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3257. Anchoring bias in Multi-Attribute Value Theory
Invited abstract in session MC-11: Behavioral Decision Analysis II, stream Behavioural OR.
Monday, 12:30-14:00Room: 12 (building: 116)
Authors (first author is the speaker)
| 1. | Geqie Sun
|
| TPM, Delft University of Technology | |
| 2. | Maarten Kroesen
|
| 3. | Jafar Rezaei
|
| Engineering Systems and Services, Delft University of Technology |
Abstract
Anchoring bias, a well-known cognitive bias, occurs when people heavily rely on the initial information they receive, influencing subsequent judgments or decisions. This study examines anchoring bias in multi-attribute value theory (MAVT), focusing on its impact during value function and weight elicitation process. Hypotheses were formulated to investigate the presence of anchoring bias in MAVT and to explore potential strategies for mitigating its effects. These strategies were derived from the "consider-the-opposite" concept, a recognized de-biasing approach for anchoring bias and were customized to fit the MAVT process. To test the hypotheses, an experimental study was conducted based on a real-life decision-making problem. We created a questionnaire in alignment with the MAVT methodology and collected data via an online platform. The findings indicate that anchoring bias has an impact on both the value function and weight elicitation steps. Additionally, suggested mitigation strategies were observed to be somewhat effective, offering decision-makers practical tools to partially address anchoring bias. In conclusion, this research contributes to enhancing decision-makers' awareness of anchoring bias as well as offering actionable insights for decision-makers aiming for more accurate and unbiased decisions.
Keywords
- Behavioural OR
- Decision Analysis
- Decision Theory
Status: accepted
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