MAKING DECISIONS IN AN EVER-CHANGING ENVIRONMENT - A RESEARCH AGENDA

Bela Pataki and Katalin Padar
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Bela Pataki: Faculty of Economic and Social Sciences Budapest University of Technology and Economics, Hungary
Katalin Padar: Faculty of Economic and Social Sciences Budapest University of Technology and Economics, Hungary

Perspectives of Innovation in Economics and Business (PIEB), 2013, vol. 13, issue 1, 33-42

Abstract: Simon recognized the limitations of the classical normative decision theory and established descriptive theory. His concept of bounded rationality and administrative behavior was a big step ahead, but the world has changed dramatically since then. Multiple, continuous changes have become normal, which brings up new problems on the decision maker’s and on the organization’s level as well. It became usual that the decision maker is not able to define preferences for lack of knowledge and have to learn or delegate much more frequently than before. In the same time the organization should be more resilient or nimble in this ever-changing environment. The authors outline a research agenda on both levels: some about the continuous learning and frequent delegating, and some about the HRM and IT-management issues of organizational nimbleness.

Keywords: Bounded rationality; administrative behavior; uncertainty; resilience; nimble organization (search for similar items in EconPapers)
JEL-codes: M10 M12 M15 (search for similar items in EconPapers)
Date: 2013
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