The Heuristics and Biases of Top Managers: Past, Present, and Future

Gerard P. Hodgkinson (), Barbara Burkhard, Nicolai J. Foss, Dietmar Grichnik, Riikka M. Sarala, Yi Tang and Marc van Essen ()
Additional contact information
Gerard P. Hodgkinson: University of Manchester [Manchester]
Barbara Burkhard: Aalto University (Finland, Espoo)
Nicolai J. Foss: CBS - Copenhagen Business School [Copenhagen]
Dietmar Grichnik: University of St.Gallen (Switzerland, Saint Gallen) - HSG
Riikka M. Sarala: University of North Carolina at Greensboro (United States, Greensboro) - UNCG
Yi Tang: HKU - The University of Hong Kong
Marc van Essen: University of South Carolina [Columbia]

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Abstract: Psychology-grounded research on heuristics and biases in decision making has become increasingly influential in the field of management studies. However, although this line of inquiry is recognized as a valuable perspective for advancing understanding of decision processes in the upper echelons of firms, extant research remains unbalanced, the bulk of previous endeavours having been focused on managerial overconfidence, with insights from more recent dual-process theory and ecological rationality conceptions of heuristics less explored. This introductory article to the special issue of the Journal of Management Studies, entitled 'the heuristics and biases of top managers: Past, present, and future', offers a reflective review of prior work addressing its focal theme and places the articles incorporated into the special issue within this broader context. In addition, it sets out a number of directions for future work, with a view to inspiring the continuing advancement of conceptual and empirical knowledge and management practice.

Keywords: decision making; heuristics and biases; managerial and organizational cognition; rationality; risk and uncertainty; upper echelons (search for similar items in EconPapers)
Date: 2023-07-01
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Published in Journal of Management Studies, 2023, 60 (5), pp.1033 - 1063. ⟨10.1111/joms.12937⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05656790

DOI: 10.1111/joms.12937

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