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Case-Based Decision Theory: An Experimental Report

In: Operations Research Proceedings 2007

Author

Listed:
  • Wolfgang Ossadnik

    (University of Osnabrück)

  • Dirk Wilmsmann

    (University of Osnabrück)

Abstract

Theoretical models as Expected Utility Theory (EUT) start from the premise that decision making individuals follow subjective rules which they found e. g. on their personal probability judgements. Thus, EUT requires that the decision maker has a complete knowledge of all relevant states of the world and consequences of possible actions. Often, there is a lack of information basis to attribute probabilities to states of the world and to evaluate the utility of potentially occurring consequences. In such cases, alternative decision theories to EUT are to be applied for a reality adequate explanation of decision-making processes. Such a theory, being presented in the following, is Case-Based Decision Theory (CBDT), which will be analysed experimentally with respect to its empirical validity. The results shall substantiate the validity of the premises and the methods of the CBDT in the context of a repeated-choice problem.

Suggested Citation

  • Wolfgang Ossadnik & Dirk Wilmsmann, 2008. "Case-Based Decision Theory: An Experimental Report," Operations Research Proceedings, in: Jörg Kalcsics & Stefan Nickel (ed.), Operations Research Proceedings 2007, pages 323-328, Springer.
    • Handle: RePEc:spr:oprchp:978-3-540-77903-2_50
    DOI: 10.1007/978-3-540-77903-2_50
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