The purpose of this paper is to apply the cognitive research of Herbert Simon to business strategy decisions, to begin a discussion of the emerging field of Behavioral Strategy.
Research on cognition, memory and expertise are organized, with the aim of enlightening the process of business strategy development.
The authors select four insights from Simon's work to form an integrative framework of decision making and apply this to illuminate existing approaches to schools of strategy thought and practice.
This paper should lead to research on how to advance the process of solving strategic problems, in both practice and theory. The most important limitation is that much additional research lies ahead, as this is a foundational view.
This paper is the first to recognize the potential for application of Simon's cognitive research to the practice of strategic decisions.
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