摘要:

ABSTRACTThirty empirically assessed utility functions on changes in wealth or return on investment were examined for general features and susceptability to fits by linear, power, and exponential functions. Separate fits were made to below‐target data and above‐target data. The usual “target” was the no‐change point.The majority of below‐target functions were risk seeking; the majority of above‐target functions were risk averse; and the most common composite shape was convex‐concave, or risk seeking in losses and risk averse in gains. The least common composite was concave‐concave. Below‐target utility was generally steeper than above‐target utility with a median below‐to‐above slope ratio of about 4.8. The power and exponential fits were substantially better than the linear fits. Power functions gave the best fits in the majority of convex below‐target and concave above‐target cases, and exponential functions gave the best fits in the majority of concave below‐target and convex above‐target cases. Several implications of these results for decisio

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00043.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTRankings of decision alternatives based on total and on differential monetary amounts may in general be inconsistent under uncertainty. In the following cases, either approach is valid and hence yields consistent rankings: (i) with expected values, provided that the differential amounts have been coherently determined and are constant within states (but may differ across states); (ii) with exponential utility functions if the shared and differential amounts are statistically independent; or (iii) in a market valuation context, assuming diversification and implicit separate market values for differential and shared amounts.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00044.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTThis paper concerns human processing of disaggregated data in a business decision setting involving sequential events. Subjects currently employed in trust banking institutions chose between two mutually exclusive alternatives in a series of decision trials. The outcome for each alternative was the result of a two‐stage process; an unsuccessful outcome resulted from failure at either the first or second stage. The probabilities of success at each stage and the overall (joint) probability of success were provided for each alternative. Participants showed strongest preferences for an optimal (expected‐value) strategy in processing the data; however, significant preferences for two suboptimal strategies also were observed. Preferences for suboptimal strategies were influenced by the magnitude of differences in the alternatives' joint probabilities of success, by the magnitude of differences in the alternatives' stage probabilities of success, and by subjects' dispositions toward r

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00045.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTIssues relating to the construction of marketing models are discussed. These include determining the level of aggregation of model construction, specifying the structure of the model, and the aggregation level of data to be employed in estimating model parameters. These issues are addressed through specifying and estimating both consumer‐level and firm‐level models and comparing the results. An important conclusion is that inferences about consumer behavior should not be drawn from firm‐level models since aggregation bias may

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00046.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTGoal programming (GP) is designed to resolve allocation problems with conflicting goals. Both goals and constraints are incorporated in the allocational decision, and the objective function is stated in a way that, upon solution, yields a result “as close as possible” to the priority‐weighted goals. The present paper applies GP methodology to the investment decision of dual‐purpose funds (DPFs), that are required by law to pursue allocational decisions with potentially conflicting objectives. It provides an empirical demonstration that DPF managers could have improved their investment selection and subsequent performance by the use of GP methodology. Finally the paper stresses the importance of sensitivity analysis to improve both the goal‐ranking and target‐selection aspects of the methodology and provides a limited but illuminating empirical demonstration of post‐optima

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00047.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTThe media selection decision allocates advertising dollars among competing media so as to optimize promotional and corporate objectives. Linear programming attempts to model this process have been complicated by multiple and often conflicting management goals, the need for integer solutions, and nonlinearities. This study offers a technique that is sufficiently robust to simultaneously handle these problems. An alternative media selection framework is presented and the results of an illustrative application of integer goal programming are discussed. The proposed model improves on linear programming by success fully providing for optimal, integer solutions in settings that more realistically reflect the complexity of the media decision environment.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00048.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTThis paper describes a goal programming procedure for determining satisfactory output plans for a work center. The situation being modeled is one in which work center inputs are known but vary significantly across time periods. Input levels are fixed relative to a given master production schedule, and output levels can be varied only within certain prescribed limits, at least in the short term. The similarity of the output planning problem to the more familiar aggregate planning problem is noted and discussed.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00049.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTThe purpose of this paper is to clarify the motives behind business combination decisions. Twenty‐one favorable characteristics associated with the motivations for business combinations were selected to serve as the basis for an empirical survey. Our analysis revealed that there are seven motivational variables of varying import and that the motivations underlying business combination decisions are similar for U.S. and Canadian executive

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00050.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTThis paper presents an application of fuzzy subsets to the problem of selecting sites for locating gas stations. Cost minimization and profit maximization models represent typical approaches to location decisions. These approaches are not well‐suited to problems like site selection for gas stations because of the difficulty in identifying precise relationships, the uncertainties involved, and the qualitative and imprecise nature of much of the information used for decision making. This paper proposes the use of a model based on linguistic variables and a direct evaluation of the available alternatives via the use of fuzzy variables. Conclusions regarding the practical advantages and limitations of the approach are drawn based on the reported applicatio

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00051.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY

摘要:

ABSTRACTThe Campbell and Fiske criteria for assessing the construct validity of multitrait‐multimethod (MTMM) matrices has had a long history of use. While various statistical techniques, including ANOVA, have attempted to provide rigor to the MTMM matrix design, numerous problems still remain unsolved. Part of the problem in using an MTMM matrix is the assumption of measurement independence. This study attempts to illustrate the misleading inferences that often occur from MTMM analysis when method variance overlap is not accurately assessed. Three questionnaires were designed that were not method independent. Traditional procedures for assessing MTMM matrices suggested the three scaling formats used were not burdened with unusual method variance. A reanalysis of the MTMM matrix employing a Confirmatory Factor Analysis technique illustrated that method variance was a problem. Finally, the need for studies that concentrate on the nature of method variance, its causes and effects, is discusse

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1979.tb00052.x

出版商:Blackwell Publishing Ltd    

年代:1979

数据来源: WILEY