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3126. Time preference influences attribute weights and values in multi-attribute decision-making

Invited abstract in session MC-11: Behavioral Decision Analysis II, stream Behavioural OR.

Monday, 12:30-14:00
Room: 12 (building: 116)

Authors (first author is the speaker)

1. Pelin Gulum Tas
Engineering Systems and Services, Delft University of Technology
2. Yousef Maknoon
Delft University of Technology
3. Jafar Rezaei
Engineering Systems and Services, Delft University of Technology

Abstract

Eliciting attribute weights and values are two crucial steps in many multi-attribute decision-making (MADM) methods. Due to their high reliance on judgmental inputs from decision-makers, these steps can be subject to various behavioral factors, including time preference. Given the frequent application of MADM methods in many strategic real-life problems, examining time-related behavioral vulnerabilities and providing systematic approaches to overcome them become imperative. This study investigates the time preference phenomenon in complex, multi-attribute decision-making problems. A special experiment is designed following the Multi-Attribute Value Theory (MAVT) steps, and a health-related intertemporal decision problem is used. In a within-subject design, participants' preferences are used to elicit attribute weights and value functions considering different resolution times of a health-related outcome. Data were collected from six European countries via an online platform. The statistical analyses indicate the significant influence of time preference on elicited importance weights and value functions. Subjects assigned different weights to the same attributes and different values to the same outcomes depending on the time of the realization of outcomes. These findings have significant implications for both practitioners and researchers.

Keywords

Status: accepted

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