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

The DOI matches its Crossref record; 150 of the 158 references it cites were found in a registry or an index.

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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  1. Brighton, 2006, AAAI spring symposium: Cognitive science principles meet AI-hard problems, 17
  2. Gigerenzer, 1999, Simple heuristics that make us smart
  3. Groner, 1983, Methods of heuristics, 1
  4. Hogarth, 2001, Educating intuition
  5. Stemberg, 1996, Staples for success: From business plan to billion-dollar business in just a decade

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Metadata

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
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
Licence
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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