Conclusion and Implications

2015 ◽  
Author(s):  
Han Smit ◽  
Thras Moraitis
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Future Research ◽  
Growth Options ◽  
Decision Framework ◽  
Uncertain Environments ◽  
Career Plan ◽  
Common Problems ◽  
Acquisition Strategy ◽  
Competitive Games

This chapter reviews the strategic framework that integrates options and competitive games to de-bias decision making, and recaps the main conclusions and strategy implications. It provides empirical evidence that acquisitions are driven by growth options and behavioral economics, discusses examples of option game applications beyond acquisitions, and lists promising directions for future research. Most important, it provides a decision framework for directly integrating finance and acquisition strategy in uncertain environments. The authors hope that this book helps readers apply an options perspective to significant nonfinancial decisions, including such vital life decisions such as the design of one's education strategy or career plan, or more common problems such how to plan holiday journeys. They believe valuable lessons can be learned as the reader applies the insights in this book to a broader set of uncertainty problems, although they are impossible to quantify.

scholarly journals Unconscious influences on decision making: A critical review

2014 ◽  
Vol 37 (1) ◽  
pp. 1-19 ◽  
Author(s):  
Ben R. Newell ◽  
David R. Shanks
Keyword(s):  
Decision Making ◽  
Social Behavior ◽  
Behavioral Economics ◽  
Cognitive Neuroscience ◽  
Critical Review ◽  
Explanatory Power ◽  
Future Research ◽  
Wide Range ◽  
Cognitive Unconscious

AbstractTo what extent do we know our own minds when making decisions? Variants of this question have preoccupied researchers in a wide range of domains, from mainstream experimental psychology (cognition, perception, social behavior) to cognitive neuroscience and behavioral economics. A pervasive view places a heavy explanatory burden on an intelligent cognitive unconscious, with many theories assigning causally effective roles to unconscious influences. This article presents a novel framework for evaluating these claims and reviews evidence from three major bodies of research in which unconscious factors have been studied: multiple-cue judgment, deliberation without attention, and decisions under uncertainty. Studies of priming (subliminal and primes-to-behavior) and the role of awareness in movement and perception (e.g., timing of willed actions, blindsight) are also given brief consideration. The review highlights that inadequate procedures for assessing awareness, failures to consider artifactual explanations of “landmark” results, and a tendency to uncritically accept conclusions that fit with our intuitions have all contributed to unconscious influences being ascribed inflated and erroneous explanatory power in theories of decision making. The review concludes by recommending that future research should focus on tasks in which participants' attention is diverted away from the experimenter's hypothesis, rather than the highly reflective tasks that are currently often employed.

Using Behavioral Economics to Advance Deterrence Research and Improve Crime Policy: Some Illustrative Experiments

2018 ◽  
Vol 64 (12) ◽  
pp. 1636-1659 ◽  
Author(s):  
Justin T. Pickett
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Future Research ◽  
Crime Policy ◽  
Perceptions Of Crime ◽  
Situational Perceptions ◽  
Target Characteristics ◽  
Benefits And Costs ◽  
Decision Making Biases ◽  
Research And Policy

Recent experiments show that offender decision making is characterized by the use of cognitive heuristics. Questions remain about what this means for deterrence research and policy. I argue that the primary task is to identify ways to leverage decision-making biases to reduce crime. I outline three avenues for future research on deterrence, and discuss their relevance for crime policy. To illustrate these lines of inquiry and stimulate additional studies, I provide initial experimental results for each topic. I report evidence that (a) pseudocertainty publicity can increase perceived arrest risk and deterrent fear, (b) the availability heuristic can help explain how target characteristics affect situational perceptions of crime benefits and costs, and (c) individuals experience declining sensitivity to increases in sanction severity.

scholarly journals No group differences in Traditional Economics Measures of loss aversion and framing effects in bipolar I disorder

PLoS ONE ◽  
2021 ◽  
Vol 16 (11) ◽  
pp. e0258360
Author(s):  
Zachary Anderson ◽  
Kim Fairley ◽  
Cynthia M. Villanueva ◽  
R. McKell Carter ◽  
June Gruber
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Loss Aversion ◽  
Framing Effects ◽  
Group Differences ◽  
Future Research ◽  
Bipolar I Disorder ◽  
Decision Making Processes ◽  
Gains And Losses ◽  
Survey Approach

Bipolar disorder (BD) is associated with impaired decision making, yet few studies have adopted paradigms from behavioral economics to decompose which, if any, aspects of decision making may be impacted. This may be particularly relevant for decision-making processes relevant to known difficulties with emotive dysfunction and corresponding reward dysregulation in BD. Participants with bipolar I disorder (BD; n = 44) and non-psychiatric healthy controls (CTL; n = 28) completed three well-validated behavioral economics decision making tasks via a remote-based survey, including loss aversion and framing effects, that examined sensitivity to probabilities and potential gains and losses in monetary and non-monetary domains. Consistent with past work, we found evidence of moderate loss aversion and framing effects across all participants. No group differences were found in any of the measures of loss aversion or framing effects. We report no group differences between bipolar and non-psychiatric groups with respect to loss aversion and framing effects using a remote-based survey approach. These results provide a framework future studies to explore similar tasks in clinical populations and suggest the context and degree to which decision making is altered in BD may be rooted in a more complex cognitive mechanism that warrants future research.

Prophetic Leadership Model: Conceptualizing a Prophet’s Leadership Behaviour, Leader-Follower Mutuality and Altruism to Decision Making Quality

2015 ◽  
Vol 3 (1) ◽  
pp. 93
Author(s):  
Nik Maheran Nik Muhammad
Keyword(s):  
Decision Making ◽  
Social Network ◽  
A Priori ◽  
Complex Function ◽  
Spiritual Leadership ◽  
Leadership Theory ◽  
Future Research ◽  
Leadership Model ◽  
Leadership Behaviour ◽  
Current Leadership

This article advocates that research is lacking on the connection between leadership theory and social network theory. To date, little empirical research has been conducted on leadership and social networks. Thus, the proposition of this article goes beyond traditional leadership models to advocate for a fuller and more integrative focus that is multilevel, multi-component and interdisciplinary, while recognizing that leadership is a complex function of both the organisational leaders and the followers who perform tasks, all of which subsequently leads to decision making qualities. Indeed, the current leadership model focuses on leadership behaviour and the ability to gain followers mutuality, to achieve decision making quality involving the integration of leadership and social network theories. Given the apparent mutable palette of contemporary leadership theory, this emergent construct of the leadership paradigm can expand the poles of the leadership continuum and contribute to a richer and deeper understanding of the relationships and responsibilities of leaders and followers as they relate to decision making qualities. This new construct, which is termed prophetic leadership, explores the literature of the life experiences of the prophet in the ‘Abrahamic Faith’ religion. Drawing on a priori links between the personality trait and spiritual leadership that has recently garnered the interest of scholars, the present study asserts a normative leadership theory that links the personal quality of a leader, posture and principal (based on the Prophet’s leadership behaviour) to synergy and decision making quality. Altruism is proposed to enhance relationships between leadership behaviour and decision making quality. For future research, much work needs to be done specifically aiming to (a) achieve greater clarity of construct definitions, (b) address measurement issues, and (c) avoid construct redundancy.

Prophetic Leadership Model: Conceptualizing a Prophet’s Leadership Behaviour, Leader-Follower Mutuality and Altruism to Decision Making Quality

2015 ◽  
Vol 1 (3) ◽  
pp. 93
Author(s):  
Nik Maheran Nik Muhammad
Keyword(s):  
Decision Making ◽  
Social Network ◽  
A Priori ◽  
Complex Function ◽  
Spiritual Leadership ◽  
Leadership Theory ◽  
Future Research ◽  
Leadership Model ◽  
Leadership Behaviour ◽  
Current Leadership

This article advocates that research is lacking on the connection between leadership theory and social network theory. To date, little empirical research has been conducted on leadership and social networks. Thus, the proposition of this article goes beyond traditional leadership models to advocate for a fuller and more integrative focus that is multilevel, multi-component and interdisciplinary, while recognizing that leadership is a complex function of both the organisational leaders and the followers who perform tasks, all of which subsequently leads to decision making qualities. Indeed, the current leadership model focuses on leadership behaviour and the ability to gain followers mutuality, to achieve decision making quality involving the integration of leadership and social network theories. Given the apparent mutable palette of contemporary leadership theory, this emergent construct of the leadership paradigm can expand the poles of the leadership continuum and contribute to a richer and deeper understanding of the relationships and responsibilities of leaders and followers as they relate to decision making qualities. This new construct, which is termed prophetic leadership, explores the literature of the life experiences of the prophet in the ‘Abrahamic Faith’ religion. Drawing on a priori links between the personality trait and spiritual leadership that has recently garnered the interest of scholars, the present study asserts a normative leadership theory that links the personal quality of a leader, posture and principal (based on the Prophet’s leadership behaviour) to synergy and decision making quality. Altruism is proposed to enhance relationships between leadership behaviour and decision making quality. For future research, much work needs to be done specifically aiming to (a) achieve greater clarity of construct definitions, (b) address measurement issues, and (c) avoid construct redundancy.

Factors Affecting Customer Switching Behavior towards Hybrid Electrical Vehicles (HEV’s) from a Customer Perspective in Jordan

2018 ◽  
Vol 1 (3) ◽  
pp. 53
Author(s):  
Bushra Mahadin
Keyword(s):  
Decision Making ◽  
Consumer Behaviour ◽  
New Technologies ◽  
International Marketing ◽  
Current Trend ◽  
Switching Behavior ◽  
Future Research ◽  
Decision Making Process ◽  
Customer Switching ◽  
Electrical Vehicles

Purpose-This paper aims to investigate factors that affect customer switching from Internal Combustion Engine Vehicles (ICEV’s) to Hybrid Electrical Vehicles (HEV’s), in Jordan for the period of (2010-2014).Design/methodology/approach-A self-administered survey was hand-delivered to the targeted sample of car users in Jordan. The authors delivered 400 questionnaires to customers, from which 333 were deemed valid for the analysis, corresponding to the percentage of (83.25%) which indicates the validity of the study. Findings- There was no difference in switching behavior between (ICEV’s) and (HEV’s) based on gender in the Jordanian market. Fuel consumption efficiency was the number one variable that supports the switching behavior towards (HEV's), followed by Eco friendliness, lower taxes and technological features. Price and the current trend in the market were the least supporting factors. In addition to that the perception of the battery life of (HEV's), limited choices in the market, lack of information and fear of the relatively new technology were the major hindering factors of choosing an (HEV).Research limitations-Future research needs to investigate other factors that may affect customers’ behavior such as perceived image, trust, and subjective norms. Future research should investigate into the importance of environmental awareness and new technologies, and gender differences in behavior. From an international marketing standpoint, comparative studies between Jordanian and non-Jordanian customers are potential areas of future research for international marketing strategies and cross-cultural consumer behaviour analysis. Practical implications-The paper identifies the determinants of switching behavior. marketers should focus addressing customers concerns in terms of providing enough information and building awareness towards the technology and it's benefits towards the society and the environment.Originality/value-Our study is one of the few in Jordan that investigates the switching behavior towards vehicles technology. Our study is thought to have made a modest contribution to consumer behaviour literature and, specifically, for decision making process. It offers marketers insights into the determinants of switching behavior towards the hybrid vechicle technology and how this contribute to consumers’ decision making process and attitudes to achieve the intended behavioural outcomes

The impact of patient narratives on medical students’ perceptions of shared decision making: A randomized controlled trial

2020 ◽  
Author(s):  
Martina Bientzle ◽  
Marie Eggeling ◽  
Simone Korger ◽  
Joachim Kimmerle
Keyword(s):  
Decision Making ◽  
Medical Students ◽  
Shared Decision Making ◽  
Medical Training ◽  
Controlled Trial ◽  
Future Research ◽  
Shared Decision ◽  
Randomized Controlled ◽  
Information Text ◽  
The Impact

BACKGROUND: Successful shared decision making (SDM) in clinical practice requires that future clinicians learn to appreciate the value of patient participation as early as in their medical training. Narratives, such as patient testimonials, have been successfully used to support patients’ decision-making process. Previous research suggests that narratives may also be used for increasing clinicians’ empathy and responsiveness in medical consultations. However, so far, no studies have investigated the benefits of narratives for conveying the relevance of SDM to medical students.METHODS: In this randomized controlled experiment, N = 167 medical students were put into a scenario where they prepared for medical consultation with a patient having Parkinson disease. After receiving general information, participants read either a narrative patient testimonial or a fact-based information text. We measured their perceptions of SDM, their control preferences (i.e., their priorities as to who should make the decision), and the time they intended to spend for the consultation.RESULTS: Participants in the narrative patient testimonial condition referred more strongly to the patient as the one who should make decisions than participants who read the information text. Participants who read the patient narrative also considered SDM in situations with more than one treatment option to be more important than participants in the information text condition. There were no group differences regarding their control preferences. Participants who read the patient testimonial indicated that they would schedule more time for the consultation.CONCLUSIONS: These findings show that narratives can potentially be useful for imparting the relevance of SDM and patient-centered values to medical students. We discuss possible causes of this effect and implications for training and future research.

scholarly journals A survey of methods for evaluating mini-publics

2021 ◽  
Author(s):  
Takeuchi Ayano
Keyword(s):  
Decision Making ◽  
Academic Research ◽  
Future Research ◽  
The Political ◽  
Decision Making Process ◽  
Sufficient Information ◽  
Practical Case ◽  
Political Decision ◽  
Wide Range ◽  
Political Decision Making

AbstractPublic participation has become increasingly necessary to connect a wide range of knowledge and various values to agenda setting, decision-making and policymaking. In this context, deliberative democratic concepts, especially “mini-publics,” are gaining attention. Generally, mini-publics are conducted with randomly selected lay citizens who provide sufficient information to deliberate on issues and form final recommendations. Evaluations are conducted by practitioner researchers and independent researchers, but the results are not standardized. In this study, a systematic review of existing research regarding practices and outcomes of mini-publics was conducted. To analyze 29 papers, the evaluation methodologies were divided into 4 categories of a matrix between the evaluator and evaluated data. The evaluated cases mainly focused on the following two points: (1) how to maintain deliberation quality, and (2) the feasibility of mini-publics. To create a new path to the political decision-making process through mini-publics, it must be demonstrated that mini-publics can contribute to the decision-making process and good-quality deliberations are of concern to policy-makers and experts. Mini-publics are feasible if they can contribute to the political decision-making process and practitioners can evaluate and understand the advantages of mini-publics for each case. For future research, it is important to combine practical case studies and academic research, because few studies have been evaluated by independent researchers.

scholarly journals Decision Making from the Experience of Orthognathic Surgery Patients: A Grounded Theory Approach

2021 ◽  
pp. 238008442110144
Author(s):  
N.R. Paul ◽  
S.R. Baker ◽  
B.J. Gibson
Keyword(s):  
Decision Making ◽  
Grounded Theory ◽  
Treatment Options ◽  
Study Data ◽  
Primary Objective ◽  
Major Surgery ◽  
Future Research ◽  
Decision Making Process ◽  
Theory Approach

Introduction: Patients’ decisions to undergo major surgery such as orthognathic treatment are not just about how the decision is made but what influences the decision. Objectives: The primary objective of the study was to identify the key processes involved in patients’ experience of decision making for orthognathic treatment. Methods: This study reports some of the findings of a larger grounded theory study. Data were collected through face-to-face interviews of patients who were seen for orthognathic treatment at a teaching hospital in the United Kingdom. Twenty-two participants were recruited (age range 18–66 y), of whom 12 (male = 2, female = 10) were 6 to 8 wk postsurgery, 6 (male = 2, female = 4) were in the decision-making stage, and 4 (male = 0, female = 4) were 1 to 2 y postsurgery. Additional data were also collected from online blogs and forums on jaw surgery. The data analysis stages of grounded theory methodology were undertaken, including open and selective coding. Results: The study identified the central role of dental care professionals (DCPs) in several underlying processes associated with decision making, including legitimating, mediating, scheduling, projecting, and supporting patients’ decisions. Six categories were related to key aspects of decision making. These were awareness about their underlying dentofacial problems and treatment options available, the information available about the treatment, the temporality of when surgery would be undertaken, the motivations and expectation of patients, social support, and fear of the surgery, hospitalization, and potentially disliking their new face. Conclusion: The decision-making process for orthognathic treatment is complex, multifactorial, and heavily influenced by the role of DCPs in patient care. Understanding the magnitude of this role will enable DCPs to more clearly participate in improving patients’ decision-making process. The findings of this study can inform future quantitative studies. Knowledge Transfer Statement: The results of this study can be used both for informing clinical practice around enabling decision making for orthognathic treatment and also for designing future research. The findings can better inform clinicians about the importance of their role in the patients’ decision-making process for orthognathic treatment and the means to improve the patient experience. It is suggested that further research could be conducted to measure some of the key constructs identified within our grounded theory and assess how these change during the treatment process.

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