Cognitive Biases and Mitigation Strategies within Multi-Attribute Value Theory
G. Sun (TU Delft - Technology, Policy and Management)
J. Rezaei – Promotor (TU Delft - Technology, Policy and Management)
M. Kroesen – Promotor (TU Delft - Technology, Policy and Management)
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Abstract
Human judgments are subject to a wide range of cognitive biases. Although decision-making methods are designed to support and structure the decision process, they rely on human judgments as critical inputs, and decision outcomes may therefore still be biased. This dissertation investigates how four cognitive biases, anchoring bias, framing effect, loss aversion, and status quo bias, affect different stages of multi-attribute value theory and the resulting outcomes, and how these influences can be mitigated. The findings reveal a fundamental duality of multi-attribute decision-making methods: while their structured procedures can introduce or reinforce cognitive biases, they also create opportunities to mitigate them.