• Journal of the Korean Operations Research and Management Science Society
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• v.41 no.4
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• pp.33-53
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• 2016

We measure individuals' decision making styles and risk attitudes from a sample of Korean adults using the general decision making styles (GDMS) and the multiple price list design (MPLD), respectively. With the measurement results, we identify the distributions of the decision making styles and risk attitudes, and explore the relationship between them. Specifically, we conduct an exploratory experiment to find out some meaningful characteristics of the Korean adults in terms of their decision making styles and risk attitudes. The results of the experiment show that the distribution of the five decision making styles turns out to be different by the demographic characteristics of the sample. In addition, risk attitudes of the Korean people are quite distinct from those shown in the previous studies which were mostly conducted in the United States with the samples of college students. It is also shown that each of the five decision making styles has a different distribution of risk attitudes, which is statistically verified. The results of this study make a meaningful addition to the literature of this kind by providing the rationale for understanding the decision making styles and the risk attitudes of the Korean adults, which may serve as grounds for predicting the behaviors of the key individuals in various public and private sectors.