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
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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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
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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
- 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
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