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Erschienen in: Business & Information Systems Engineering 3/2014

01.06.2014 | Aufsatz

A Self-regulating Information Acquisition Algorithm for Preventing Choice Regret in Multi-perspective Decision Making

verfasst von: Francisco J. Santos-Arteaga, Debora Di Caprio, Prof. Dr. Madjid Tavana

Erschienen in: Business & Information Systems Engineering | Ausgabe 3/2014

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Abstract

In a world filled with an increasing number of choices people must carefully select the information they acquire in order to make sound decisions that they will not regret in the future. This ranges from everyday life decisions to those made by experts in the business world. The authors introduce a novel information acquisition algorithm based on the value that information has when preventing a decision maker from regretting his or her current decision. The main features of the model include the capacity to account for different risk attitudes of the decision maker as well as his or her forward-looking behavior, the ability to assess choice objects (projects or products) defined by multiple characteristics and a self-regulation mechanism for the information acquisition process, even in the absence of information acquisition costs. The main properties of the algorithm are examined numerically.

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Metadaten
Titel
A Self-regulating Information Acquisition Algorithm for Preventing Choice Regret in Multi-perspective Decision Making
verfasst von
Francisco J. Santos-Arteaga
Debora Di Caprio
Prof. Dr. Madjid Tavana
Publikationsdatum
01.06.2014
Verlag
Springer Fachmedien Wiesbaden
Erschienen in
Business & Information Systems Engineering / Ausgabe 3/2014
Print ISSN: 2363-7005
Elektronische ISSN: 1867-0202
DOI
https://doi.org/10.1007/s12599-014-0322-8

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