The Impact of Individual Expertise and Public Information on Group Decision-Making.

• Superior document: FOM-Edition Research
• Author: Strunz, Ulrich G.
• Place / Publishing House: Wiesbaden : : Springer Fachmedien Wiesbaden GmbH,, 2021.; ©2021.
• Year of Publication: 2021
• Language: English
• Series: FOM-Edition Research
• Physical Description: 1 online resource (197 pages)

In this open-access-book the author concludes that expertise could be the key factor for global and interconnected problems. Experimental results have shown that expertise was a stronger predictor than public information regarding change in behavior and strategy adaption. Identifying non-routine problem-solving experts by efficient online assessments could lead to less volatile system performance, from which all decision-makers could potentially profit.

Table of Contents

Intro -- Acknowledgments -- Contents -- Acronyms and Abbreviations -- List of Figures -- List of Tables -- 1 Introduction -- 2 Theoretical Background -- 2.1 Key Aspects for Real Economic Problem-Solving -- 2.1.1 Well-Defined Problems -- 2.1.2 Ill-Defined Problems -- 2.1.3 Definitions of Complexity -- 2.1.4 Ignoring Information -- 2.1.5 Uncertainty -- 2.2 The Role of Information in Decision-Making -- 2.2.1 Definitions of Information -- 2.2.2 Derivation of a Definition for Information -- 2.2.3 Information Perturbing Events in Behavioral Experiments -- 2.2.4 Making Decisions in a VUCA World -- 2.3 Expert Knowledge and Problem-Solving -- 2.3.1 Definition of Knowledge, Expertise and Expert Knowledge -- 2.3.2 Expert Knowledge as a Resource -- 2.3.3 The Role of Learning -- 2.4 Agents Acting as Disturbances -- 2.4.1 The Role of Feedback in Complex Problems Under Uncertainty -- 2.4.2 Novel Problems, Real-World Problems, and Non-routine Tasks -- 2.4.3 Problem Solving Search and Routine Strength -- 2.4.4 NPS: Adaptation, Beliefs, Response Times and Emotion -- 2.4.5 The Human Class: An Unbounded Set of Strategies -- 2.5 A Network of Interdependent Beliefs -- 2.5.1 From Game Theory to Behavioral Game Theory -- 2.5.2 Group Behavior -- 3 General Research Objectives -- 3.1 Summary of Key Findings -- 3.2 Model for Empirical Research -- 3.3 Experimental Framework for Research Objectives -- 4 Empirical Research Design -- 4.1 Development and Materials -- 4.1.1 Software Development Process -- 4.1.2 Legacy Version of Experiment -- 4.1.3 Problems with Legacy Experiment -- 4.1.4 Curiosity IO-Structure and Functionality -- 4.1.5 "Tower of Hanoi" Example Session -- 4.1.6 Example Session Data Output -- 4.1.7 Response Time and Input -- 4.1.8 States Derived from State-Space -- 4.1.9 Move States -- 4.1.10 Operator Output Function -- 4.1.11 State Output Function.

4.1.12 Logic and Expected States -- 4.2 Participants -- 4.3 Procedure -- 5 Specific Research Objectives -- 5.1 Derivation of Hypotheses -- 5.2 Hypotheses and Variables -- 6 Results -- 6.1 Testing For Nonparametric Distribution -- 6.2 Expertise Rank and Logic Proportion -- 6.3 Environmental Change and Human Error -- 6.4 Information Conditions and Logic Deviation -- 6.5 Complete Logic Proportions Over Information Conditions -- 6.6 Expected States and Logic Proportion -- 6.7 Expected States and Logic Marker Proportion -- 6.8 Complete Expected States Over Information Conditions -- 6.9 Routine Consistency -- 6.10 Fundamental Strategy and Group Performance -- 6.11 Group Expertise and Logic Proportions -- 6.12 Gender Effects -- 7 Discussion -- 7.1 Discussion of Experimental Results -- 7.2 Methodological Analysis -- 7.3 Limitation -- 7.4 Future Outlook -- 8 Conclusion -- Bibliography.