Choice Criteria, Decision Behavior, and Personality

Do expected value, maximin, coefficient of optimism, and minimax regret describe real-world decision making, or are these terms limited to theoretical reasoning? This article reports a study designed to test the empirical correspondence of decision theory and the relationship between decision behavi...

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Bibliographic Details
Published inJournal of marketing research Vol. 5; no. 2; pp. 155 - 164
Main Author Kernan, Jerome B.
Format Journal Article
LanguageEnglish
Published Chicago American Marketing Association 01.05.1968
SAGE PUBLICATIONS, INC
Subjects
Analytical estimating
Control groups
Decision making
Decision theory
Emotional stability
Game theory
Marketing
Personality
Personality traits
Pessimism
Reflectiveness
Sociability
State estimation
State of nature
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Summary:Do expected value, maximin, coefficient of optimism, and minimax regret describe real-world decision making, or are these terms limited to theoretical reasoning? This article reports a study designed to test the empirical correspondence of decision theory and the relationship between decision behavior and personality.
ISSN:0022-2437
1547-7193
DOI:10.1177/002224376800500203