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By Christoph H. Loch, Yaozhong Wu

Behavioral Operations administration introduces the knowledge of human habit to the perform of operations administration. It presents a collection of equipment and a dependent quarter of analysis to research behavioral matters in the OM paradigm.

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Example text

At decision time, the decision-maker maximizes the expected utility (including the regret function) over the probability distribution pi of the state of the world, with respect to the alternative action k: ci,j + R(ci,j − ck,j ). 5 Heuristics and Biases 37 quantity and the realized demand. A deviation in either direction causes a revenue loss, and thus an experience of disappointment for the newsvendor [16]. This model predicts that a regret-averse newsvendor sets the order quantity “too high” for low-profit products and “too low” for high-profit products, as compared with the optimal quantities set by a regretless newsvendor.

An urn contains 30 red balls and 60 balls with unknown proportions of yellow and black. People are asked to choose between lottery A (win $100 if a red ball is drawn) and B (win $100 if a black ball is drawn). People are also given a choice between C (win $100 if a red or yellow ball is drawn) and D (win $100 if a black or yellow ball is drawn). The payoffs are identical across the four lotteries, but most people prefer A to B and D to C. This combination of choices violates the sure-thing principle of subjective expected utility theory (or the axiom that adding yellow to both red and black should not influence the choice between them).

Emotions, in particular the “higher social emotions” [57, 92], are discussed in much more detail in Section 3. 2), which includes the decision heuristics and the emotional “coloring” of memory. This has important implications for how we learn, how we build not only our explicit knowledge but also our intuition in a way that is appropriate. ), we may be building the wrong intuition in a “wicked environment” that gives us misleading feedback. For example [105, pp. 83–84], a waiter has figured out that the better dressed customers give higher tips.

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