search query: @author Schkade, D. A. / total: 2
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| Author: | Johnson, E. J. Schkade, D. A. |
| Title: | Bias in utility asessments : further evidence and explanations. |
| Journal: | Management Science
1989 : APR, VOL. 35:4, p. 406-424 |
| Index terms: | UTILITY ASSESSMENT DECISION MAKING |
| Language: | eng |
| Abstract: | Judgements about simple gambles, such as those used in utility assessment, can generate sizable and systematic bias. Employed are both the probability and certainty equivalence methods to explore bias. It is shown that the direction and degree of bias depend on characteristics of the assessment gamble such as the reference probability and the difference between outcomes; presenting subjects with explicit anchors can change the size and direction of the bias; subjects using heuristic response strategies show significantly more bias than those using expectation strategies. |
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