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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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Official URL: http://dx.doi.org/10.1287/mnsc.2015.2255

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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
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HD Industries. Land use. Labor
Q Science > QA Mathematics
Divisions: Faculty of Social Sciences > Warwick Business School > Behavioural Science
Faculty of Social Sciences > Warwick Business School
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:
DateEvent
September 2016Published
18 December 2015Available
5 May 2015Accepted
20 March 2014Submitted
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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