THE USE OF HEURISTICS IN BUSINESS DECISIONS
Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2017, vol. 11, issue 1, 1046-1053
In today’s business environment, the game changes incredibly fast, new types of challenges arise more and more often, assessing unfamiliar context and making decisions under uncertainty becomes a daily routine for any manager. Therefore, heuristics (viewed as simple decision-making algorithms) can be a useful tool for many categories of business professionals. This paper provides a review of the different ways that the scientific community analyzes heuristics in business, focusing particularly on the conscious (rational) vs. unconscious (irrational) approach; it draws upon the analogy between heuristics, proverbs and memes (as defined by Richard Dawkins) in their capacity to replicate and adapt; it also discusses, based on a narrow scope research on Romanian business professionals, the limits of heuristics and also the favorable conditions under which heuristics can become decision rules shared throughout the organization.
Keywords: decisions under uncertainty; heuristics; memes; policy (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:11:y:2017:i:1:p:1046-1053
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