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Tailoring value elicitation to decision makers' numeracy and fluency: Expressing value judgments in numbers or words

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  • Fasolo, Barbara
  • Bana e Costa, Carlos A.
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    Abstract

    In organizational settings, options evaluation requires managers to express value judgments on multiple criteria. This research investigates the influence of decision makers' numeracy (ability to use appropriate numerical principles) and fluency (ability to express oneself in words) on their subjective experience of value elicitation as supported by two different techniques: direct rating and MACBETH. The former asks for value judgments to be expressed numerically, the latter non-numerically. The results of our experiment indicate that the two techniques are not psychologically equivalent: decision makers with higher numeracy express values more easily when assisted by the numerical technique whereas decision makers with higher fluency find value elicitation easier with the non-numerical technique. These findings highlight the importance of tailoring value elicitation to decision makers' numeracy and fluency. Implications for decision scientists and analysts are discussed.

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    Bibliographic Info

    Article provided by Elsevier in its journal Omega.

    Volume (Year): 44 (2014)
    Issue (Month): C ()
    Pages: 83-90

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    Handle: RePEc:eee:jomega:v:44:y:2014:i:c:p:83-90

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    Related research

    Keywords: Multicriteria; Value elicitation; Direct rating; MACBETH;

    References

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    1. Payne, John W & Bettman, James R & Schkade, David A, 1999. "Measuring Constructed Preferences: Towards a Building Code," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 243-70, December.
    2. Bottomley, Paul A. & Doyle, John R., 2013. "Comparing the validity of numerical judgements elicited by direct rating and point allocation: Insights from objectively verifiable perceptual tasks," European Journal of Operational Research, Elsevier, vol. 228(1), pages 148-157.
    3. Edwards, Ward & Barron, F. Hutton, 1994. "SMARTS and SMARTER: Improved Simple Methods for Multiattribute Utility Measurement," Organizational Behavior and Human Decision Processes, Elsevier, vol. 60(3), pages 306-325, December.
    4. Aloysius, John A. & Davis, Fred D. & Wilson, Darryl D. & Ross Taylor, A. & Kottemann, Jeffrey E., 2006. "User acceptance of multi-criteria decision support systems: The impact of preference elicitation techniques," European Journal of Operational Research, Elsevier, vol. 169(1), pages 273-285, February.
    5. Geldermann, Jutta & Bertsch, Valentin & Treitz, Martin & French, Simon & Papamichail, Konstantinia N. & Hämäläinen, Raimo P., 2009. "Multi-criteria decision support and evaluation of strategies for nuclear remediation management," Omega, Elsevier, vol. 37(1), pages 238-251, February.
    6. Erev, Ido & Cohen, Brent L., 1990. "Verbal versus numerical probabilities: Efficiency, biases, and the preference paradox," Organizational Behavior and Human Decision Processes, Elsevier, vol. 45(1), pages 1-18, February.
    7. Bana e Costa, Carlos A. & Corrêa, Émerson C. & De Corte, Jean-Marie & Vansnick, Jean-Claude, 2002. "Facilitating bid evaluation in public call for tenders: a socio-technical approach," Omega, Elsevier, vol. 30(3), pages 227-242, June.
    8. Stewart, Theodor J. & French, Simon & Rios, Jesus, 2013. "Integrating multicriteria decision analysis and scenario planning—Review and extension," Omega, Elsevier, vol. 41(4), pages 679-688.
    9. Shane Frederick, 2005. "Cognitive Reflection and Decision Making," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 25-42, Fall.
    10. Bana e Costa, Carlos A. & Oliveira, Mónica D., 2012. "A multicriteria decision analysis model for faculty evaluation," Omega, Elsevier, vol. 40(4), pages 424-436.
    11. Barcus, Ana & Montibeller, Gilberto, 2008. "Supporting the allocation of software development work in distributed teams with multi-criteria decision analysis," Omega, Elsevier, vol. 36(3), pages 464-475, June.
    12. Bana E Costa, Carlos A. & Stewart, Theodor J. & Vansnick, Jean-Claude, 1997. "Multicriteria decision analysis: Some thoughts based on the tutorial and discussion sessions of the ESIGMA meetings," European Journal of Operational Research, Elsevier, vol. 99(1), pages 28-37, May.
    13. Bana e Costa, Carlos A. & Oliveira, Carlos S. & Vieira, Victor, 2008. "Prioritization of bridges and tunnels in earthquake risk mitigation using multicriteria decision analysis: Application to Lisbon," Omega, Elsevier, vol. 36(3), pages 442-450, June.
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