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Behavioral Models of Managerial Decision-MakingAvi GoldfarbUniversity of Toronto - Rotman School of Management Teck H. Hoaffiliation not provided to SSRN Wilfred AmaldossDuke University - Fuqua School of Business Alexander L. BrownTexas A&M University - Department of Economics Yan Chenaffiliation not provided to SSRN Tony Haitao CuiUniversity of Minnesota - Twin Cities Alberto GalassoUniversity of Toronto - Rotman School of Management Tanjim HossainUniversity of Toronto Ming HsuUniversity of California, Berkeley - Haas School of Business Noah LimUniversity of Houston - C.T. Bauer College of Business Mo XiaoUniversity of Arizona - Eller College of Management - Department of Economics Botao YangUniversity of Southern California - Marshall School of Business September 1, 2011 Marketing Letters, Vol. 23, pg. 405-421, 2012 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.
Number of Pages in PDF File: 25 Keywords: behavioral economics, managerial decision-making Accepted Paper SeriesDate posted: February 27, 2012 ; Last revised: June 9, 2012Suggested CitationContact Information
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