A Self-regulating Information Acquisition Algorithm for Preventing Choice Regret inMulti-perspective Decision Making

Authors

Francisco J. Santos-Arteaga, Universidad Complutense de MadridFollow
Debora Di Caprio, York University, TorontoFollow
Madjid Tavana, La Salle University, PhiladelphiaFollow

Document Type

Research Paper

Abstract

In a world filled with an increasing number of choices people must carefully select the information they acquire in order to make sound decisions that they will not regret in the future. This ranges from everyday life decisions to those made by experts in the business world. The authors introduce a novel information acquisition algorithm based on the value that information has when preventing a decision maker from regretting his or her current decision. The main features of the model include the capacity to account for different risk attitudes of the decision maker aswell as his or her forwardlooking behavior, the ability to assess choice objects (projects or products) defined by multiple characteristics and a self-regulation mechanism for the information acquisition process, even in the absence of information acquisition costs. The main properties of the algorithm are examined numerically.

Recommended Citation

Santos-Arteaga, Francisco J.; Di Caprio, Debora; and Tavana, Madjid (2014) "A Self-regulating Information Acquisition Algorithm for Preventing Choice Regret inMulti-perspective Decision Making," Business & Information Systems Engineering: Vol. 6: Iss. 3, 165-175.
Available at: https://aisel.aisnet.org/bise/vol6/iss3/5