Generating policy alternatives for decision making : A process model, behavioural issues, and an experiment

Thumbnail Image

Access rights

openAccess
publishedVersion

URL

Journal Title

Journal ISSN

Volume Title

A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
This publication is imported from Aalto University research portal.
View publication in the Research portal (opens in new window)
View/Open full text file from the Research portal (opens in new window)

Authors

Date

2024-05

Department

Department of Mathematics and Systems Analysis

Major/Subject

Mcode

Degree programme

Language

en

Pages

16

Series

EURO Journal on Decision Processes, Volume 12, pp. 1-16

Abstract

The generation of alternative policies is essential in complex decision tasks with multiple interests and stakeholders. A diverse set of policies is typically desirable to cover the range of options and objectives. Decision modelling literature has often assumed that clearly defined decision alternatives are readily available. This is not a realistic assumption in practice. We present a structured process model for the generation of policy alternatives in settings that include non-quantifiable elements and where portfolio optimisation approaches are not applicable. Behavioural issues and path dependence as well as heuristics and biases which can occur during the process are discussed. The behavioural experiment compares policy alternatives obtained by using two different portfolio generation techniques. The results of the experiment demonstrate that path dependence can occur in policy generation. We report thinking patterns of subjects which relate to biases and heuristics.

Description

Publisher Copyright: © 2024 The Author(s)

Keywords

Cognitive biases and heuristics, Generation of policy alternatives, Path dependence, Policy decision, Portfolio decision analysis

Other note

DOI

10.1016/j.ejdp.2024.100050

Citation

Hämäläinen, R P, Lahtinen, T J & Virtanen, K 2024, 'Generating policy alternatives for decision making : A process model, behavioural issues, and an experiment', EURO Journal on Decision Processes, vol. 12, 100050, pp. 1-16. https://doi.org/10.1016/j.ejdp.2024.100050

Permanent link to this item

https://urn.fi/URN:NBN:fi:aalto-202408065205

Collections

[article-cris] Perustieteiden korkeakoulu / SCI