Relying on Your Own Best Judgment: Imputing Values to Missing Information in Decision Making.

Autor/inn/en	Johnson, Richard D.; und weitere
Titel	Relying on Your Own Best Judgment: Imputing Values to Missing Information in Decision Making.
Quelle	(1986), (14 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Monographie
Schlagwörter	College Students; Consumer Economics; Decision Making; Evaluative Thinking; Higher Education; Purchasing; Student Attitudes + Suchen Sie Ihr Suchwort? Collegestudent; Konsumökonomie; Decision-making; Entscheidungsfindung; Hochschulbildung; Hochschulsystem; Hochschulwesen; Beschaffungswesen; Kauf; Schülerverhalten
Abstract	Processes involved in making estimates of the value of missing information that could help in a decision making process were studied. Hypothetical purchases of ground beef were selected for the study as such purchases have the desirable property of quantifying both the price and quality. A total of 150 students at the University of Iowa rated the desirability of each of a series of ground beef purchases described by the cost and the quality (the percentage of fat or lean meat) of the beef. The subjects rated 24 purchases containing complete information and 24 containing incomplete information. The missing information component involved provision of information only on the price or only on the quality. The students were placed in positive or negative framing conditions involving characterization of the meat by lean content and by fat content, respectively. Data from the students' ratings of purchases indicate that: purchases are evaluated more favorably when information is framed positively, consumers place great confidence in their estimates and treat them as if they were veridical when they are asked to estimate missing values, and consumers' judgments are affected by the way objective information is framed and by the extent to which they are encouraged to use their previous experiences to infer the value of missing information. One table and eight graphs are presented. (TJH)
Anmerkungen	Richard D. Johnson, Department of Marketing and Economic Analysis, 3-23, Faculty of Business Building, University of Alberta, Edmonton, Alberta T6G 2R6, Canada.
Erfasst von	ERIC (Education Resources Information Center), Washington, DC