The current study proposes a quantitative model for assessing the impact of wisdom on business decision-making, based on microeconomic principles of utility and discrepancy. The theoretical model is microeconomic/utilitarian: it integrates the quantifiable outcomes experienced at different focus-levels (i.e. groups affected by the decisions) and uses the measurements of global utility and discrepancy between these foci in a synthesized algebraic evaluative formula, which is proposed as an objective, quantitative assessment of wisdom decision-making. The empirical study uses responses of 305 business participants addressing 5 business situations (1525 observations). Situation-specific intensities are assessed, as well as respondent engagement in the situation and respondent wisdom-capacity. Results show a high statistical significance whereby the higher the assessed wisdom-capacity, the higher the direct and indirect effect of wisdom on the quality of business decision-making.
|School Location:||United States -- California|
|Source:||DAI-A 74/06(E), Dissertation Abstracts International|
|Subjects:||Business administration, Ethics, Economic theory|
|Keywords:||Business ethics, Decision-making|
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