Cited by 255Decision-Making and Behavioral EconomicsLeadership, Behavior, and Decision-Making StudiesClinical Reasoning and Diagnostic Skills

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Heuristics as adaptive decision strategies in management: HEURISTICS IN MANAGEMENT

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Artinger, Florian, Petersen, Malte, Gigerenzer, Gerd, Weibler, Jürgen·2015·Journal of Organizational Behavior

DOI 10.1002/job.1950

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Abstract

In the management literature, heuristics are often conceived of as a source of systematic error, whereas logic and statistics are regarded as the sine qua non of good decision making. Yet, this view can be incorrect for decisions made under uncertainty, as opposed to risk. Research on fast and frugal heuristics shows that simple heuristics can be successful in complex, uncertain environments and also when and why this is the case. This article describes the conceptual framework of heuristics as adaptive decision strategies and connects it with the managerial literature. We review five classes of heuristics, analyze their common building blocks, and show how these are applied in managerial decision making. We conclude by highlighting some prominent opportunities for future research in the field. In the uncertain world of management, simple heuristics can lead to better and faster decisions than complex statistical procedures. Copyright © 2014 John Wiley & Sons, Ltd.

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Authors: Artinger, F., Petersen, M., Gigerenzer, G., & Weibler, J.
Affiliations: University of Warwick (GB)
FernUniversität in Hagen (DE)
Max Planck Institute for Human Development (DE)
Corresponding author: Petersen, Malte
ORCID: Artinger, Florian
Gigerenzer, Gerd
Weibler, Jürgen
Venue: Journal of Organizational Behavior
Publisher: Wiley
Published: 2014-09-22
Volume: 36
Issue: S1
Pages: S33-S52
ISSN: 0894-3796 (ISSN-L)
DOI: 10.1002/job.1950
OpenAlex: W2144108520
Cited by: 255
References: 158
Citations by year: 2026: 12 · 2025: 25 · 2024: 19 · 2023: 28 · 2022: 36 · 2021: 39 · 2020: 28 · 2019: 27 · 2018: 16 · 2017: 17 · 2016: 4 · 2015: 3
FWCI: 7.24
Type: journal article
Language: en
Open access: bronze
doi.org
Licence: doi.wiley.com/10.1002/tdm_license_1.1 (tdm)
onlinelibrary.wiley.com/termsAndConditions#vor (vor)
Locations: Journal of Organizational Behavior (publishedVersion)
Max Planck Institute for Plasma Physics (submittedVersion)
Max Planck Digital Library (submittedVersion)
MPG.PuRe (Max Planck Society) (submittedVersion, other-oa)
Topics: Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
Social Sciences › Decision Sciences › Management Science and Operations Research › Leadership, Behavior, and Decision-Making Studies
Health Sciences › Medicine › Family Practice › Clinical Reasoning and Diagnostic Skills
Keywords: heuristics, management decision-making, fast and frugal heuristics, decision making under uncertainty, decision making under risk, cognitive biases, simple heuristics

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Heuristics as adaptive decision strategies in management: HEURISTICS IN MANAGEMENT

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