George A. Akerlof et Rachel E. Kranton, Identity Economics. How our Identities Shape our Work, Wages, and Well-Being Princeton : Princeton University Press, 2010

Dherbécourt, Clément

doi:10.4074/s2113520711012114

OEconomia

2011

DOI: 10.4074/s2113520711012114

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George A. Akerlof et Rachel E. Kranton, Identity Economics. How our Identities Shape our Work, Wages, and Well-Being Princeton : Princeton University Press, 2010

Clément Dherbécourt¹

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Biases in Managerial Decision Making: Overconfidence, Status Quo, Anchoring, Hindsight, Availability

Aren

Hamamcı

2021

Journal of Business Strategy, Finance and Management

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Decision-making processes occur with the interaction of some cognitive and psychological variables. Neoclassical theories deal with rational reactions in these processes. However, in an environment where there is no information or where there is uncertainty instead of risk, decisions cannot be made rationally as the mind indicates. In this direction, firm managers have to make many decisions under uncertainty. For this reason, managers resort to various simple and useful shortcuts called bias for different reasons. In this study, it was aimed to reveal the effects of behavioral biases on management decisions. In this context, five biases in the behavioral finance literature, namely overconfidence, status quo, anchoring, hindsight and availability, were evaluated with theoretical and empirical studies and their effects on managerial decisions were discussed. It was seen that raising awareness of these biases in terms of managers provides benefits such as realistic evaluation of themselves, giving more realistic weights to events when making decisions, reaching rational judgments more easily and being open to innovations. In addition, this awareness, when combined with the emotional competencies of managers, helps them make successful decisions.

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Biases in Managerial Decision Making: Overconfidence, Status Quo, Anchoring, Hindsight, Availability

Aren

Hamamcı

2021

Journal of Business Strategy, Finance and Management

View full text Add to dashboard Cite

show abstract

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George A. Akerlof et Rachel E. Kranton, Identity Economics. How our Identities Shape our Work, Wages, and Well-Being Princeton : Princeton University Press, 2010

Cited by 1 publication

References 0 publications

Biases in Managerial Decision Making: Overconfidence, Status Quo, Anchoring, Hindsight, Availability

Biases in Managerial Decision Making: Overconfidence, Status Quo, Anchoring, Hindsight, Availability

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