Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors

Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors

Bibliographic Details
Main Author: Rim, Hye Bin
Language:English
Published: The Ohio State University / OhioLINK 2012
Subjects:
Psychology
Maximizing
Satisficing
Individual differences
Online Access:http://rave.ohiolink.edu/etdc/view?acc_num=osu1354579940
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spelling ndltd-OhioLink-oai-etd.ohiolink.edu-osu13545799402021-08-03T06:06:46Z Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors Rim, Hye Bin Psychology Maximizing Satisficing Individual differences When making a decision, some individuals have a strong desire towards maximizing decisional outcomes (i.e., maximizing tendency), while others tend to aim for satisfactory outcomes that meet acceptability thresholds (i.e., satisficing tendency). This study is designed to extend the research on individual differences in maximizing and satisficing tendencies. In particular, the purpose of this research is twofold, which includes assessing the construct validity of the Maximization Inventory (MI) and exploring the impact of maximizing versus satisficing tendencies on one’s decision-making behaviors, in particular information acquisition and processing.To evaluate the construct validity of the MI scores empirically, the MI scores were examined with respect to their ability to predict the amount of effort participants exerted during decision-making (Study 1) and their degree of confidence in decision outcomes (Study 1 and 2). Additionally, the relationships between maximizing, satisficing, and decision-making behaviors were investigated in an experience-based gambling task (Study 1), a binary choice task (Study 2), and decision-making competence task (Study 3). Study results provide empirical evidence that the MI scores possess satisfactory construct validity. Additionally, findings from Study 1 and 2 indicate that maximizers tend to search for a large amount of information and to interpret the information conservatively. Maximizers’ information processing style, in turn, moderates the size of the decision-experience gap (Study 1) and the degree of information distortion present during the choice process (Study 2). The results from Study 3 suggest that neither maximizing nor satisficing are significantly related to one’s decision-making competence, defined as the ability to follow normative standards of optimal decision-making processes. Findings from the present research suggest that individual differences in the tendencies to maximize and satisfice significantly impact one’s decision-making behavior. Implications of the research results and unanswered questions for future research are discussed. 2012-12-19 English text The Ohio State University / OhioLINK http://rave.ohiolink.edu/etdc/view?acc_num=osu1354579940 http://rave.ohiolink.edu/etdc/view?acc_num=osu1354579940 unrestricted This thesis or dissertation is protected by copyright: all rights reserved. It may not be copied or redistributed beyond the terms of applicable copyright laws.
collection NDLTD
language English
sources NDLTD
topic Psychology
Maximizing
Satisficing
Individual differences
spellingShingle Psychology
Maximizing
Satisficing
Individual differences
Rim, Hye Bin
Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors
author Rim, Hye Bin
author_facet Rim, Hye Bin
author_sort Rim, Hye Bin
title Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors
title_short Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors
title_full Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors
title_fullStr Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors
title_full_unstemmed Maximizing, Satisficing and Their Impacts on Decision-Making Behaviors
title_sort maximizing, satisficing and their impacts on decision-making behaviors
publisher The Ohio State University / OhioLINK
publishDate 2012
url http://rave.ohiolink.edu/etdc/view?acc_num=osu1354579940
work_keys_str_mv AT rimhyebin maximizingsatisficingandtheirimpactsondecisionmakingbehaviors
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