Cognitive simplification processes in strategic decision-making

Strategic decision-making can be viewed as a special kind of decision-making under uncertainty. Such decision-making involves the activities of goal formulation, problem identification, alternatives generation, and evaluation/selection. Researchers in cognitive psychology and behavioural decision th...

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Bibliographic Details
Published inStrategic management journal Vol. 5; no. 2; pp. 111 - 128
Main Author Schwenk, Charles R.
Format Journal Article
LanguageEnglish
Published Chichester John Wiley & Sons, Ltd 01.04.1984
John Wiley and Sons
John Wiley
Wiley Periodicals Inc
Subjects
Behavioral decision theory
Cognitive
Cognitive processes
Cognitive psychology
Corporate strategies
Decision making
Decision making models
Focalism
Heuristics
Laboratories
Normativity
Overestimates
Problem sets
Processes
Reasoning
Simplification
Strategic
Strategic planning
Uncertainty
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Summary:Strategic decision-making can be viewed as a special kind of decision-making under uncertainty. Such decision-making involves the activities of goal formulation, problem identification, alternatives generation, and evaluation/selection. Researchers in cognitive psychology and behavioural decision theory have identified a number of cognitive simplification processes which may affect the way decision-makers perform these tasks. Within this paper, the research on these processes is summarized and their possible effects on strategic decision-making are discussed. Implications for future research in this area are also drawn.
Bibliography:ArticleID:SMJ4250050203
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istex:04D13EDBEA6130FCA44CF86612871755E9A07633
ISSN:0143-2095
1097-0266
DOI:10.1002/smj.4250050203