Since decision-making behavior has been in the focus both from a scientific and a professional position, there seems to be a dispute whether rational or intuitive decision making leads to better outcomes. By now, scho...Since decision-making behavior has been in the focus both from a scientific and a professional position, there seems to be a dispute whether rational or intuitive decision making leads to better outcomes. By now, scholars have agreed that effective organizations do not have the luxury to choose between the ＂applications＂ of intuitive or rational decision making. Instead, they try to understand how different factors like personality traits and problem characteristics influence the decision-making process. Reviewing the literature reveals that personality pre-determination and the structure of problems （e.g., well-structured problems （WSPs） versus ill-structured problems （ISPs）） seem to have a significant impact on the decision-making efficiency. Further, the review also shows that there is a lack of application-oriented empirical studies in this area of research. Therefore, the aim of this research paper is to propose a framework for an empirical study on how personality traits and problem structure influence the decision-making process. First, hypotheses are derived from the literature on how personality pre-determination and behavioral patterns in the decision-making process lead to higher socioeconomic efficiency within certain problem categories. Second, a causal model and a setup for a laboratory experiment are proposed to allow testing the hypotheses. Finally, the conclusions provide an outlook on how this research could support organizations in their decision-making processes.展开更多
The content of this paper refers to the global trend of digitalization and its implications on decision making. The question： will digitalization improving decisions in organizations be a relevant topic for all organ...The content of this paper refers to the global trend of digitalization and its implications on decision making. The question： will digitalization improving decisions in organizations be a relevant topic for all organizations7 Digitalization is currently the key driver for change in business and organizations. Affected is everything, from market structures to customer behaviour over supply chain and production itself. Internal processes have opportunities for a new design, and production and logistics are possible to redesign. This massive game changing opportunity has to be steered by management and hence management decisions are a must while this transition phase; furthermore, decisions will influence this transition but decisions itself are also affected. The paper is based on a theoretical research, analysing different decision models. In the first part of the paper, typical decision models will be discussed; a rational model with first ideas of the neoclassical economists （e.g. Adam Smith or Max Weber） and scientific approaches of Pascal and de Fermat or Bernoulli, mainly focused on agents which maximize their utility. Further developed by von Neumann and Morgenstern （2004）, economic decisions seem to be a strong rational and mathematical process to find utility maximization. This rational model is illustrated on the one hand to explain the traditional way and has a view on the model of homo oeconomicus. On the other hand, a strong emotional influence on decision making is obvious, because human beeings do not follow strict rational rules. In the second part of the paper, digitalization as one part of globalization will be analysed. Digitalization will change completely the business environment and the setup of organizations. New market structures, customer behaviour, and processes will change the entire operations of businesses. Then, the main discussion of the paper, the impacts of digitalization on decision making will show the trend toward the well-known model of homo oeconomicus, which is a common model in economics; but known with a lot of limitations. Automatization of processes will affect the decision process in organizations. This new decision making processes will be mainly automated in the future, hence an algorithm logic is required and enables the model of homo oeconomicus a revival, driven by machines. As a conclusion based on the above mentioned result, automated decisions will improve the result of decisions, because human emotions will not affect the decision making process anymore.展开更多
Contrary to the conventional wisdom which suggests that a perfectly rational subject with risk-averse attitude should never gamble, this paper provides a vivid example in our real economy for people to expect a positi...Contrary to the conventional wisdom which suggests that a perfectly rational subject with risk-averse attitude should never gamble, this paper provides a vivid example in our real economy for people to expect a positive return to gamble Within the existing literature, scholars have proposed different reasons to explain why an original risk-averse person would start to gamble, with the implicit assumption that the expected payoff of a bet is always lower than its cost. In contrast, our paper discusses when and why a risk-averse person could bet strategically with a positive expected return; in particular, we used field data in Hong Kong to illustrate a vivid scenario for positive expected return in gambling.展开更多
文摘Since decision-making behavior has been in the focus both from a scientific and a professional position, there seems to be a dispute whether rational or intuitive decision making leads to better outcomes. By now, scholars have agreed that effective organizations do not have the luxury to choose between the ＂applications＂ of intuitive or rational decision making. Instead, they try to understand how different factors like personality traits and problem characteristics influence the decision-making process. Reviewing the literature reveals that personality pre-determination and the structure of problems （e.g., well-structured problems （WSPs） versus ill-structured problems （ISPs）） seem to have a significant impact on the decision-making efficiency. Further, the review also shows that there is a lack of application-oriented empirical studies in this area of research. Therefore, the aim of this research paper is to propose a framework for an empirical study on how personality traits and problem structure influence the decision-making process. First, hypotheses are derived from the literature on how personality pre-determination and behavioral patterns in the decision-making process lead to higher socioeconomic efficiency within certain problem categories. Second, a causal model and a setup for a laboratory experiment are proposed to allow testing the hypotheses. Finally, the conclusions provide an outlook on how this research could support organizations in their decision-making processes.
文摘The content of this paper refers to the global trend of digitalization and its implications on decision making. The question： will digitalization improving decisions in organizations be a relevant topic for all organizations7 Digitalization is currently the key driver for change in business and organizations. Affected is everything, from market structures to customer behaviour over supply chain and production itself. Internal processes have opportunities for a new design, and production and logistics are possible to redesign. This massive game changing opportunity has to be steered by management and hence management decisions are a must while this transition phase; furthermore, decisions will influence this transition but decisions itself are also affected. The paper is based on a theoretical research, analysing different decision models. In the first part of the paper, typical decision models will be discussed; a rational model with first ideas of the neoclassical economists （e.g. Adam Smith or Max Weber） and scientific approaches of Pascal and de Fermat or Bernoulli, mainly focused on agents which maximize their utility. Further developed by von Neumann and Morgenstern （2004）, economic decisions seem to be a strong rational and mathematical process to find utility maximization. This rational model is illustrated on the one hand to explain the traditional way and has a view on the model of homo oeconomicus. On the other hand, a strong emotional influence on decision making is obvious, because human beeings do not follow strict rational rules. In the second part of the paper, digitalization as one part of globalization will be analysed. Digitalization will change completely the business environment and the setup of organizations. New market structures, customer behaviour, and processes will change the entire operations of businesses. Then, the main discussion of the paper, the impacts of digitalization on decision making will show the trend toward the well-known model of homo oeconomicus, which is a common model in economics; but known with a lot of limitations. Automatization of processes will affect the decision process in organizations. This new decision making processes will be mainly automated in the future, hence an algorithm logic is required and enables the model of homo oeconomicus a revival, driven by machines. As a conclusion based on the above mentioned result, automated decisions will improve the result of decisions, because human emotions will not affect the decision making process anymore.
文摘Contrary to the conventional wisdom which suggests that a perfectly rational subject with risk-averse attitude should never gamble, this paper provides a vivid example in our real economy for people to expect a positive return to gamble Within the existing literature, scholars have proposed different reasons to explain why an original risk-averse person would start to gamble, with the implicit assumption that the expected payoff of a bet is always lower than its cost. In contrast, our paper discusses when and why a risk-averse person could bet strategically with a positive expected return; in particular, we used field data in Hong Kong to illustrate a vivid scenario for positive expected return in gambling.
