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Decision-making styles and cognitive biases: Experimental results from a Korean sample

Author

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  • Kim, Bum Seok
  • Kim, Woosub
  • Min, Jae H.

Abstract

This study aims to identify which decision-making style is more prone to judgment errors induced by various heuristics by categorizing subjects into five decision-making styles: rational, intuitive, dependent, avoidant, and spontaneous. Specifically, we measure the frequency of judgment errors using the three heuristics of representativeness, availability, and anchoring and adjustment for each decision-making style by presenting 343 participants with several decision tasks. Logistic regression analysis is employed to discern the distinctive characteristics among the five decision-making styles. The results show that cognitive biases caused by using the heuristics differ based on individuals’ decision-making styles, suggesting that these styles are associated with their respective judgment error types. The experimental results of this study can support individuals in making more rational decisions by helping them understand which cognitive biases are likely to occur based on their specific decision-making style.

Suggested Citation

  • Kim, Bum Seok & Kim, Woosub & Min, Jae H., 2025. "Decision-making styles and cognitive biases: Experimental results from a Korean sample," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 114(C).
    • Handle: RePEc:eee:soceco:v:114:y:2025:i:c:s2214804324001666
    DOI: 10.1016/j.socec.2024.102329
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    References listed on IDEAS

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    1. Jozef Bavoľár & Oľga Orosová, 2015. "Decision-making styles and their associations with decision-making competencies and mental health," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 10(1), pages 115-122, January.
    2. John C. Henderson & Paul C. Nutt, 1980. "The Influence of Decision Style on Decision Making Behavior," Management Science, INFORMS, vol. 26(4), pages 371-386, April.
    3. Nour El Shamy & Khaled Hassanein, 2018. "The Impact of Age and Cognitive Style on E-Commerce Decisions: The Role of Cognitive Bias Susceptibility," Lecture Notes in Information Systems and Organization, in: Fred D. Davis & René Riedl & Jan vom Brocke & Pierre-Majorique Léger & Adriane B. Randolph (ed.), Information Systems and Neuroscience, pages 73-83, Springer.
    4. repec:cup:judgdm:v:10:y:2015:i:1:p:115-122 is not listed on IDEAS
    5. Bavoľár, Jozef & Orosová, Oľga, 2015. "Decision-making styles and their associations with decision-making competencies and mental health," Judgment and Decision Making, Cambridge University Press, vol. 10(1), pages 115-122, January.
    Full references (including those not matched with items on IDEAS)

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