AN EMPIRICAL VALIDATION OF ADAM IN A CAPITAL BUDGETING CONTEXT*

Da‐Hsien Bao

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Decision-Making and Behavioral Economics Multi-Criteria Decision Making Capital Investment and Risk Analysis

Abstract

Abstract The attribute‐dynamic attitude model (ADAM) offers a description of decision processes that has greater theoretical appeal than that offered by the multiple regression model. It distinguishes judgment from choice, explains inconsistent behavior, and shows the implications of criterion weight modifications when decision situations change. This study tests the validity of ADAM empirically in a capital budgeting context. Results of a laboratory experiment show that: (1) ADAM is a good ex ante descriptor of decision processes and (2) ADAM weights are context dependent and differ significantly from a priori weights. The results support an equal‐weighting theory.

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References

1979Prospect Theory: An Analysis of Decision under Risk 1988Prospect theory: An analysis of decision under risk 1974Foundations of Behavioral Research 1983Multiple Criteria Decision Making 1952Social Choice and Individual Values 1965Conflict, Decision and Dissonance 1967Economics and Information Theory 1981Accounting and human information processing : theory and applications

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