A Short Form of the Maximization Scale: Factor Structure, Reliability and Validity Studies

Judgment and Decision Making, Vol. 3, No. 5, pp. 371-388, June 2008

19 Pages Posted: 11 Feb 2011  

Gergana Y. Nenkov

Boston College - Carroll School of Management

Maureen Morrin

Temple University - Fox School of Business and Management

Barry Schwartz

affiliation not provided to SSRN

Andrew Ward

affiliation not provided to SSRN

John Hulland

University of Western Ontario - Richard Ivey School of Business

Date Written: June 1, 2008

Abstract

We conducted an analysis of the 13-item Maximization Scale (Schwartz et al., 2002) with the goal of establishing its factor structure, reliability and validity. We also investigated the psychometric properties of several proposed refined versions of the scale. Four sets of analyses are reported. The first analysis confirms the 3-part factor structure of the scale and assesses its reliability. The second analysis identifies those items that do not perform well on the basis of internal, external, and judgmental criteria, and develops three shorter versions of the scale. In the third analysis, the three refined versions of the scale are cross-validated to confirm dimensionality, reliability, and validity. The fourth analysis uses an experiment in an investment decision making context to assess the reliability and nomological validity of the refined scales. These analyses lead us to conclude that a shorter, 6-item Maximization Scale performs best and should be used by future researchers. It is hoped that clarification of the conceptual underpinnings of the maximization construct and development of a refined scale will enhance its use among researchers across several of the social science disciplines.

Keywords: maximizing, satisficing, scale refinement, psychometric analysis

Suggested Citation

Nenkov, Gergana Y. and Morrin, Maureen and Schwartz, Barry and Ward, Andrew and Hulland, John, A Short Form of the Maximization Scale: Factor Structure, Reliability and Validity Studies (June 1, 2008). Judgment and Decision Making, Vol. 3, No. 5, pp. 371-388, June 2008. Available at SSRN: https://ssrn.com/abstract=1756881

Gergana Y. Nenkov (Contact Author)

Boston College - Carroll School of Management ( email )

140 Commonwealth Avenue
Chestnut Hill, MA 02467
United States

Maureen Morrin

Temple University - Fox School of Business and Management ( email )

Philadelphia, PA 19122
United States

Barry Schwartz

affiliation not provided to SSRN ( email )

Andrew Ward

affiliation not provided to SSRN ( email )

John Hulland

University of Western Ontario - Richard Ivey School of Business ( email )

1151 Richmond Street North
London, Ontario N6A 3K7
Canada

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