Impact of Information Provision on Decision-Making

Jade Okello ()

International Journal of Economic Policy, 2024, vol. 4, issue 2, 40 - 52

Abstract: Purpose: The general purpose of the study was to explore the impact of information provision on decision making. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive's time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library. Findings: The findings reveal that there exists a contextual and methodological gap relating to information provision on decision making. The study offered significant insights into how information provision impacts decision-making across various domains. Through comprehensive review and synthesis of empirical evidence, it emphasized the crucial role of information quality and accessibility in shaping decision outcomes. Tailoring information provision strategies to diverse stakeholders' needs was highlighted, alongside the bidirectional relationship between information processing and decision outcomes. Ethical considerations, such as transparency and privacy, were stressed to ensure equitable decision outcomes. The findings underscored the transformative potential of effective information provision, offering actionable insights for stakeholders. Interdisciplinary collaborations and evidence-based interventions were advocated for driving positive societal change. Unique Contribution to Theory, Practice and Policy: The Information Processing theory, Theory of Planned Behaviour and Social Exchange theory may be used to anchor future studies on information provision on decision making. The study offers comprehensive recommendations across theoretical, practical, and policy domains. It calls for further theoretical exploration into cognitive processes underlying decision-making and interdisciplinary collaboration. Practically, it advocates for tailored information provision interventions that match diverse decision contexts and user preferences, alongside transparent and accessible information dissemination practices. Policy-wise, the study urges evidence-based communication strategies, regulatory frameworks promoting transparency and accountability, and educational initiatives fostering information literacy. These recommendations aim to empower individuals, organizations, and policymakers to navigate information landscapes effectively, promote informed decision-making, and address information inequalities. Keywords: Information Provision, Decision-Making, Stakeholders, Ethical Considerations

Keywords: Information Provision; Decision-Making; Stakeholders; Ethical Considerations (search for similar items in EconPapers)
Date: 2024
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