We're sorry but this page doesn't work properly without JavaScript enabled. Please enable it to continue.
Feedback

The Process of Decision Making

Formal Metadata

Title
The Process of Decision Making
Alternative Title
What Prompts Decision Makers to Stop Collecting Relevant Information?
Author
License
CC Attribution 3.0 Unported:
You are free to use, adapt and copy, distribute and transmit the work or content in adapted or unchanged form for any legal purpose as long as the work is attributed to the author in the manner specified by the author or licensor.
Identifiers
Publisher
Release Date
Language

Content Metadata

Subject Area
Genre
Abstract
To identify the best possible outcome, decision makers require information. In this video, SI CHEN explores information acquisition strategy and seeks to pinpoint when and why decision makers conclude that they have done sufficient research. In a laboratory experiment, decision makers are paired with receivers who, though affected by the decision, can only passively observe it. * Decision makers have access to information which helps them to decide the optimal outcome both for themselves and the receivers. Combining the experimental outcomes with a theoretical model, Chen observes that decision makers tend not to use all available information and, indeed, to cease information acquisition as soon as they come across a desirable outcome. * Also highlighting the vital importance of self interest, the work shows that further research on information acquisition strategy will play a key role in our understanding of decision making. * This LT Publication is divided into the following chapters: 0:00 Question 1:52 Method 4:22 Findings 6:16 Relevance 7:30 Outlook