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Heuristics as adaptive decision strategies in management: HEURISTICS IN MANAGEMENT
Open accessAbstract
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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“Simple heuristics can be more successful especially in uncertain and complex spaces since all the information required to make a decision might not be available as a result of uncertainty [4].”
From A Framework of High-Stakes Algorithmic Decision-Making for the Public Sector Developed through a Case Study of Child-Welfare (2021) · cites this paper as [4]
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Hodgetts, R. M. (1999) · Organizational Dynamics · doi:10.1016/s0090-2616(00)80004-2 · Cited by 32
The Art of Decision Making: Mirrors of Imagination, Masks of Fate
Walde, T. (2003) · Oil, Gas & Energy Law Journal · Cited by 29
The Art of Decision Making: Mirrors of Imagination, Masks of Fate
Drummond, H. (2009) · Cited by 22
Fast and frugal heuristics for new product screening - is managerial judgment 'good enough?'
Albar, F. M., & Jetter, A. J. M. (2013) · International Journal of Management and Decision Making · doi:10.1504/ijmdm.2013.054461 · Cited by 14
Perkins, E. J. (1999) · Cited by 5
Pricing in an Uncertain Market
Artinger, F. M. (2014) · Cited by 3
Self-citationEisenhardt, K. M., & Martin, J. A. (2000) · Strategic Management Journal · doi:10.1002/1097-0266(200010/11)21:10/11
Dynamic capabilities and strategic management
Teece, D. J., Pisano, G., & Shuen, A. (1997) · Strategic Management Journal · doi:10.1002/(sici)1097-0266(199708)18:7
Flagged first, then by citations
8 of the 158 references couldn’t be matched to a known paper.
Research works printed but not linked: 5
- Brighton, 2006, AAAI spring symposium: Cognitive science principles meet AI-hard problems, 17
- Gigerenzer, 1999, Simple heuristics that make us smart
- Groner, 1983, Methods of heuristics, 1
- Hogarth, 2001, Educating intuition
- Stemberg, 1996, Staples for success: From business plan to billion-dollar business in just a decade
Cited by
Sorted by citations
Schilke, O., Hu, S., & Helfat, C. E. (2018) · Academy of Management Annals · doi:10.5465/annals.2016.0014 · Cited by 1,226
Ecological Rationality: Fast-and-Frugal Heuristics for Managerial Decision Making under Uncertainty
Luan, S., Reb, J. M., & Gigerenzer, G. (2019) · Academy of Management Journal · doi:10.5465/amj.2018.0172 · Cited by 251
Self-citationThe Theory-Based View: Economic Actors as Theorists
Felin, T., & Zenger, T. R. (2017) · Strategy Science · doi:10.1287/stsc.2017.0048 · Cited by 215
Entrepreneurs as Scientists: A Pragmatist Approach to Producing Value Out of Uncertainty
Zellweger, T. M., & Zenger, T. R. (2021) · Academy of Management Review · doi:10.5465/amr.2020.0503 · Cited by 205
The Evolution and Prospects of Service-Dominant Logic
Wilden, R., Akaka, M. A., Karpen, I. O., & Hohberger, J. (2017) · Journal of Service Research · doi:10.1177/1094670517715121 · Cited by 207
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
- Venue
- Journal of Organizational Behavior
- Publisher
- Wiley
- Published
- 2014-09-22
- Volume
- 36
- Issue
- S1
- Pages
- S33-S52
- ISSN
- 0894-3796 (ISSN-L)
- 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
- 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
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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