Behavioral strategy in the wild

Wayne Borchardt, Takhaui Kamzabek and Dan Lovallo

Management Research Review, 2022, vol. 45, issue 9, 1185-1204

Abstract: Purpose - A decade after Powellet al.’s (2011) seminal article on behavioral strategy, which called for models to solve real-world problems, the authors revisit the field to ask whether behavioral strategy is coming of age. The purpose of this paper is to explain how behavioral strategy can and has been used in real-world settings. Design/methodology/approach - This study presents a conceptual review with case study examples of the impact of behavioral strategy on real-world problems. Findings - This study illustrates several examples where behavioral strategy debiasing has been effective. Although no causal claims can be made, with the stark contrast between the negative impact of biased strategies and the positive results emerging from debiasing techniques, this study argues that there is evidence of the benefits of a behavioral strategy mindset, and that this should be the mindset of a responsible strategic leader. Practical implications - This study presents a demonstration of analytical, debate and organizational debiasing techniques and how they are being used in real-world settings, specifically military intelligence, Mergers and acquisitions deal-making, resource allocation and capital projects. Social implications - Behavioral strategy has broad application in private and public sectors. It has proven practical value in various settings, for example, the application of reference class forecasting in large infrastructure projects. Originality/value - A conceptual review of behavioral strategy in the wild.

Keywords: Strategic management; Cognitive bias; Behavioral bias; Behavioral strategy; Counteraction; Countermeasure; Debias (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:mrrpps:mrr-12-2021-0876

DOI: 10.1108/MRR-12-2021-0876

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