PERFORMANCE COMPARISON BETWEEN A STATIC AND DYNAMIC UTILITY FUNCTION WITHIN A SEQUENTIAL GROUP DECISION-MAKING EXPERIMENT

Nowadays most enterprises' decisions are made in groups, of which may arise conflicts since each stakeholder has his own preferences and can present different perceptions about criteria. However, within a group decision-making process, individuals may behave differently, demonstrating the importance of considering cognitive aspects in the decision model. In this study, we propose to compare the performance of a refined utility function, which include psychological aspects of altruism and reciprocity, and a non-refined one in forecasting agreements for group decision and the individual choice of each decision maker within a group decision-making experiment. The contribution of this study is to provide evidences about the impact of psychological factors on modeling conflicts through a performance comparison between a static utility function and a dynamic one. These results will be important for guiding group decision-making process in organizations and structuring the decision process more efficiently.