The Heuristics and Biases of Top Managers: Past, Present, and Future

Psychology‐grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However, although this line of inquiry is recognized as a valuable perspective for advancing understanding of decision processes in the upper echelons of f...

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Veröffentlicht in:Journal of management studies Jg. 60; H. 5; S. 1033 - 1063
Hauptverfasser: Hodgkinson, Gerard P., Burkhard, Barbara, Foss, Nicolai J., Grichnik, Dietmar, Sarala, Riikka M., Tang, Yi, Van Essen, Marc
Format: Journal Article
Sprache:Englisch
Veröffentlicht: Oxford Blackwell Publishing Ltd 01.07.2023
Schlagworte:
Bias
Decision making
Future
Heuristic
heuristics and biases
Management
managerial and organizational cognition
Managers
Psychology
Rationality
risk and uncertainty
upper echelons
ISSN:0022-2380, 1467-6486
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Abstract Psychology‐grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However, although this line of inquiry is recognized as a valuable perspective for advancing understanding of decision processes in the upper echelons of firms, extant research remains unbalanced, the bulk of previous endeavours having been focused on managerial overconfidence, with insights from more recent dual‐process theory and ecological rationality conceptions of heuristics less explored. This introductory article to the special issue of the Journal of Management Studies, entitled ‘the heuristics and biases of top managers: Past, present, and future’, offers a reflective review of prior work addressing its focal theme and places the articles incorporated into the special issue within this broader context. In addition, it sets out a number of directions for future work, with a view to inspiring the continuing advancement of conceptual and empirical knowledge and management practice.
AbstractList Psychology‐grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However, although this line of inquiry is recognized as a valuable perspective for advancing understanding of decision processes in the upper echelons of firms, extant research remains unbalanced, the bulk of previous endeavours having been focused on managerial overconfidence, with insights from more recent dual‐process theory and ecological rationality conceptions of heuristics less explored. This introductory article to the special issue of the Journal of Management Studies, entitled ‘the heuristics and biases of top managers: Past, present, and future’, offers a reflective review of prior work addressing its focal theme and places the articles incorporated into the special issue within this broader context. In addition, it sets out a number of directions for future work, with a view to inspiring the continuing advancement of conceptual and empirical knowledge and management practice.
Psychology‐grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However, although this line of inquiry is recognized as a valuable perspective for advancing understanding of decision processes in the upper echelons of firms, extant research remains unbalanced, the bulk of previous endeavours having been focused on managerial overconfidence, with insights from more recent dual‐process theory and ecological rationality conceptions of heuristics less explored. This introductory article to the special issue of the Journal of Management Studies , entitled ‘the heuristics and biases of top managers: Past, present, and future’, offers a reflective review of prior work addressing its focal theme and places the articles incorporated into the special issue within this broader context. In addition, it sets out a number of directions for future work, with a view to inspiring the continuing advancement of conceptual and empirical knowledge and management practice.
Author Burkhard, Barbara
Foss, Nicolai J.
Sarala, Riikka M.
Van Essen, Marc
Hodgkinson, Gerard P.
Grichnik, Dietmar
Tang, Yi
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  surname: Hodgkinson
  fullname: Hodgkinson, Gerard P.
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  givenname: Barbara
  surname: Burkhard
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  givenname: Nicolai J.
  surname: Foss
  fullname: Foss, Nicolai J.
  organization: Copenhagen Business School
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  givenname: Dietmar
  surname: Grichnik
  fullname: Grichnik, Dietmar
  organization: University of St. Gallen
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  givenname: Riikka M.
  surname: Sarala
  fullname: Sarala, Riikka M.
  organization: University of North Carolina at Greensboro
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  givenname: Yi
  surname: Tang
  fullname: Tang, Yi
  organization: University of Hong Kong
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  givenname: Marc
  surname: Van Essen
  fullname: Van Essen, Marc
  organization: University of South Carolina
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Snippet Psychology‐grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However,...
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SubjectTerms Bias
Decision making
Future
Heuristic
heuristics and biases
Management
managerial and organizational cognition
Managers
Psychology
Rationality
risk and uncertainty
upper echelons
Title The Heuristics and Biases of Top Managers: Past, Present, and Future
URI https://onlinelibrary.wiley.com/doi/abs/10.1111%2Fjoms.12937
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Volume 60
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