Article: The Impact of Personality Traits and Problem Characteristics on Management Decision-Making Outcomes: Some Experimental Findings and Empirical Conclusions Journal: Journal of Business and Management (JBM) 2013 Vol.19 No.3 pp.79 - 96 Abstract: Since decision making behavior has been a focus of economic research and practice, both from a scientific and a professional position, there seems to be a dispute whether rational or intuitive decision making behavior leads to better outcomes. By now, scholars agree that effective organizations do not possess the 'luxury' to choose between the 'application' of intuitive or rational decision making. Instead, they try to understand how different factors like personality traits and problem characteristics influence the decision making process. Reviewing the literature reveals that personality predetermination and the structure of problems (e.g., well-structured problems versus ill-structured problems) have a significant impact on decision making efficiency. Further, the review also shows that there is a lack of application oriented empirical studies in this area of research. Therefore, the aim of this research paper is to propose a framework for an empirical study on how personality traits and problem structure influence the decision making process and outcomes. First hypotheses are derived according to the state of record on how personality predetermination and behavioral patterns in the decision making process lead to higher 'socioeconomic' efficiency within certain problem categories. Second a causal model and a setup for a laboratory experiment are proposed to allow testing the hypotheses. Finally, the conclusion provides an outlook on how this research might support organizations in their decision making processes. Inderscience Publishers - linking academia, business and industry through research

Title: The Impact of Personality Traits and Problem Characteristics on Management Decision-Making Outcomes: Some Experimental Findings and Empirical Conclusions

Authors: Josef Neuert; Christopher A. Hoeckel

Addresses: Author address listing can be found in the "About the Authors" section at the end of the article.

Abstract: Since decision making behavior has been a focus of economic research and practice, both from a scientific and a professional position, there seems to be a dispute whether rational or intuitive decision making behavior leads to better outcomes. By now, scholars agree that effective organizations do not possess the 'luxury' to choose between the 'application' of intuitive or rational decision making. Instead, they try to understand how different factors like personality traits and problem characteristics influence the decision making process. Reviewing the literature reveals that personality predetermination and the structure of problems (e.g., well-structured problems versus ill-structured problems) have a significant impact on decision making efficiency. Further, the review also shows that there is a lack of application oriented empirical studies in this area of research. Therefore, the aim of this research paper is to propose a framework for an empirical study on how personality traits and problem structure influence the decision making process and outcomes. First hypotheses are derived according to the state of record on how personality predetermination and behavioral patterns in the decision making process lead to higher 'socioeconomic' efficiency within certain problem categories. Second a causal model and a setup for a laboratory experiment are proposed to allow testing the hypotheses. Finally, the conclusion provides an outlook on how this research might support organizations in their decision making processes.

Keywords: Personality traits; problem characteristics; decision-making outcomes; management decisions.

DOI: 10.1504/JBM.2013.141216

Journal of Business and Management, 2013 Vol.19 No.3, pp.79 - 96

Published online: 05 Sep 2024 *

Title: The Impact of Personality Traits and Problem Characteristics on Management Decision-Making Outcomes: Some Experimental Findings and Empirical Conclusions

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