Nicolao Bonini, Konstantinos Hadjichristidis, Michele Graffeo

Intuitive managerial decision-making

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According to dual process theories people have two ways of deciding: one based on analysis and one based on intuition. Decision based on analysis involves cognitive processes that are slow, deliberate, effortful, serial, and conscious. Decision based on intuition involves processes that are fast, automatic, effortless, parallel, and opaque. The rational theory of choice assumes choice based on analysis. In this article we present experimental research on decision anomalies (such as, reversal of preferences based on how options are framed, described or elicited), which can be explained with reference to elements of intuitive choice. We also discuss experimental evidence (e.g., anchoring and adjustment effects, evidence for the likeability heuristic), which demonstrates that certain choices are predominantly based on intuition. Research on intuitive choice carries important implications for consumer protection law.

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