Avoiding the Worst Decisions: A Simulation and Experiment

Many practical decisions are more realistic concerning preventing bad than seeking better ones. However, there has been no behavioral decision theory research on avoiding the worst decisions. This study is first strategies from perspective of We conducted a computer simulation with Mersenne Twister method and psychological experiment using monitoring information acquisition for two-stage all combinations different strategies: lexicographic, lexicographic semi-order, elimination by aspect, conjunctive, disjunctive, weighted additive, equally additive difference, majority confirming dimensions. The rate choosing least expected utility value among alternatives was computed as alternative in each condition. results suggest that attention-based rules such disjunctive strategy lead to worse decision, striving make best choice can conversely often outcome. From experiment, we concluded simple considering what most important findings this provide implications support emergency situations.