Intertemporal Judgements in Multi-Attribute Decision-Making
Biases and Mitigation Ideas
P. Gülüm Taş (TU Delft - Electrical Engineering, Mathematics and Computer Science)
M.Y. Maknoon (TU Delft - Technology, Policy and Management)
J. Rezaei (TU Delft - Technology, Policy and Management)
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Abstract
Intertemporal judgements are susceptible to biases that can distort evaluations and lead to inconsistent choices. While time-related biases have been studied extensively from a descriptive perspective, little attention has been given to prescriptive approaches and the complex trade-offs involved in multi-attribute decision-making (MADM). This study provides a comprehensive review of the effects of such biases on the MADM process. Drawing on evidence from behavioural economics, psychology, and decision analysis, we identify six time-related biases and analyse the vulnerabilities they can introduce at each step of the MADM procedure. We also outline preliminary ideas that may help analysts and decision-makers reduce these biases in the unique context of intertemporal multi-attribute problems. Our findings highlight the importance of addressing biases from the earliest stages, such as problem structuring, and underscore the need for further empirical research to test and refine these proposed strategies.
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