large agreed with the preference order for choices and attractiveness evaluations of the different types of alternatives. These findings indicate that both choices and attractiveness evaluations are guided by proximity of alternatives to an ideal alternative.

sted, utgiver, år, opplag, sider
2011. Vol. 6, nr 3, s. 196-210
Emneord [en]
multi-attribute decisions, concordant ranks, strategies, weighted Euclidian distance
HSV kategori
Forskningsprogram
psykologi
Identifikatorer
URN: urn:nbn:se:su:diva-57070ISI: 000290025600002OAI: oai:DiVA.org:su-57070DiVA, id: diva2:414260
Tilgjengelig fra: 2011-05-03 Laget: 2011-05-02 Sist oppdatert: 2024-07-04bibliografisk kontrollert
Inngår i avhandling
1. Decision Strategies: Something Old, Something New, and Something Borrowed
Åpne denne publikasjonen i ny fane eller vindu >>Decision Strategies: Something Old, Something New, and Something Borrowed
2011 (engelsk)Doktoravhandling, med artikler (Annet vitenskapelig)
Abstract [en]

In this thesis, some old decision strategies are investigated and a new one that furthers our understanding of how decisions are made is introduced. Three studies are presented. In Study I and II, strategies are investigated in terms of inferences and in Study III, strategies are investigated in terms of preferences. Inferences refer to decisions regarding facts, e.g., whether a patient has a heart disease or not. Preferences refer to decision makers’ personal preferences between different choice alternatives, e.g., which flat out of many to choose. In all three studies, both non-compensatory strategies and compensatory strategies were investigated. In compensatory strategies, a high value in one attribute cannot compensate for a low value in another, while in non-compensatory strategies such compensation is possible. Results from Study I showed that both compensatory (logistic regression) and non-compensatory (fast and frugal) strategies make inferences equally well, but logistic regression strategies are more frugal (i.e., use fewer cues) than the fast and frugal strategies. Study II showed that the results were independent of the degree of expertise. The good inferential ability of both non-compensatory and compensatory strategies suggests there might be room for a strategy that can combine the strengths of the two. Study III introduces such a strategy, the Concordant-ranks (CR) strategy. Results from Study III showed that choices and attractiveness evaluations followed this new strategy. This strategy dictates a choice of an alternative with concordant ranks between attribute values and attribute weights when alternatives are about equally attractive. CR also serves as a proxy for finding the alternative with the shortest distance to an ideal. The CR strategy combines the computational simplicity of non-compensatory strategies with the superior information integration ability of compensatory strategies.

sted, utgiver, år, opplag, sider
Stockholm: Department of Psychology, Stockholms University, 2011. s. 80
Emneord
Decision strategies, inference, preference, compensatory, non-compensatory
HSV kategori
Forskningsprogram
psykologi
Identifikatorer
urn:nbn:se:su:diva-57174 (URN)978-91-7447-294-3 (ISBN)
Disputas
2011-06-03, David Magnussonsalen (U31), hus 8, Frescati Hagväg 8, Stockholm, 10:00 (engelsk)
Opponent
Veileder
Merknad
At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Submitted. Paper 2: Submitted.Tilgjengelig fra: 2011-05-12 Laget: 2011-05-03 Sist oppdatert: 2022-02-24bibliografisk kontrollert

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http://econpapers.repec.org/RePEc:jdm:journl:v:6:y:2011:i:3:p:196-210

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Kerimi, NedaMontgomery, Henry

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