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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)

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Abstract

This paper investigates the existence of an editing phase and studies the compliance 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 satisfactory 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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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 92.

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

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Find related papers by JEL classification:
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics

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  1. 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.
  2. Smith, Vernon L & Walker, James M, 1993. "Monetary Rewards and Decision Cost in Experimental Economics," Economic Inquiry, Oxford University Press, vol. 31(2), pages 245-61, April.
  3. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. 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: An Interdisciplinary Quarterly, University of Chicago Press, vol. 13(4), pages 520-33, March.
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This page was last updated on 2009-11-25.

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