New tools for decision analysts
New tools for decision analysts
This paper presents psychological research that can help people make better decisions. Decision analysts typically: 1) elicit outcome probabilities; 2) assess attribute weights; and 3) suggest the option with the highest overall value. Decision analysis can be challenging because of environmental and psychological issues. Fast and frugal methods such as natural frequency formats, frugal multiattribute models, and fast and frugal decision trees can address these issues. Not only are the methods fast and frugal, but they can also produce results that are surprisingly close to or even better than those obtained by more extensive analysis. Apart from raising awareness of these findings among engineers, the authors also call for further research on the application of fast and frugal methods to decision analysis
960-967
Katsikopoulos, K.V.
b97c23d9-8b24-4225-8da4-be7ac2a14fba
Fasolo, B.
257a8e86-ee46-4636-89fa-e2c8bad96774
September 2006
Katsikopoulos, K.V.
b97c23d9-8b24-4225-8da4-be7ac2a14fba
Fasolo, B.
257a8e86-ee46-4636-89fa-e2c8bad96774
Katsikopoulos, K.V. and Fasolo, B.
(2006)
New tools for decision analysts.
IEEE Transactions on Systems, Man, and Cybernetics - Part A, 36 (5), .
(doi:10.1109/TSMCA.2006.871798).
Abstract
This paper presents psychological research that can help people make better decisions. Decision analysts typically: 1) elicit outcome probabilities; 2) assess attribute weights; and 3) suggest the option with the highest overall value. Decision analysis can be challenging because of environmental and psychological issues. Fast and frugal methods such as natural frequency formats, frugal multiattribute models, and fast and frugal decision trees can address these issues. Not only are the methods fast and frugal, but they can also produce results that are surprisingly close to or even better than those obtained by more extensive analysis. Apart from raising awareness of these findings among engineers, the authors also call for further research on the application of fast and frugal methods to decision analysis
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Katsikopoulos Fasolo
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e-pub ahead of print date: 21 August 2006
Published date: September 2006
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Local EPrints ID: 415449
URI: http://eprints.soton.ac.uk/id/eprint/415449
PURE UUID: b425117d-9507-4218-8c49-4f2cda500279
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Date deposited: 10 Nov 2017 17:30
Last modified: 16 Mar 2024 04:27
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B. Fasolo
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