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Explaining choice quality with decision style, cognitive reflection and decision environment

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  • Tommi Pajala

Abstract

Psychological measures of decision making could help researchers better understand and model individual differences in Multiple Criteria Decision Making. However, such measures have so far gained little traction in behavioral operational research. I investigate whether decision style, cognitive reflection, and tendency to maximise, together with the decision environment, can explain choice quality. 159 participants answered the psychological measures and made 26 choices in a setting with six alternatives and six criteria. According to the Bayesian analysis, low cognitive reflection and high need to explore alternatives were related to a higher chance of making errors in choices. This indicates that psychological measures have explanatory power in MCDM, and that the relationship to choice quality is not always in the expected direction.

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  • Tommi Pajala, 2019. "Explaining choice quality with decision style, cognitive reflection and decision environment," Journal of the Operational Research Society, Taylor & Francis Journals, vol. 70(9), pages 1410-1424, September.
    • Handle: RePEc:taf:tjorxx:v:70:y:2019:i:9:p:1410-1424
    DOI: 10.1080/01605682.2018.1495994
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    Cited by:

    1. Yi, Liqi & Li, Tao & Zhang, Ting, 2021. "Optimal investment selection of regional integrated energy system under multiple strategic objectives portfolio," Energy, Elsevier, vol. 218(C).

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