Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Coming close to the ideal alternative: The concordant-ranks strategy
Stockholm University, Faculty of Social Sciences, Department of Psychology.
Stockholm University, Faculty of Social Sciences, Department of Psychology.
2011 (English)In: Judgment and decision making, ISSN 1930-2975, E-ISSN 1930-2975, Vol. 6, no 3, 196-210 p.Article in journal (Refereed) 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.

Place, publisher, year, edition, pages
2011. Vol. 6, no 3, 196-210 p.
Keyword [en]
multi-attribute decisions, concordant ranks, strategies, weighted Euclidian distance
National Category
Psychology (excluding Applied Psychology)
Research subject
Psychology
Identifiers
URN: urn:nbn:se:su:diva-57070ISI: 000290025600002OAI: oai:DiVA.org:su-57070DiVA: diva2:414260
Available from: 2011-05-03 Created: 2011-05-02 Last updated: 2017-12-11Bibliographically approved
In thesis
1. Decision Strategies: Something Old, Something New, and Something Borrowed
Open this publication in new window or tab >>Decision Strategies: Something Old, Something New, and Something Borrowed
2011 (English)Doctoral thesis, comprehensive summary (Other academic)
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.

Place, publisher, year, edition, pages
Stockholm: Department of Psychology, Stockholms University, 2011. 80 p.
Keyword
Decision strategies, inference, preference, compensatory, non-compensatory
National Category
Psychology
Research subject
Psychology
Identifiers
urn:nbn:se:su:diva-57174 (URN)978-91-7447-294-3 (ISBN)
Public defence
2011-06-03, David Magnussonsalen (U31), hus 8, Frescati Hagväg 8, Stockholm, 10:00 (English)
Opponent
Supervisors
Note
At the time of the doctoral defense, the following papers were unpublished and had a status as follows: Paper 1: Submitted. Paper 2: Submitted.Available from: 2011-05-12 Created: 2011-05-03 Last updated: 2011-05-09Bibliographically approved

Open Access in DiVA

No full text

Other links

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

Search in DiVA

By author/editor
Kerimi, NedaMontgomery, Henry
By organisation
Department of Psychology
In the same journal
Judgment and decision making
Psychology (excluding Applied Psychology)

Search outside of DiVA

GoogleGoogle Scholar

urn-nbn

Altmetric score

urn-nbn
Total: 56 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf