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A Quantitative Approach to Investigating Cognitive Biases in Workplace Decision- Making in Singapore

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  • Ohms, Benjamin

Abstract

This paper presents a detailed methodological approach to a quantitative study investigating heuristics and biases in employee decision-making in Singaporean workplaces. Building upon the research gaps identified in a systematic literature review of Ohms (2025b), which highlighted the limited focus on non-investment contexts and the Singaporean workplace, this study designs a mono-quantitative cross-sectional survey. The methodology further builds upon the research framework and hypotheses outlined in a publication of Ohms (2025a). The study then uses these publications to define participant sampling, research instrument development, and data analysis. Emphasis is placed on critical data validation steps, including detecting and handling univariate and multivariate outliers, assessing data normality for Likert scale responses, and evaluating consistency through reliability testing. Also, the paper details the identification and robust treatment of heteroscedasticity in regression analyses by applying HC3 standard errors. Ethical considerations are also discussed. This study aims to guide researchers undertaking similar behavioural economics and management studies, illustrating a robust approach to ensuring data quality and analytical rigour in complex social science research.

Suggested Citation

  • Ohms, Benjamin, 2025. "A Quantitative Approach to Investigating Cognitive Biases in Workplace Decision- Making in Singapore," SocArXiv 43tg6_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:43tg6_v1
    DOI: 10.31219/osf.io/43tg6_v1
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    References listed on IDEAS

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    1. Herbert A. Simon, 1955. "A Behavioral Model of Rational Choice," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 69(1), pages 99-118.
    2. Ohms, Benjamin, 2025. "A Systematic Literature Review of Cognitive Biases in Workplace Decision-Making," SocArXiv 2kq9b_v1, Center for Open Science.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    4. Nebojsa S. Davcik, 2014. "The use and misuse of structural equation modeling in management research," Journal of Advances in Management Research, Emerald Group Publishing Limited, vol. 11(1), pages 47-81, April.
    5. Yanguang Chen, 2016. "Spatial Autocorrelation Approaches to Testing Residuals from Least Squares Regression," PLOS ONE, Public Library of Science, vol. 11(1), pages 1-19, January.
    6. Mei-Yu LEE, 2014. "The Effect of Nonzero Autocorrelation Coefficients on the Distributions of Durbin-Watson Test Estimator: Three Autoregressive Models," Expert Journal of Economics, Sprint Investify, vol. 2(3), pages 85-99.
    7. Nebojsa S. Davcik, 2014. "The use and misuse of structural equation modeling in management research," Journal of Advances in Management Research, Emerald Group Publishing Limited, vol. 11(1), pages 47-81, April.
    8. Ohms, Benjamin, 2025. "Research Framework and Hypothesis Development: Investigating Cognitive Biases in Singaporean Workplace Decision-Making," SocArXiv vd4x8_v1, Center for Open Science.
    9. Satish Kumar & Nisha Goyal, 2016. "Evidence on rationality and behavioural biases in investment decision making," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 8(4), pages 270-287, November.
    10. Baltagi, Badi H. & Heun Song, Seuck & Cheol Jung, Byoung & Koh, Won, 2007. "Testing for serial correlation, spatial autocorrelation and random effects using panel data," Journal of Econometrics, Elsevier, vol. 140(1), pages 5-51, September.
    11. Sunil Sapra, 2005. ""A regression error specification test (RESET) for generalized linear models"," Economics Bulletin, AccessEcon, vol. 3(1), pages 1-6.
    12. Niklas Karlsson & George Loewenstein & Duane Seppi, 2009. "The ostrich effect: Selective attention to information," Journal of Risk and Uncertainty, Springer, vol. 38(2), pages 95-115, April.
    13. Nebojsa S. Davcik, 2014. "The use and misuse of structural equation modeling in management research," Journal of Advances in Management Research, Emerald Group Publishing Limited, vol. 11(1), pages 47-81, April.
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