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

Research output: Contribution to journalArticlepeer-review

38 Scopus citations


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 languageEnglish (US)
Pages (from-to)405-421
Number of pages17
JournalMarketing Letters
Issue number2
StatePublished - Jun 2012


  • Behavioral economics
  • Managerial decision-making


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