A Self-regulating Information Acquisition Algorithm for Preventing Choice Regret in Multi-perspective Decision Making

Francisco Santos-Arteaga (), Debora Di Caprio () and Madjid Tavana ()
Additional contact information
Madjid Tavana: http://tavana.us/

Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, 2014, vol. 6, issue 3, 165-175

Abstract: In a world filled with an increasing number of choices people must carefully select the information they acquire in order to make sound decisions that they will not regret in the future. This ranges from everyday life decisions to those made by experts in the business world. The authors introduce a novel information acquisition algorithm based on the value that information has when preventing a decision maker from regretting his or her current decision. The main features of the model include the capacity to account for different risk attitudes of the decision maker as well as his or her forward-looking behavior, the ability to assess choice objects (projects or products) defined by multiple characteristics and a self-regulation mechanism for the information acquisition process, even in the absence of information acquisition costs. The main properties of the algorithm are examined numerically. Copyright Springer Fachmedien Wiesbaden 2014

Keywords: Sequential information acquisition; Value of information; Choice regret; Utility theory (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1007/s12599-014-0322-8 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:binfse:v:6:y:2014:i:3:p:165-175

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/12599

DOI: 10.1007/s12599-014-0322-8

Access Statistics for this article

Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK is currently edited by Martin Bichler

More articles in Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK from Springer, Gesellschaft für Informatik e.V. (GI)
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().