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A short form of the Maximization Scale: Factor structure, reliability and validity studies

Author

Listed:
  • Gergana Y. Nenkov
  • Maureen Morrin
  • Andrew Ward
  • Barry Schwartz
  • John Hulland

Abstract

We conducted an analysis of the 13-item Maximization Scale (Schwartz et al., 2002) with the goal of establishing its factor structure, reliability and validity. We also investigated the psychometric properties of several proposed refined versions of the scale. Four sets of analyses are reported. The first analysis confirms the 3-part factor structure of the scale and assesses its reliability. The second analysis identifies those items that do not perform well on the basis of internal, external, and judgmental criteria, and develops three shorter versions of the scale. In the third analysis, the three refined versions of the scale are cross-validated to confirm dimensionality, reliability, and validity. The fourth analysis uses an experiment in an investment decision making context to assess the reliability and nomological validity of the refined scales. These analyses lead us to conclude that a shorter, 6-item Maximization Scale performs best and should be used by future researchers. It is hoped that clarification of the conceptual underpinnings of the maximization construct and development of a refined scale will enhance its use among researchers across several of the social science disciplines.

Suggested Citation

  • Gergana Y. Nenkov & Maureen Morrin & Andrew Ward & Barry Schwartz & John Hulland, 2008. "A short form of the Maximization Scale: Factor structure, reliability and validity studies," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3, pages 371-388, June.
  • Handle: RePEc:jdm:journl:v:3:y:2008:i::p:371-388
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    References listed on IDEAS

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    1. Lee Cronbach, 1951. "Coefficient alpha and the internal structure of tests," Psychometrika, Springer;The Psychometric Society, vol. 16(3), pages 297-334, September.
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    Cited by:

    1. Thiene, Mara & Swait, Joffre & Scarpa, Riccardo, 2017. "Choice set formation for outdoor destinations: The role of motivations and preference discrimination in site selection for the management of public expenditures on protected areas," Journal of Environmental Economics and Management, Elsevier, vol. 81(C), pages 152-173.
    2. Andrew E. Reed & Joseph A. Mikels & Corinna E. Lockenhoff, 2012. "Choosing with confidence: Self-efficacy and preferences for choice," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 7(2), pages 173-180, March.
    3. Ali Besharat & Daniel Ladik & François Carrillat, 2014. "Are maximizers blind to the future? When today’s best does not make for a better tomorrow," Marketing Letters, Springer, vol. 25(1), pages 77-91, March.
    4. repec:eee:joinma:v:30:y:2015:i:c:p:1-19 is not listed on IDEAS
    5. Andersson, Ola & Ingebretsen Carlson, Jim & Wengström, Erik, 2016. "Differences Attract: An Experimental Study of Focusing in Economic Choice," Working Papers 2016:15, Lund University, Department of Economics.
    6. François Carrillat & Daniel Ladik & Renaud Legoux, 2011. "When the decision ball keeps rolling: An investigation of the Sisyphus effect among maximizing consumers," Marketing Letters, Springer, vol. 22(3), pages 283-296, September.
    7. repec:jdm:journl:v:12:y:2017:i:5:p:516-526 is not listed on IDEAS
    8. Nathan N. Cheek & Barry Schwartz, 2016. "On the meaning and measurement of maximization," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 11(2), pages 126-146, March.
    9. repec:eee:anture:v:75:y:2019:i:c:p:186-201 is not listed on IDEAS
    10. Brandon M. Turner & Hye Bin Rim & Nancy E. Betz & Thomas E. Nygren, 2012. "The Maximization Inventory," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 7(1), pages 48-60, January.
    11. repec:jdm:journl:v:13:y:2018:i:1:p:123-136 is not listed on IDEAS
    12. Konstantinos V. Katsikopoulos & Cherng-Horng (Dan) Lan, 2011. "Herbert Simon’s spell on judgment and decision making," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(8), pages 722-732, December.
    13. Andrew M. Parker & Leandro S. Carvalho & Susann Rohwedder, 2013. "Cognitive Ability, Expectations, and Beliefs about the Future: Psychological Influences on Retirement Decisions," Working Papers wp298, University of Michigan, Michigan Retirement Research Center.
    14. Walsh, Gianfranco & Shiu, Edward & Hassan, Louise M., 2014. "Replicating, validating, and reducing the length of the consumer perceived value scale," Journal of Business Research, Elsevier, vol. 67(3), pages 260-267.
    15. Linda Lai, 2011. "Maximizing and customer loyalty: Are maximizers less loyal?," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(4), pages 307-313, June.
    16. Justin M. Weinhardt & Brendan J. Morse & Janna Chimeli, 2012. "An item response theory and factor analytic examination of two prominent maximizing tendency scales," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 7(5), pages 644-658, September.
    17. Walsh, Gianfranco & Northington, William Magnus & Hille, Patrick & Dose, David, 2015. "Service employees' willingness to report complaints scale: Cross-country application and replication," Journal of Business Research, Elsevier, vol. 68(3), pages 500-506.
    18. repec:eee:joinma:v:36:y:2016:i:c:p:46-59 is not listed on IDEAS
    19. Emilio Moyano-Díaz & Agustín Martínez-Molina & Fernando P. Ponce, 2014. "The price of gaining: maximization in decision-making, regret and life satisfaction," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 9(5), pages 500-509, September.
    20. Hye Bin Rim & Brandon M. Turner & Nancy E. Betz & Thomas E. Nygren, 2011. "Studies of the dimensionality, correlates, and meaning of measures of the maximizing tendency," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 6(6), pages 565-579, August.
    21. repec:spr:jhappi:v:19:y:2018:i:1:d:10.1007_s10902-016-9816-z is not listed on IDEAS
    22. Nicole M. Giacopelli & Kaila M. Simpson & Reeshad S. Dalal & Kristen L. Randolph & Samantha J. Holland, 2013. "Maximizing as a predictor of job satisfaction and performance: A tale of three scales," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(4), pages 448-469, July.

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