Decision structuring with phantom alternatives

Decision structuring with phantom alternatives

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Article ID: iaor19941664
Country: United States
Volume: 39
Issue: 10
Start Page Number: 1214
End Page Number: 1226
Publication Date: Oct 1993
Journal: Management Science
Authors: ,
Keywords: decision theory, philosophy
Abstract:

A phantom alternative is an illusory choice option-it looks real but for some reason is unavailable at the time a decision is made. Phantoms can both help and hinder successful decision making. On the one hand, phantoms can provide useful information on the boundaries of a decision problem and thus help generate new options through a restructuring of the problem. But phantoms can also produce biases, deception, and suboptimal decisions. The authors argue that phantoms should be considered explicitly in decision structuring rather than being allowed to work their effects surreptitiously. They offer guidelines on recognizing unavailable alternatives, utilizing the information provided by phantoms, counteracting phantom biases, avoiding deception in decision structuring, and guarding against suboptimal decisions.

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