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What happens to information, situational cues, and individual strategies in decision-making? The contribution of latent decisional profiles in realistic decisions

Author

Listed:
  • Davide Crivelli

    (Università Cattolica del Sacro Cuore
    Università Cattolica del Sacro Cuore)

  • Carlotta Acconito

    (Università Cattolica del Sacro Cuore
    Università Cattolica del Sacro Cuore)

  • Michela Balconi

    (Università Cattolica del Sacro Cuore
    Università Cattolica del Sacro Cuore)

Abstract

The role of information-processing strategies in defining individual attitudes toward decision-making has been little investigated and, in general, has almost always been explored via self-reported measures. This study investigates how different strategies for information processing are used to make decisions, via a new task based on realistic decision-making scenarios and observation of actual decisional behavior. Three levels of information processing are considered: (i) low-level information related to decision details; (ii) mid-level information concerning the task and the goals to be accomplished; (iii) high-level information including situational aspects and features of the context. General decision-making style questionnaire was also administered. Hierarchical cluster analysis parsed out three emerging profiles characterized by attention to low-level, mid-level, and high-level pieces of information, which was linked to detail-focused, task-oriented, and situation-aware approaches to gather and process information in supporting decision. Such emerging profiles also proved to differ in terms of primary general decision-making styles, a finding that depose in favor of the robustness of the latent classification. These findings allowed us to delineate a model in which different information-processing strategies provide the basis for identifying different profiles of decision-makers.

Suggested Citation

  • Davide Crivelli & Carlotta Acconito & Michela Balconi, 2024. "What happens to information, situational cues, and individual strategies in decision-making? The contribution of latent decisional profiles in realistic decisions," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 51(1), pages 57-68, March.
    • Handle: RePEc:spr:decisn:v:51:y:2024:i:1:d:10.1007_s40622-024-00374-3
    DOI: 10.1007/s40622-024-00374-3
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    1. Patricia Doyle Corner & Angelo J. Kinicki & Barbara W. Keats, 1994. "Integrating Organizational and Individual Information Processing Perspectives on Choice," Organization Science, INFORMS, vol. 5(3), pages 294-308, August.
    2. Citroen, Charles L., 2011. "The role of information in strategic decision-making," International Journal of Information Management, Elsevier, vol. 31(6), pages 493-501.
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