Implications of Cognitive Biases for Management Models: Biases in Individuals as a Source of Corporate Irrationality
The field of Cognitive Psychology has discovered a large number of automatic and systematic errors of judgement that humans make. These are called cognitive biases and cause irrational behavior in diverse contexts. Prior research has found that cognitive biases can cause irrational behavior in companies. For example company functions, such as planning, have been found to suffer from systematic err
