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The Mean & Range Ef...
The Mean & Range Effect – A Sweet Spot Stimulating Risk-Seeking in Managerial Decision Support
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- Stoklasa, Jan (författare)
- LUT University, School of Business and Management, Finland; Palacký University Olomouc, Czech Republic
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- Morreale, Azzurra (författare)
- LUT University, School of Business and Management, Finland
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- Talášek, Tomáš (författare)
- Palacký University Olomouc, Czech Republic
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- Collan, Mikael (författare)
- LUT University, School of Business and Management, Finland
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(creator_code:org_t)
- Association of Business Schools, 2020
- 2020
- Engelska.
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Ingår i: The Nordic Journal of Business. - : Association of Business Schools. - 2342-9003 .- 2342-9011. ; 69:1, s. 21-43
- Relaterad länk:
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https://urn.kb.se/re...
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Abstract
Ämnesord
Stäng
- We report a specific irregularity in risk-a!itudes that occurs under one of the most commonrisk presentation formats. Representing the risk by the expected value and the range of possiblevalues can result in increased risk-seeking compared to other less- or more- information-richformats of risk presentation. We call this phenomenon the mean & range effect. Our researchsuggests a 20% prevalence of this phenomenon in three different countries confirmed by threedifferent modes of analysis. A novel analytical approach is suggested that defines fuzzy subsetsof the sample to allow for the partial membership of each respondent to more than one subsetto account for within-respondent variability. The results suggest the possibility to influence therisk-appetite of decision-makers by a specific risk-presentation, which can seriously affect theoutcomes of (group) decision-making problems. This finding is relevant for decision supportsystems design, marketing, corporate and consumer finance and related fields.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- mean & range effect
- risk presentation
- decision analysis
- risk appetite
- behavior
- continuous distributions
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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