RISK TAKING IN MILITARY AND ECONOMIC DECISION MAKING: AN ANALYSIS VIA AN EXPERIMENTAL SIMULATION
PURDUE UNIV LAFAYETTE IN
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The effect of success, failure, and time spent in decision making on the degree of military and economic risk taking was investigated. A complex experimental simulation technique was employed as the research method to permit comparison of data obtained in the present setting with results reported by investigators using small-scale laboratory techniques. It was found that risk taking increases with the length of time that decision-making groups spend in working on a task. After some time, risky decision making may become concentrated in one decision area at a time, even though risks could be taken in more areas. Comparisons to laboratory results suggest some communalities as well as some differences with regard to risk-taking results.
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