Artikel
Bounded rationality in decision making: An analysis of the decision-making biases
Decision-making is a multidisciplinary and ubiquitous phenomenon in organizations, and it can be observed at the individual, group, and organizational levels. Decision making plays, however, an increasingly important role for the manager, whose cognitive competence is reflected in his ability to identify potential opportunities, to immediately detect and solve the problems he faces, and to predict and prevent future threats. Nevertheless, to what extent do managers of the most diverse sectors and industries continue to rely on false knowledge when they have better strategies at their disposal? The present article proposes, through the application of bibliographically based instruments, the diagnosis of three prominent biases - overconfidence, optimism, and anchoring effect - in managers of the Portuguese port sector, as well as also seeking to establish a comparative analysis with the conclusions already documented in relation to the Brazilian civil construction sector. In addition, and in view of the results obtained, this paper also provides a set of measures capable of contributing to the mitigation of the effects of these and other biases, and, in this way, to the improvement of the decisions of said managers.
- Language
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Englisch
- Bibliographic citation
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Journal: Verslas: Teorija ir praktika / Business: Theory and Practice ; ISSN: 1822-4202 ; Volume: 21 ; Year: 2020 ; Issue: 2 ; Pages: 654-665 ; Vilnius: Vilnius Gediminas Technical University
- Classification
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Management
Personnel Management; Executives; Executive Compensation
Corporate Culture; Diversity; Social Responsibility
Personnel Economics: Labor Management
- Subject
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biases
overconfidence
optimism
anchoring effect
port sector
- Event
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Geistige Schöpfung
- (who)
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Jordão, Ana Rita
da Costa, Renato J. Lopes
Dias, Álvaro Lopes
Pereira, Leandro
Santos, José Pedro
- Event
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Veröffentlichung
- (who)
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Vilnius Gediminas Technical University
- (where)
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Vilnius
- (when)
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2020
- DOI
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doi:10.3846/btp.2020.11154
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Jordão, Ana Rita
- da Costa, Renato J. Lopes
- Dias, Álvaro Lopes
- Pereira, Leandro
- Santos, José Pedro
- Vilnius Gediminas Technical University
Time of origin
- 2020
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