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Testing Decision Rules for Multiattribute Decision Making

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Author Info

  • Seidl, C.
  • Traub, S.

    (Tilburg University, Center for Economic Research)

Abstract

This paper investigates the existence of an editing phase and studies the com- pliance of subjects' behaviour with the most popular multiattribute decision rules. We observed that our data comply well with the existence of an editing phase, at least if we allow for a natural error rate of some 25%. We also found a satis- factory performance of certain groups of subjects for the conjunctive rule, for the elimination{by{aspects rule, for the majority rule, and for the maximin rule. Our data suggest, however, rejection of the prominence hypothesis and of the maximax rule. Thus, our experiment sheds light on the existence of an editing phase and on the use of various multiattribute decision rules.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1996-92.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:199692

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Web page: http://center.uvt.nl

Related research

Keywords: Sequential Decision Making; Editing Phase; Prominence Hypothe- sis; Elimination-by-Aspects Hypothesis; Conjunctive Decision Rule; Majority Rule; Multiattribute Decision Making;

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References

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  1. Weber, Martin & Borcherding, Katrin, 1993. "Behavioral influences on weight judgments in multiattribute decision making," European Journal of Operational Research, Elsevier, vol. 67(1), pages 1-12, May.
  2. Ratneshwar, Srinivasan & Shocker, Allan D & Stewart, David W, 1987. " Toward Understanding the Attraction Effect: The Implications of Product Stimulus Meaningfulness and Familiarity," Journal of Consumer Research, University of Chicago Press, vol. 13(4), pages 520-33, March.
  3. Starmer, Chris & Sugden, Robert, 1989. " Probability and Juxtaposition Effects: An Experimental Investigation of the Common Ratio Effect," Journal of Risk and Uncertainty, Springer, vol. 2(2), pages 159-78, June.
  4. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December.
  5. Smith, Vernon L & Walker, James M, 1993. "Monetary Rewards and Decision Cost in Experimental Economics," Economic Inquiry, Western Economic Association International, vol. 31(2), pages 245-61, April.
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