A journey around decision-making: Searching for the "big picture" across disciplines. Issue 1 (February 2021)

• Record Type: Journal Article
• Authors: Adinolfi, Paola
• Is Part Of: European management journal. Volume 39:Issue 1(2021)
• Page Start: 9
• Page End: 21
• Publication Date: 2021-02
• Subjects: Managerial decision-making -- Complexity theory -- Evolutionary theory -- Intuition -- Emergence -- Managerial education; Management -- Periodicals; Management -- Europe -- Periodicals; Gestion -- Périodiques; Gestion -- Europe -- Périodiques; Management; Europe; Periodicals; Electronic journals; 658.0094
• DOI: 10.1016/j.emj.2020.06.003
• Languages: English
• ISSNs: 0263-2373

Abstract

Abstract: This paper carries out an interdisciplinary literature review to develop an updated framework that integrates all aspects of decision-making. It proposes a framework that combines the evolutionary perspective with the complexity theory to integrate the ontological communalities between the examined disciplines (operational research, psychology and management). Decision-making is regarded as a systemic, multi-tiered information-based process, founded on the interaction of the decision-maker with the environment in a sort of learning path which co-evolves through variation–selection–retention mechanisms nourished by environmental feedback. Such a complex-coevolutionary perspective provides valuable insights concerning some as-yet-unexplored aspects of decision-making, such as inter- and intra-individual differences in decision-making, as well as the interaction of 'rational' and 'intuitive' processes or some contradictory evidence (regarding 'fractionated expertise' and 'escalation of commitment'). Practical implications on management education are highlighted, as well as methodological limitations and needs for further studies. The journey is not yet over and probably never will be, but, from an evolutionary perspective, it is the journey, not the arrival, that matters.