 Incentive to Continue the Research TrialAkio Torii
Chapter Chapter 5 in Decision-making in High-Risk Projects, 2024, pp 47-54 from Springer Abstract: Abstract Continuing from the previous chapter, we examine the determination of the agent’s incentive to seek information as precursors during project trials when the DM is making decisions in the initial period. It is postulated that up to two attempts to obtain a precursor via trials are possible. The decision to proceed with a second trial depends on the precursor obtained from the first trial. In some cases, despite the possibility of a second trial, the agent might choose not to exert any effort or seek additional precursors, depending on the outcome of the initial trial. The incentive to undertake further efforts for additional risk information, especially when some information has already been acquired, presents a different aspect from the incentive driven by the value of information from the trials, which is discussed in Chap. 4 . When multiple trials are permitted, the observed values from previous trials influence subsequent decision-making. Therefore, the decision regarding the amount of effort to invest in a trial must consider the possibility of discontinuing the trial based on its results. Date: 2024 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-97-3056-8_5 Ordering information: This item can be ordered from DOI: 10.1007/978-981-97-3056-8_5 Access Statistics for this chapter More chapters in Springer Books from Springer |
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