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Managerial Decision-Making in Non-Market Environments: A Survey Experiment

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Author Info
De Figueiredo, John M.
De Figueiredo, Rui J. P. Jr.
Abstract

In this paper we consider a number of experiments to determine whether aspiring managers can solve non-market strategy problems. Conducting a survey of nearly 300 MBA students, we show that with simple, single-stage problems, managers are very competent in reaching the optimal choice given their non-market environment. As problems become more complex, however, they have much greater difficulty in arriving at the optimal result. In this regard, analysts must use some caution when evaluating empirical results and applying theoretical results.

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File URL: http://hdl.handle.net/1721.1/701
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Paper provided by Massachusetts Institute of Technology (MIT), Sloan School of Management in its series Working papers with number 4246-02.

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Date of creation: 07 Jun 2002
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Handle: RePEc:mit:sloanp:701

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), SLOAN SCHOOL OF MANAGEMENT, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
Phone: 617-253-2659
Web page: http://mitsloan.mit.edu/
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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), SLOAN SCHOOL OF MANAGEMENT, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA

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Keywords: Decision-Making; Managers; Survey Experiment;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Viscusi, W Kip, 1999. "How Do Judges Think about Risk?," American Law and Economics Review, Oxford University Press, vol. 1(1-2), pages 26-62, Fall.
  2. Smith, Vernon L, 1989. "Theory, Experiment and Economics," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 151-69, Winter. [Downloadable!] (restricted)
  3. John M. de Figueiredo & Brian S. Silverman, 2002. "Academic Earmarks and the Returns to Lobbying," NBER Working Papers 9064, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  5. Witold J. Henisz & Bennet A. Zelner, 2001. "The Institutional Environment for Telecommunications Investment," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 10(1), pages 123-147, 03. [Downloadable!] (restricted)
  6. Colin Camerer & Dan Lovallo, 1999. "Overconfidence and Excess Entry: An Experimental Approach," American Economic Review, American Economic Association, vol. 89(1), pages 306-318, March. [Downloadable!] (restricted)
  7. Benjamin E. Hermalin & Alice M. Isen, 2000. "The Effect of Affect on Economic and Strategic Decision Making," Method and Hist of Econ Thought 9912001, EconWPA. [Downloadable!]
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  8. Cox, James C & Smith, Vernon L & Walker, James M, 1988. " Theory and Individual Behavior of First-Price Auctions," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 61-99, March.
  9. Cachon, Gerard P & Camerer, Colin F, 1996. "Loss-Avoidance and Forward Induction in Experimental Coordination Games," The Quarterly Journal of Economics, MIT Press, vol. 111(1), pages 165-94, February. [Downloadable!] (restricted)
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  1. De Figueiredo, John M. & De Figueiredo, Rui J. P. Jr., 2002. "The Allocation of Resources by Interest Groups: Lobbying, Litigation and Administrative Regulation," Working papers 4247-02, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  2. repec:bep:buspol:4:2002:2:161-181 is not listed on IDEAS
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