Tailoring value elicitation to decision makers' numeracy and fluency: Expressing value judgments in numbers or words

Barbara Fasolo and Carlos A. Bana e Costa

Omega, 2014, vol. 44, issue C, 83-90

Abstract: In organizational settings, options evaluation requires managers to express value judgments on multiple criteria. This research investigates the influence of decision makers' numeracy (ability to use appropriate numerical principles) and fluency (ability to express oneself in words) on their subjective experience of value elicitation as supported by two different techniques: direct rating and MACBETH. The former asks for value judgments to be expressed numerically, the latter non-numerically. The results of our experiment indicate that the two techniques are not psychologically equivalent: decision makers with higher numeracy express values more easily when assisted by the numerical technique whereas decision makers with higher fluency find value elicitation easier with the non-numerical technique. These findings highlight the importance of tailoring value elicitation to decision makers' numeracy and fluency. Implications for decision scientists and analysts are discussed.

Keywords: Multicriteria; Value elicitation; Direct rating; MACBETH (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (16)

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DOI: 10.1016/j.omega.2013.09.006

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