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The Impact of Behavioral Economics on Managerial Decision-Making

Purpose and Rationale
Investigate how insights from behavioral economics influence managerial decision-making. This topic is significant because traditional economic models often assume rational behavior, but real-world decisions are frequently affected by cognitive biases and emotions (Kahneman, D. (2011). Understanding these influences can help managers make more effective decisions, improve organizational performance, and enhance strategic planning.

Interest and Objectives

The interest in my research stems from a desire to bridge the gap between theoretical economic models and practical managerial applications. I aim to explore how behavioral economics can provide managers with tools to recognize and mitigate biases, leading to better decision outcomes (Thaler et al., C. R. (2008). Specifically, the research will focus on identifying common cognitive biases, such as confirmation and anchoring biases in managerial settings, analyzing their impact on decision-making processes, and proposing strategies to counteract them.

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