Cognitive Biases and Strategic Decision-Making: A Self-Regulation Perspective
Type
conference paper
Date Issued
2021
Author(s)
Abstract
Entrepreneurs are prone to various cognitive biases which distort their learning and information processing. These biases vary considerably among entrepreneurs and impact information processing during strategic decision-making. While research has examined the outcomes of cognitive biases, there is a lack of knowledge on how cognitive biases impact entrepreneurial decision-making processes. To address this gap, we analyze how cognitive biases impact information processing during decision-making processes. Furthermore, we discuss how entrepreneurs can self-regulate the effects of overconfidence and attribution bias in more detail. We discern functions of cognitive biases across different entrepreneurial situations and suggest that entrepreneurs with high self-regulation are able to adapt to specific situations by monitoring and controlling their cognition and affect.
Language
English
HSG Classification
None
Event Title
Academy of Management Annual Meeting (AOM) 2021 "Bringing the Manager Back in Management"
Event Location
virtual
Event Date
29.07.2021-04.08.2021
Subject(s)
Contact Email Address
Julian.Kolbe@unisg.ch
Eprints ID
263798