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Behavioral Models of Managerial Decision-Making

Marketing Letters, Vol. 23, pg. 405-421, 2012

25 Pages Posted: 27 Feb 2012 Last revised: 9 Jun 2012

Avi Goldfarb

University of Toronto - Rotman School of Management

Teck H. Ho

affiliation not provided to SSRN

Wilfred Amaldoss

Duke University - Fuqua School of Business

Alexander L. Brown

Texas A&M University - Department of Economics

Yan Chen

affiliation not provided to SSRN

Tony Haitao Cui

University of Minnesota - Twin Cities

Alberto Galasso

University of Toronto - Rotman School of Management; University of Toronto - Strategic Management

Tanjim Hossain

University of Toronto

Ming Hsu

University of California, Berkeley - Haas School of Business

Noah Lim

University of Houston - C.T. Bauer College of Business

Mo Xiao

University of Arizona - Eller College of Management - Department of Economics

Botao Yang

University of Southern California - Marshall School of Business

Date Written: September 1, 2011

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.

Keywords: behavioral economics, managerial decision-making

Suggested Citation

Goldfarb, Avi and Ho, Teck H. and Amaldoss, Wilfred and Brown, Alexander L. and Chen, Yan and Cui, Tony Haitao and Galasso, Alberto and Hossain, Tanjim and Hsu, Ming and Lim, Noah and Xiao, Mo and Yang, Botao, Behavioral Models of Managerial Decision-Making (September 1, 2011). Marketing Letters, Vol. 23, pg. 405-421, 2012 . Available at SSRN: https://ssrn.com/abstract=2011559 or http://dx.doi.org/10.2139/ssrn.2011559

Avi Goldfarb

University of Toronto - Rotman School of Management ( email )

105 St. George Street
Toronto, Ontario M5S 3E6 M5S1S4
Canada
416-946-8604 (Phone)
416-978-5433 (Fax)

Teck H. Ho

affiliation not provided to SSRN

Wilfred Amaldoss

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States
919-660-1894 (Phone)

Alexander L. Brown

Texas A&M University - Department of Economics ( email )

4228 TAMU
College Station, TX 77843-4228
United States
979-862-8084 (Phone)
979-847-8757 (Fax)

HOME PAGE: http://econweb.tamu.edu/abrown/

Yan Chen

affiliation not provided to SSRN ( email )

Tony Haitao Cui

University of Minnesota - Twin Cities ( email )

321 19th Ave S
Suite 3-150
Minneapolis, MN 55455
United States

Alberto Galasso (Contact Author)

University of Toronto - Strategic Management ( email )

105 St George Street
Toronto, ON M5S 1L2
Canada

University of Toronto - Rotman School of Management ( email )

105 St. George Street
Toronto, Ontario M5S 3E6 M5S1S4
Canada

HOME PAGE: http://www.rotman.utoronto.ca/facbios/viewFac.asp?facultyID=alberto.galasso

Tanjim Hossain

University of Toronto ( email )

Department of Statistical Sciences
Toronto, Ontario M5S 3G8
Canada

Ming Hsu

University of California, Berkeley - Haas School of Business ( email )

545 Student Services Building, #1900
2220 Piedmont Avenue
Berkeley, CA 94720
United States

Noah Lim

University of Houston - C.T. Bauer College of Business ( email )

Houston, TX 77204-6021
United States

Mo Xiao

University of Arizona - Eller College of Management - Department of Economics ( email )

McClelland Hall
P.O. Box 210108
Tucson, AZ 85721-0108
United States

Botao Yang

University of Southern California - Marshall School of Business ( email )

3660 Trousdale Parkway, ACC 306E
Department of Marketing
Los Angeles, CA 90089-0443
United States

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