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Intrinsic variability in group and individual decision-making
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Melkonyan, Tigran A. and Safra, Zvi (2016) Intrinsic variability in group and individual decision-making. Management Science, 62 (9). pp. 2651-2667. doi:10.1287/mnsc.2015.2255
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WRAP_1272906-wbs-140515-intrinsic_variability.pdf - Accepted Version - Requires a PDF viewer. Download (1068Kb) | Preview |
Official URL: http://dx.doi.org/10.1287/mnsc.2015.2255
Abstract
The paper examines the random preference model, which can explain inherent variability of preferences in managerial and individual decision making and provides axiomatizations for the utility components of two such models differentiated by the structure of core preferences: expected utility (EU) and betweenness-like preferences. We then examine the possibility of violations of weak stochastic transitivity for these models and for a model with core dual EU preferences. Such violations correspond to the existence of Condorcet cycles, and therefore, the analysis has implications for managerial decision making and for majority rule voting. The paper also investigates implications of its findings for two popular experimental settings.
| Item Type: | Journal Article | ||||||||||
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| Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HD Industries. Land use. Labor Q Science > QA Mathematics |
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| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Decision making , Decision making—Mathematical models, Group decision making, Voting--Mathematical models, Stochastic processes | ||||||||||
| Journal or Publication Title: | Management Science | ||||||||||
| Publisher: | Institute for Operations Research and the Management Sciences (I N F O R M S) | ||||||||||
| ISSN: | 0025-1909 | ||||||||||
| Official Date: | September 2016 | ||||||||||
| Dates: |
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| Volume: | 62 | ||||||||||
| Number: | 9 | ||||||||||
| Page Range: | pp. 2651-2667 | ||||||||||
| DOI: | 10.1287/mnsc.2015.2255 | ||||||||||
| Status: | Peer Reviewed | ||||||||||
| Publication Status: | Published | ||||||||||
| Access rights to Published version: | Restricted or Subscription Access |
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