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Research Interests: Business and Advertising
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Research Interests: Economics, Quality of life, Life Style, Medicine, Applied Economics, and 15 moreMedical Decision Making, Motivation, California, Humans, Contingent valuation, Welfare, Male, Regression Analysis, Aged, Middle Aged, Cost Benefit Analysis, Angina pectoris, Cost of Illness, Angina, and Decision Support Techniques
Aburad—A single-attribute utility function models a decisionmaker's preferences as revealed by choices among risky alternatives. A measurable value function models a decisionmaker's strength of preference for various levels of lhe... more
Aburad—A single-attribute utility function models a decisionmaker's preferences as revealed by choices among risky alternatives. A measurable value function models a decisionmaker's strength of preference for various levels of lhe attribute. An experimental investigation of ...
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Altruistic preferences or the desire to improve the well‐being of others even at one’s own expense can be difficult to incorporate into traditional value and utility models. It is straightforward to construct a multiattribute preference... more
Altruistic preferences or the desire to improve the well‐being of others even at one’s own expense can be difficult to incorporate into traditional value and utility models. It is straightforward to construct a multiattribute preference structure for one decision maker that includes the outcomes experienced by others. However, when multiple individuals incorporate one another’s well‐being into their decision making, this creates complex interdependencies that must be resolved before the preference models can be applied. We provide representation theorems for additive altruistic value functions for two-person, n-person, and group outcomes in which multiple individuals are altruistic. We find that in most cases it is possible to resolve the preference interdependencies and that modeling the preferences of altruistic individuals and groups is tractable.
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When outcomes are defined over a geographic region, measures of spatial risk regarding these outcomes can be more complex than traditional measures of risk. One of the main challenges is the need for a cardinal preference function that... more
When outcomes are defined over a geographic region, measures of spatial risk regarding these outcomes can be more complex than traditional measures of risk. One of the main challenges is the need for a cardinal preference function that incorporates the spatial nature of the outcomes. We explore preference conditions that will yield the existence of spatial measurable value and utility functions, and discuss their application to spatial risk analysis. We also present a simple example on household freshwater usage across regions to demonstrate how such functions can be assessed and applied.
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Research Interests: Economics and Equity Law
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This issue's “From the Editors” column is coauthored with all the associate editors, to emphasize their major role in the leadership of the journal. We first review this year's operations and thank our editorial board and... more
This issue's “From the Editors” column is coauthored with all the associate editors, to emphasize their major role in the leadership of the journal. We first review this year's operations and thank our editorial board and referees. Our first article, by David J. Johnstone, Victor Richmond R. Jose, and Robert L. Winkler, presents “Tailored Scoring Rules for Probabilities,” which take into account the decision maker's specific situation. Next, in “Do Bayesians Learn Their Way Out of Ambiguity?,” Alexander Zimper addresses how people perceive ambiguous probabilities and how they update their perceptions. In our third article, Chen Wang and Vicki M. Bier examine “Target-Hardening Decisions Based on Uncertain Multiattribute Terrorist Utility.” The final article, by Stephen P. Chambal, Jeffery D. Weir, Yucel R. Kahraman, and Alex J. Gutman, is on “A Practical Procedure for Customizable One-Way Sensitivity Analysis in Additive Value Models.”
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Research Interests: Marketing, Computer Science, Economics, Market Design, Decision Analysis, and 15 moreBehavioral Economics, Bidding, Order Statistics, Business and Management, Auction Theory, Experiment, Revenue, Field Experiments, Duration, Profit, Product differentiation, Chen, Private Information, Incomplete markets, and Common Values
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We review the past year and this Editor-in-Chief's editorship for the last six annual volumes in this issue's “From the Editors” column, which is coauthored with Managing Editor Kelly M. Kophazi, and then we preview this... more
We review the past year and this Editor-in-Chief's editorship for the last six annual volumes in this issue's “From the Editors” column, which is coauthored with Managing Editor Kelly M. Kophazi, and then we preview this issue's research articles. Our first article, by Dorota Kurowicka is on “Conditionalization of Copula-Based Models.” The next three papers address groups or teams. First is “A Note on a Group Preference Axiomatization with Cardinal Utility,” by Luis C. Dias and Paula Sarabando. Next, Andrew Samuel and Seth D. Guikema address “Resource Allocation for Homeland Defense: Dealing with the Team Effect.” Then, Arthur Carvalho and Kate Larson present a way for “Sharing Rewards Among Strangers Based on Peer Evaluations.” Finally, Jeffrey M. Keisler and Patrick S. Noonan provide guidance for decision analysis practice in “Communicating Analytic Results: A Tutorial for Decision Consultants.”
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Expected utility theory, probably the most widely accepted normative theory for decision making under risk, has several required properties. Since different sets of axioms can be combined to result in the expected utility model, the term... more
Expected utility theory, probably the most widely accepted normative theory for decision making under risk, has several required properties. Since different sets of axioms can be combined to result in the expected utility model, the term property can refer to either an axiom or a characteristic resulting from combinations of axioms. Since most properties are seen as appropriate components of
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Purpose This article aims to examine how a person’s thinking style, specifically holistic versus analytic, and a firm’s crisis apology with the remedial solution framed in “why” (vs “how”) terms can interactively impact consumers’... more
Purpose This article aims to examine how a person’s thinking style, specifically holistic versus analytic, and a firm’s crisis apology with the remedial solution framed in “why” (vs “how”) terms can interactively impact consumers’ perceived efficacy of the firm to respond to the crisis and their impression or evaluation of the brand. Design/methodology/approach Hypotheses were tested through three experimental studies involving 308 participants recruited in China. Participants answered survey questions investigating the interactive effects from consumers’ thinking style (culture as a proxy in Study 1, measured in Study 2 or primed in Study 3) and a brand’s crisis apology with the remedial solution framed in “why” (vs “how”) terms on consumers’ perceived efficacy and evaluation of the firm. Findings The frame of the remedial solution resulting in a higher evaluation improvement depended on a consumer’s thinking style. For holistic thinkers, a “why” (vs “how”) framed remedial solution resulted in a higher evaluation improvement; however, for analytic thinkers, a “how” (vs “why”) framed remedial solution resulted in a higher evaluation improvement. Additionally, the results showed that a consumer’s perceived efficacy of the brand being able to successfully respond to the crisis mediated the interactive effects of the remedial solution framing and thinking styles on the evaluation improvement. Practical Implications The findings provide evidence that framing of the remedial solution can be leveraged as a tool to reduce negative impact resulting from a brand crisis. Specifically, the results suggest that companies may do well to employ a “why” framed remedial solution, particularly in cases where consumers are likely to process information holistically. Conversely, a “how” framed remedial solution may be effective in situations where consumers are likely to process information analytically. Originality/value This research contributes to the literature, being among the first to consider how the remedial solution framing in a firm’s apology can enhance people’s evaluation of the brand and decrease the perceived negative impact resulting from the brand crisis.