Behavioral models of managerial decision-making

Avi Goldfarb; Teck Hua Ho; Wilfred Amaldoss; Alexander L. Brown; Yan Chen; Tony H Cui; Alberto Galasso; Tanjim Hossain; Ming Hsu; Noah Lim; Mo Xiao; Botao Yang

doi:10.1007/s11002-012-9183-4

Behavioral models of managerial decision-making

Avi Goldfarb, Teck Hua Ho, Wilfred Amaldoss, Alexander L. Brown, Yan Chen, Tony H Cui, Alberto Galasso, Tanjim Hossain, Ming Hsu, Noah Lim, Mo Xiao, Botao Yang

Carlson Global Institute

Research output: Contribution to journal › Article › peer-review

39 Scopus citations

Abstract

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.

Original language	English (US)
Pages (from-to)	405-421
Number of pages	17
Journal	Marketing Letters
Volume	23
Issue number	2
DOIs	https://doi.org/10.1007/s11002-012-9183-4
State	Published - Jun 2012

Keywords

Behavioral economics
Managerial decision-making

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10.1007/s11002-012-9183-4

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AU - Chen, Yan

AU - Cui, Tony H

AU - Galasso, Alberto

AU - Hossain, Tanjim

AU - Hsu, Ming

AU - Lim, Noah

AU - Xiao, Mo

AU - Yang, Botao

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AB - 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.

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ER -

Behavioral models of managerial decision-making

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