Abstract
This entry aims to connect behavioural research on decision-making over a number of decades to the field of strategic management. This intersection has not been as fully developed as it could be and hence presents rich opportunities for improving strategic decision-making in and by organizations. We shall cover both individual and organizational findings using our four-phased decision framework (Russo, J.E., and Schoemaker, P.J.H. Winning decisions: Getting it right the first time. New York: Doubleday, 2002), with special links to the domain of strategic decisions. These include corporate strategic choices as well as adopting a strategic approach to making tactical and even operational decisions in organizations.
This entry was originally published on Palgrave Connect under ISBN 978-1-137-49190-9. The content has not been changed.
This is a preview of subscription content, log in via an institution to check access.
References
Allison, G.T. 1971. Essence of decisions: Explaining the Cuban missile crisis. Boston: Little, Brown.
Ashby, W.R. 1956. Introduction to cybernetics. New York: Wiley.
Bower, J.L. 1971. Managing the resource allocation process. Cambridge, MA: Harvard University Press.
Cohen, M.D., J.G. March, and J.P. Olsen. 1972. A garbage can model of organizational choice. Administrative Science Quarterly 17: 1–25.
Einhorn, H., and R. Hogarth. 1986. Decision making under ambiguity. Journal of Business 59: S225–S250.
Ellsberg, D. 1961. Risk, ambiguity and the savage axioms. Quarterly Journal of Economics 75: 643–669.
Gulliver, F. 1987. Post-project appraisals pay. Harvard Business Review 65: 128–132.
Janis, I. 1982. Groupthink. Boston: Houghton Mifflin.
Kahneman, D., and G. Klein. 2009. Conditions for intuitive expertise: A failure to disagree. American Psychologist 64: 515–526.
Kahneman, D., and A. Tversky. 1979. Prospect theory. Econometrica 47: 263–292.
Kahneman, D., P. Slovic, and A. Tversky (eds.). 1982. Judgment under uncertainty: Heuristics and biases. New York: Cambridge University Press.
Kaplan, R.S. 1986. Must CIM be justified by faith alone? Harvard Business Review 64: 87–95.
Kets de Vries, M.F.R., and D. Miller. 1987. Unstable at the top. New York: NAL Books.
Klayman, J., J.B. Soll, C. Gonzalez-Vallejo, and S. Barlas. 1999. Overconfidence: It depends on how, what, and whom you ask. Organizational Behavior and Human Decision Processes 79: 216–247.
March, J.G. 1988. Decisions and organizations. Oxford: Basil Blackwell.
Mason, R.O., and I.I. Mitroff. 1981. Challenging strategic planning assumptions. Chichester: Wiley-Interscience.
O’Reilly, C.A., and M. Tushman. 2004. The ambidextrous organization. Harvard Business Review 82: 74–83.
Russo, J.E., and P.J.H. Schoemaker. 1992. Managing overconfidence. Sloan Management Review 33: 7–17.
Russo, J.E., and P.J.H. Schoemaker. 2002. Winning decisions: Getting it right the first time. New York: Doubleday.
Schoemaker, P.J.H. 1990. Strategy, complexity and economic rent. Management Science 36: 1178–1192.
Schoemaker, P.J.H. 1993. Strategic decisions in organizations. Journal of Management Studies 30: 107–129.
Schultze, T., F. Pfeiffer, and S. Schulz-Hardt. 2012. Biased information processing in the escalation paradigm. Journal of Applied Psychology 97: 16–32.
Senge, P.M. 1990. The leader’s new work: Building learning organizations. Sloan Management Review 19: 7–23.
Thaler, R.H. 1980. Towards a positive theory of consumer choice. Journal of Economic Behavior & Organization 1: 39–60.
Tversky, A., and D. Kahneman. 1974. Judgment under uncertainty: Heuristics and biases. Science 185: 1124–1131.
Tversky, A., and D. Kahneman. 1986. Rational choice and the framing of decisions. Journal of Business 59: S251–S284.
Weber, E.U., and E.J. Johnson. 2009. Mindful judgment and decision making. Annual Review of Psychology 60: 53–85.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Copyright information
© 2016 The Author(s)
About this entry
Cite this entry
Schoemaker, P.J.H., Russo, J.E. (2016). Decision-Making. In: Augier, M., Teece, D. (eds) The Palgrave Encyclopedia of Strategic Management. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-94848-2_341-1
Download citation
DOI: https://doi.org/10.1057/978-1-349-94848-2_341-1
Received:
Accepted:
Published:
Publisher Name: Palgrave Macmillan, London
Online ISBN: 978-1-349-94848-2
eBook Packages: Springer Reference Business and ManagementReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences