Liquid decision making: an exploratory study

  • Authors:

  • Stephan Leutenmayr;François Bry

  • Affiliations:

  • Bauhaus Luftfahrt, Munich, Germany;Institute for Informatics, Ludwig-Maximilians-Universität München, Munich, Germany

  • Venue:
  • Proceedings of the 13th International Conference on Information Integration and Web-based Applications and Services
  • Year:
  • 2011

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Abstract

Decision making is typically a well-defined process. The decision is formulated, the decision options are determined and information regarding the options is retrieved by the decision makers. Eventually, the decision is taken by some kind of voting. In this article we propose a novel approach to decision making called liquid decision making (LDM). LDM enables people to incorporate new information, to react to the voting of others, and to reconsider and revise their own voting. Additionally, a competitive element is introduced by basing the decision making mechanism on market principles: Indecision can lead to a loss of influence in the decision making. Artificial market perturbations are used to gauge the stability of a decision suggested by a market equilibrium. This article introduces LDM and its market perturbations and reports on an exploratory study conducted using LDM.