Decision making styles and the use of heuristics in decision making

Campo, Cristina del; Pauser, Sandra; Steiner, Elisabeth; Vetschera, Rudolf

doi:10.1007/s11573-016-0811-y

Cited by 41 publications

(38 citation statements)

References 41 publications

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“…On the one hand, we plan to investigate and incorporate other decision‐making heuristics in our system, adapting them to handle fuzzy linguistic information. Consumer behaviors are hardly fully deterministic . For instance, if a consumer was slightly involved in a certain purchase, a relatively high degree of randomness would possibly model her decision‐making strategy more realistically.…”

Section: Discussionmentioning

confidence: 99%

“…This function selects the brand whose assessment is maximal for the consumer agent. Notice this is a deterministic brand selection function in contrast to other nondeterministic functions that introduce some random brands selection . This deterministic version will help show and understand the benefits of the proposed ABM with 2‐tuple fuzzy linguistic perceptions, as we will see in Section .…”

Section: A Marketing Abm Based On 2‐tuple Fuzzy Linguistic Representamentioning

confidence: 94%

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Modeling agent‐based consumers decision‐making with 2‐tuple fuzzy linguistic perceptions

et al. 2019

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Understanding consumer behaviors and how consumers react to marketing campaigns and viral word-of-mouth processes is crucial for marketers. Classical approaches try to infer this information from a global top-down perspective. However, a more suitable and natural approach is to model consumer behaviors in a heterogeneous and decentralized bottom-up approach. In this case, each virtual consumer has her own mental state and decision-making strategies to simulate her purchase decisions. The system of virtual consumers generates the global sales and a marketer can understand the rules that govern the market. A well-known paradigm to model these systems is agent-based modeling (ABM). In this manuscript we present an ABM where the brand preferences of the consumer agents are modeled using 2-tuple fuzzy linguistic variables. These variables represent the perceptions these consumers have on the different aspects or drivers every product available in the market has (e.g., price or quality). The product selection process of the agents is based on those perceptions and a utility maximization rule. This rule requires a fuzzy aggregation of the fuzzy linguistic perceptions about the products. Our proposal employs an ordered weighted average (OWA) to aggregate them. Our experiments | 297

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Section: Discussionmentioning

confidence: 99%

Section: A Marketing Abm Based On 2‐tuple Fuzzy Linguistic Representamentioning

confidence: 94%

Modeling agent‐based consumers decision‐making with 2‐tuple fuzzy linguistic perceptions

et al. 2019

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“…Since we examined the use of FM only using knowledge problems about geography, it remains unclear whether people (not only university students) will tend to use a strategy like FM outside the laboratory. In Study 3, we focused on possible situations involving consumer choice behaviors (e.g., del Campo, Pauser, Steiner, & Vetschera, ; Hauser, ; Hilbig, ) in which three objects could appear.…”

Section: Study 3: Fm In An Ordinary Context With Ordinary Peoplementioning

confidence: 99%

Familiarity‐Matching: An Ecologically Rational Heuristic for the Relationships‐Comparison Task

et al. 2020

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Previous studies have shown that people often use heuristics in making inferences and that subjective memory experiences, such as recognition or familiarity of objects, can be valid cues for inferences. So far, many researchers have used the binary choice task in which two objects are presented as alternatives (e.g., “Which city has the larger population, city A or city B?”). However, objects can be presented not only as alternatives but also in a question (e.g., “Which country is city X in, country A or country B?”). In such a situation, people can make inferences based on the relationship between the object in the question and each object given as an alternative. In the present study, we call this type of task a “relationships‐comparison task.” We modeled the three inference strategies that people could apply to solve it (familiarity‐matching [FM; a new heuristic we propose in this study], familiarity heuristic [FH], and knowledge‐based inference [KI]) to examine people's inference processes. Through Studies 1, 2, and 3, we found that (a) people tended to rely on heuristics, and that FM (inferences based on similarity in familiarity between objects) well explained participants' inference patterns; (b) FM could work as an ecologically rational strategy for the relationships–comparison task since it could effectively reflect environmental structures, and that the use of FM could be highly replicable and robust; and (c) people could sometimes use a decision strategy like FM, even in their daily lives (consumer behaviors). The nature of the relationships–comparison task and human cognitive processes is discussed.

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“…intelligence) as well as environmental determinants (e.g. uncertainty) increase individuals' reliance on heuristics (Campo et al, 2016). Although heuristics are useful strategies, they could under some circumstances lead to severe errors in decision-making (Bazerman and Moore, 2008).…”

Section: Heuristicsmentioning

confidence: 99%

Do female and male entrepreneurs differ in their proneness to heuristics and biases?

Nouri

Ahmadikafeshani

2019

JEEE

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Purpose Although heuristics and biases seal the fate of entrepreneurial enterprises by directly influencing entrepreneurs’ decisions, previous studies have ignored the role of gender in this regard by considering female and male entrepreneurs homogeneous in their susceptibility to heuristics and biases. Thus, this paper aims to advance the existing body of knowledge on heuristics and biases in the field of entrepreneurship by exploring two heuristics of affect and representativeness as well as three biases of overconfidence, escalation of commitment and illusion of control in female and male entrepreneurs’ entry and opportunity-related decisions. Design/methodology/approach The data were gathered through semi-structured and in-depth interviews with ten male and nine female Iranian techno-entrepreneurs active in advanced medicine and biotechnology. The gathered data were analyzed by thematic and narrative data analysis. Findings According to the results, while both male and female entrepreneurs show certain heuristics and biases, there are some noteworthy distinctions. More precisely, contrary to their male counterparts, the female entrepreneurs neither rely on the representativeness heuristic nor show any signs of the escalation of commitment in their decisions. Practical implications There are some valuable implications emanated from this study which could be of use for not only future researchers but also entrepreneurs, especially the ones founding and running small businesses themselves. Originality/value While there is a strong body of literature on heuristics and biases in the field of entrepreneurship, previous studies have considered female and male entrepreneurs homogeneous in their proneness to heuristics and biases. Thus, the current study enriches the body of knowledge by being the first comparative study of heuristics and biases in female and male entrepreneurs’ decisions.

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Decision making styles and the use of heuristics in decision making

Cited by 41 publications

References 41 publications

Modeling agent‐based consumers decision‐making with 2‐tuple fuzzy linguistic perceptions

Modeling agent‐based consumers decision‐making with 2‐tuple fuzzy linguistic perceptions

Familiarity‐Matching: An Ecologically Rational Heuristic for the Relationships‐Comparison Task

Do female and male entrepreneurs differ in their proneness to heuristics and biases?

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