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Cited by 171

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

Judgemental adjustment of initial forecasts: Its effectiveness and biases

Lim, Joa Sang, O'Connor, Marcus·1995·Journal of Behavioral Decision Making

Abstract

Managers are often required to integrate their own forecasts with statistical forecasts. The studies reported in this paper examine the efficacy of allowing people to adjust their own forecasts in the light of statistical forecasts that are provided to them. Three experimental studies varied the reliability of the statistical forecasts and examined the performance of people over time. Issues of the form of the feedback and the use of decision support were also examined. The results unequivocally suggest that the effectiveness of judgemental adjustment depended on the statistical model's reliability and seasonally of time series. However, people had considerable difficulty placing less weight on their own forecasts (compared to the statistical forecasts) and this behaviour became more pronounced over time. Even provision of decision support did not improve performance at the task.

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Metadata

Authors
Lim, J. S., & O'Connor, M.
Venue
Journal of Behavioral Decision Making
Publisher
Wiley
Published
1995-09
Volume
8
Issue
3
Pages
149-168
ISSN
  • 0894-3257 (ISSN-L)
  • 1099-0771
OpenAlex
W2109141422
Cited by
171
References
4
FWCI
2.03
Type
journal article
Language
en
Open access
closed

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

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