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This research adapted the behavioral decision theory modeling approach to capture product development decision policies. 29 students in a strategic management course, 38 students in an introductory management course, and 50 managers completed a simulated product development decision-making exercise. Significant policy differences were observed among the groups in terms of the average weights attributed to two of the criteria, and the internal consistency of the decision makers. Both the managers and students exhibited poor insight into their own decision as there were significant differences between their relative (objective) weights from the exercise and their subjective (stated) weights. Therefore, to accurately capture product development decision policies, one must observe multiple decisions rather than ask subjects to state their decision policies.