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
Date Written: September 1, 2011
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
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