Diagnosing decision quality

Human decision making is error-prone and often subject to biases. Important information cues are misweighted and feedback delays hamper learning. Experimentally, task information has been shown to be valuable in improving decision making. However, such information is rarely available. Generalizing f...

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Bibliographic Details
Published in:Decision Support Systems 2008-04, Vol.45 (1), p.123-139
Main Authors: Davern, Michael J., Mantena, Ravi, Stohr, Edward A.
Format: Article
Language:English
Subjects:
Applied sciences
Bias
Cognitive feedback
Decision making
Decision quality
Decision support
Decision support systems
Decision theory. Utility theory
Exact sciences and technology
Firm modelling
Human judgment
Learning
Operational research and scientific management
Operational research. Management science
Revenue management
Studies
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Summary:Human decision making is error-prone and often subject to biases. Important information cues are misweighted and feedback delays hamper learning. Experimentally, task information has been shown to be valuable in improving decision making. However, such information is rarely available. Generalizing from lab-based approaches, we present a new field methodology for the “diagnosis of decision quality” (DDQ) that helps decision makers discover such information. We illustrate our approach in the context of hotel revenue management and demonstrate how it can identify context-specific systematic errors in decision making in a manner that facilitates adaptive changes and improved performance.
ISSN:0167-9236
1873-5797
DOI:10.1016/j.dss.2007.12.012