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The Creative Destruction of Decision Research

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  • Loewenstein, George

Abstract

The most recent wave of decision research goes beyond the usual critiques of linear probability weighting, exponential discounting, and other specialized assumptions, and challenges some of the most basic assumptions of the decision-making paradigm itself. In response to these challenges, decision researchers have proposed alternative accounts of behavior, some of which bear little resemblance to decision making as it is commonly conceived. I provide an overview of some of the challenges confronting the decision-making paradigm, and I present the broad outline of what I see as an emerging alternative perspective. Copyright 2001 by the University of Chicago.

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  • Loewenstein, George, 2001. "The Creative Destruction of Decision Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 28(3), pages 499-505, December.
    • Handle: RePEc:oup:jconrs:v:28:y:2001:i:3:p:499-505
    DOI: 10.1086/323738
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    Cited by:

    1. Linda Court Salisbury & Fred M. Feinberg, 2010. "Alleviating the Constant Stochastic Variance Assumption in Decision Research: Theory, Measurement, and Experimental Test," Marketing Science, INFORMS, vol. 29(1), pages 1-17, 01-02.
    2. DeLong, Karen L. & Syrengelas, Konstantinos G. & Grebitus, Carola & Nayga, Rodolfo M., 2021. "Visual versus Text Attribute Representation in Choice Experiments," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 94(C).
    3. Shambhavi Tiwari & Morten Moshagen & Benjamin E. Hilbig & Ingo Zettler, 2021. "The Dark Factor of Personality and Risk-Taking," IJERPH, MDPI, vol. 18(16), pages 1-18, August.
    4. Paola Manzini, 2001. "Time preferences: do they matter in bargaining?," Experimental 0106001, University Library of Munich, Germany.
    5. Simonson, Itamar, 2005. "In Defense of Consciousness: The Role of Conscious and Unconscious Inputs in Consumer Choice," Research Papers 1883, Stanford University, Graduate School of Business.
    6. Chioveanu, Ioana, 2008. "Advertising, brand loyalty and pricing," Games and Economic Behavior, Elsevier, vol. 64(1), pages 68-80, September.
    7. Wiktor Adamowicz & David Bunch & Trudy Cameron & Benedict Dellaert & Michael Hanneman & Michael Keane & Jordan Louviere & Robert Meyer & Thomas Steenburgh & Joffre Swait, 2008. "Behavioral frontiers in choice modeling," Marketing Letters, Springer, vol. 19(3), pages 215-228, December.
    8. Crusius, Jan & van Horen, Femke & Mussweiler, Thomas, 2012. "Why process matters: A social cognition perspective on economic behavior," Journal of Economic Psychology, Elsevier, vol. 33(3), pages 677-685.
    9. T.A. Arentze & H.J.P. Timmermans, 2005. "An Analysis of Context and Constraints-dependent Shopping Behaviour Using Qualitative Decision Principles," Urban Studies, Urban Studies Journal Limited, vol. 42(3), pages 435-448, March.
    10. Dellaert, Benedict G.C. & Arentze, Theo A. & Timmermans, Harry J.P., 2008. "Shopping context and consumers’ mental representation of complex shopping trip decision problems," Journal of Retailing, Elsevier, vol. 84(2), pages 219-232.
    11. Ioana Chioveanu, 2005. "Advertising, Brand Loyalty and Pricing," UFAE and IAE Working Papers 639.05, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    12. Butler, John C. & Dyer, James S. & Jia, Jianmin & Tomak, Kerem, 2008. "Enabling e-transactions with multi-attribute preference models," European Journal of Operational Research, Elsevier, vol. 186(2), pages 748-765, April.
    13. Crittenden, Victoria L. & Woodside, Arch G., 2006. "Mapping strategic decision-making in cross-functional contexts," Journal of Business Research, Elsevier, vol. 59(3), pages 360-364, March.
    14. Cui, Xin & Sensoy, Ahmet & Nguyen, Duc Khuong & Yao, Shouyu & Wu, Yiyao, 2022. "Positive information shocks, investor behavior and stock price crash risk," Journal of Economic Behavior & Organization, Elsevier, vol. 197(C), pages 493-518.
    15. Onesun Steve Yoo & Rakesh Sarin, 2018. "Consumer Choice and Market Outcomes Under Ambiguity in Product Quality," Marketing Science, INFORMS, vol. 37(3), pages 445-468, May.
    16. Theo Arentze & Harry Timmermans, 2003. "A Multiagent Model of Negotiation Processes between Multiple Actors in Urban Developments: A Framework for and Results of Numerical Experiments," Environment and Planning B, , vol. 30(3), pages 391-410, June.
    17. Koumakhov, Rouslan, 2009. "Conventions in Herbert Simon's theory of bounded rationality," Journal of Economic Psychology, Elsevier, vol. 30(3), pages 293-306, June.
    18. Yan Li & Neal Ashkanasy & David Ahlstrom, 2014. "The rationality of emotions: A hybrid process model of decision-making under uncertainty," Asia Pacific Journal of Management, Springer, vol. 31(1), pages 293-308, March.
    19. Pourakin Djarius Dieudonné BAMA, 2020. "Portfolio Management on an Emerging Market: Dynamic Strategy or Passive Strategy?," Business and Management Studies, Redfame publishing, vol. 6(2), pages 1526-1526, December.

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