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Conference Proceeding

Strategizing with biases: Engineering choice contexts for better decisions using the MINDSPACE

Academy of Management Proceedings 2017 (1)
Chengwei Liu, Ivo Vlaev, Christina Fang, Jerker C. Denrell, Nick Chater (2017)
Subject(s)
Human resources management/organizational behavior
Keyword(s)
Choice architecture, desicion biases, Mindspace
We introduce strategists to the Mindspace framework and explore its applications in strategic contexts. This framework consists of nine effective behavioral interventions which are grounded in the public policy applications, and focuses on how changing the context can be more effective than attempts to de-bias decision-makers. Behavioral changes are likely when we follow rather than fight human nature. Better decisions can be achieved by engineering choice contexts to “engage a bias” to overcome a more damaging bias. We illustrate how to engineer strategic contexts through two case studies and outline directions and challenges when applying Mindspace to strategic decisions.
With permission of the Academy of Management
Volume
2017
ISSN (Online)
2151-6561
ISSN (Print)
0065-0668