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Randomization vs. selection / Eric Danan in Management science, Vol. 56 N° 3 (Mars 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 3 (Mars 2010) . - pp. 503-518 Titre : Randomization vs. selection : How to choose in the absence of preference? Type de document : texte imprimé Auteurs : Eric Danan, Auteur Année de publication : 2010 Article en page(s) : pp. 503-518 Note générale : Management Langues : Anglais (eng) Mots-clés : Randomization  Selection  Money  pump  Indifference  Noncomparability Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Decision makers sometimes have to choose between alternative options about which they have no preference: either they judge the options equally valuable (indifference) or they have no judgment about their relative value (noncomparability). Choosing randomly is generally considered a natural way to deal with such situations. This paper shows, however, that systematic randomization between noncomparable options may lead to a chain of decisions resulting in monetary losses (a money pump). Furthermore, these losses can be avoided by deliberately selecting one of the noncomparable options instead of randomizing. Thus, randomization among noncomparable options is costly relative to deliberate selection. On the other hand, randomization among indifferent options is costless relative to deliberate selection. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/3.toc [article] Randomization vs. selection : How to choose in the absence of preference? [texte imprimé] / Eric Danan, Auteur . - 2010 . - pp. 503-518. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 3 (Mars 2010) . - pp. 503-518 Mots-clés : Randomization  Selection  Money  pump  Indifference  Noncomparability Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Decision makers sometimes have to choose between alternative options about which they have no preference: either they judge the options equally valuable (indifference) or they have no judgment about their relative value (noncomparability). Choosing randomly is generally considered a natural way to deal with such situations. This paper shows, however, that systematic randomization between noncomparable options may lead to a chain of decisions resulting in monetary losses (a money pump). Furthermore, these losses can be avoided by deliberately selecting one of the noncomparable options instead of randomizing. Thus, randomization among noncomparable options is costly relative to deliberate selection. On the other hand, randomization among indifferent options is costless relative to deliberate selection. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/3.toc