Marketing Letters

, Volume 23, Issue 2, pp 405–421 | Cite as

Behavioral models of managerial decision-making

  • Avi GoldfarbEmail author
  • Teck-Hua Ho
  • Wilfred Amaldoss
  • Alexander L. Brown
  • Yan Chen
  • Tony Haitao Cui
  • Alberto Galasso
  • Tanjim Hossain
  • Ming Hsu
  • Noah Lim
  • Mo Xiao
  • Botao Yang


This paper reviews the literature that applies behavioral economic models to managerial decisions. It organizes the literature into research that focuses on alternative utility functions and research that focuses on non-equilibrium models. Generally, behavioral models have seen less application to manager decisions than to consumer decisions and therefore there are many opportunities to develop new theoretical models, new laboratory experiments, and new field applications. The application of these models to field data is particularly underdeveloped.


Behavioral economics Managerial decision-making 


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Copyright information

© Springer Science+Business Media, LLC 2012

Authors and Affiliations

  • Avi Goldfarb
    • 1
    Email author
  • Teck-Hua Ho
    • 2
  • Wilfred Amaldoss
    • 3
  • Alexander L. Brown
    • 4
  • Yan Chen
    • 5
  • Tony Haitao Cui
    • 6
  • Alberto Galasso
    • 1
  • Tanjim Hossain
    • 1
  • Ming Hsu
    • 2
  • Noah Lim
    • 7
  • Mo Xiao
    • 8
  • Botao Yang
    • 9
  1. 1.Rotman School of ManagementUniversity of TorontoTorontoCanada
  2. 2.Haas School of BusinessUniversity of CaliforniaBerkeleyUSA
  3. 3.Fuqua School of BusinessDuke UniversityDurhamUSA
  4. 4.Department of EconomicsTexas A&M UniversityCollege StationUSA
  5. 5.School of InformationUniversity of MichiganAnn ArborUSA
  6. 6.Carlson School of ManagementUniversity of MinnesotaMinneapolisUSA
  7. 7.Wisconsin School of BusinessUniversity of Wisconsin-MadisonMadisonUSA
  8. 8.Eller College of ManagementUniversity of ArizonaTucsonUSA
  9. 9.Marshall School of BusinessUniversity of Southern CaliforniaLos AngelesUSA

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