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| Author: | Delquié, P. |
| Title: | Valuing information and options: an experimental study |
| Journal: | Journal of Behavioral Decision Making
2008 : JAN, VOL. 21:1, p. 91-109 |
| Index terms: | decision making purchasing risk risk management information heuristic methods |
| Language: | eng |
| Abstract: | This article is based on four studies to gain a better understanding about decision making in everyday-life purchase situations that include risk factors and how individuals value information in these circumstances. The experiments aimed to find out how uncertainties affect maximum sum that participants' are willing to pay and which they would prefer to manage the risk: perfect information or an option. The findings reveal that individuals are likely to choose the option more often than the information alternative. |
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