Heuristics and Cognitive Biases: Can the Group Decision-Making Avoid Them?

Juliana Osmani

Academic Journal of Interdisciplinary Studies, 2016, vol. 5

Abstract: Bad decisions can be the result of occasional or cognitive errors. Occasional errors are related to information content and its validity, or may refer to errors in understanding the problem or situation. Cognitive distortions are systematic errors, repeated constantly and unconsciously. These too may be the result of errors in information interpretation or related to its reliability and accuracy. Heuristics and cognitive biases affect the different stages of the decision-making process and have negative effects on human behavior and relationships, because they are not easily identifiable and preventable. However, the use of heuristics and cognitive biases makes easier the decision-making process. The current study tries to understand and formulate some final conclusions regarding the presence of the cognitive distortions in the decision-making process, comparing the individual level to the group level. The main reason for choosing this topic is the increased use of groups to make decisions due to the dynamic, uncertain and turbulent environment, the horizontal structure, the difficulty to establish universal rules which guide the decision-making and the higher complexity. So, the aim of the current paper is to understand if the group can be a valid tool to avoid or reduce the use of heuristics and cognitive biases.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:bjz:ajisjr:1573

DOI: 10.5901/ajis.2016.v5n3s1p225

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