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In a work environment marked by unprecedented complexity, volatility and ambiguity, managers must accomplish their objectives while navigating many challenges. This paper aims to investigate potential interrelations among environmental transformations, cognitive biases and strategic decisions. In particular, the purpose of the study is to crystallize the state of art on the impact of cognitive biases on strategic decisions, in the context of environmental transformations.

The authors have conducted a systematic literature review to identify existing relevant work on this topic and to detect potential avenues for future research.

The findings highlight how decision-making is influenced and enabled by internal (e.g. perception) and external factors (e.g. digitalization). Specifically, the strategic role of cognitive biases appears to be crucial when investigating the related impact on strategic decisions in times of environmental transformation.

Implications are drawn for scholars and practitioners interested in evaluating the role of specific decision-making determinants for the formation and implementation of strategic decisions. In this sense, we stress that decision-makers need to manage their cognitive biases and select the right information out of a wide data set in order to adapt to environmental transformations.

By systematizing the literature review, potential interrelations among environmental transformations, cognitive biases and strategic decisions are identified. Furthermore, the primary phases that drive the decision-making process are proposed (analysis, decision, onboarding and control).

While some studies have found that cognitive biases are detrimental to entrepreneurial performance, others have conjectured that cognitive biases may stimulate entrepreneurial action. This study uses a typology of availability and representative heuristics to examine how two patterns of biases affect entrepreneurial performance. Drawing on ideas from cognitive science, this study predicts that various levels of biases in each pattern stimulate entrepreneurial behavior and performance.

A profile-deviation approach was employed to analyze data from 253 entrepreneurs and zero-truncated Poisson regression and the zero-truncated negative binomial regression to test hypotheses.

This study finds some positive associations between a particular level of cognitive biases in each of the two patterns and entrepreneurial behavior and performance. Results show that the patterns of biases often stimulate and never hurt entrepreneurial behavior and performance. The opposite holds for a lack of cognitive biases, which hurts and never stimulates entrepreneurial behavior and performance.

This study examines patterns of cognitive biases of entrepreneurs instead of single biases. The study broadens the perspective on the heuristics and cognitive biases of entrepreneurs by examining patterns of biases emanating from the availability and the representativeness heuristic that make a difference for entrepreneurial behavior and performance. The study also brings the “great rationality debate” closer to the entrepreneurship field by showing that a normative rule based on statistics and probability theory does not benefit entrepreneurial behavior and performance.

Expert evaluation is the backbone of the multi-criteria decision-making (MCDM) techniques. The experts make pairwise comparisons between criteria or alternatives in this evaluation. The mainstream research focus on the ambiguity in this process and use fuzzy logic. On the other hand, cognitive biases are the other but scarcely studied challenges to make accurate decisions. The purpose of this paper is to propose pilot filters – as a debiasing strategy – embedded in the MCDM techniques to reduce the effects of framing effect, loss aversion and status quo-type cognitive biases. The applicability of the proposed methodology is shown with analytic hierarchy process-based Technique for Order-Preference by Similarity to Ideal Solution method through a sustainable supplier selection problem.

The first filter's aim is to reduce framing bias with restructuring the questions. To manipulate the weights of criteria according to the degree of expected status quo and loss aversion biases is the second filter's aim. The second filter is implemented to a sustainable supplier selection problem.

The comparison of the results of biased and debiased ranking indicates that the best and worst suppliers did not change, but the ranking of suppliers changed. As a result, it is shown that, to obtain more accurate results, employing debiasing strategies is beneficial.

To the best of the author's knowledge, this approach is a novel way to cope with the cognitive biases. Applying this methodology easily to other MCDM techniques will help the decision makers to take more accurate decisions.

Specialty drug development is capital‐intensive and represents a new era for the entire health ecosystem. This “newness” has resulted in below‐par sales performance of these drugs. This paper seeks to explore the intricate relationship of product (or company), salespersons, doctors and consumers (patients) in the given scenario.

The study makes use of grounded theory and total interpretive structural modeling (TISM). Grounded theory is used to explore various factors of cognitive bias in selling specialty drugs. TISM is used to create a hierarchy amongst the factors and interpret the relationships amongst them.

The study proposes a cognitive bias amplification model explaining the phenomenon of cognitive bias in specialty pharmaceutical selling.

The study fills part of the significant research gap and addresses the issues in selling specialty drugs. The cognitive bias amplification model is helpful in providing the starting point for sales‐centric organizations to overcome the cognitive bias affecting salespersons.

The purpose of this paper is to explore the role of four cognitive biases, namely, selective perception, exposure to limited alternatives, adjustment and anchoring, and illusion of control in anticipating and responding to Distributed-Denial-of-Service (DDoS) attacks.

The paper is based on exploratory case study research and secondary data on decision making in the Australian Bureau of Statistics (ABS) in regards to planning and managing DDoS attacks on Census day in 2016.

Cognitive biases limited the ABS’s awareness of the eCensus system’s vulnerabilities, preparation for and management of DDoS attacks. Cyberattacks are on the increase, and managers should expect and be prepared to deal with them.

Due to the sensitivity of the topic, it was not possible to interview relevant stakeholders. Analysis is based on high-quality secondary data that includes comprehensive government reports investigating the events on Census day.

Cyberattacks are inevitable and not an aberration. A checklist of actions is identified to help organisations avoid the failures revealed in the case study. Managers need to increase their awareness of cyberattacks, develop clear processes for dealing with them and increase the robustness of their decision-making processes relating to cybersecurity.

This the authors believe that it is the first major study of the DDoS attacks on the Australian census. DDoS is a security reality of the twenty-first century and this case study illustrates the significance of cognitive biases and their impact on developing effective decisions and conducting regular risk assessments in managing cyberattacks.

Introduction – Markowitz (1952) argues that individuals act rationally in their financial decisions. In contrast, Kahneman and Tversky (1979) claim that the psychological characteristics of people significantly affect financial decisions. In making these decisions, factors such as age, gender, and educational status may have an impact.

Purpose – The purpose of this study is to determine whether financial literacy has an impact on individuals’ cognitive biases related to financial investments.

Methodology – A sample of 444 individuals were surveyed.

Findings – In the results of study (1) it was determined that financial literacy leads to differences in cognitive biases; and (2) cognitive biases of individuals who do not receive finance education are different from individuals who receive finance education and professionals in the business world. The findings indicate that the increase in the level of financial literacy of individuals will reduce the cognitive biases and heuristics, and therefore will have a positive effect on the investor behavior in financial markets.

This paper aims to study how biases in decision-making processes could be reduced. In this vein, over the past 30 years, scholars interested in decision-making have been raising their interest in the development of quality control tools to mitigate the effects of cognitive distortions. However, they have often neglected the use of psychological instruments for understanding the role of decision-makers’ personality in the quality of the decision-making processes.

This is an intrinsic case study about an Italian complex organization (i.e. Consorzio ELIS) which tries to shed light on the identified research question. Three decision-makers responsible for the decision processes of three new business initiatives were interviewed using a recent quality control tool (i.e. checklist) and their personality types were tracked by performing MBTI® tests. The thematic analysis, approached by using NVivo software, and after six months of direct observations inside the organization, allowed an understanding of the decision processes and their distortions.

The results of this study show how initiatives with frequent quality control mechanisms and different stakeholders are more able to pass the decision phase than initiatives with no controls, few participants and little difference between personalities.

The results of this work show how reducing biases of decision-making processes in complex organizations can benefit from the simultaneous use of the checklist and MBTI® test. As demonstrated, when used together, they can make more effective use of and provide better results for both, as well as providing a better quality control of the decision-making processes. From that, an approach is proposed that both takes into account the two perspectives and can work together with other cognitive problem structuring methods.

Although microblogs have become an important information source, the credibility of their postings is still a critical concern due to the open and unregulated nature. To understand the antecedents of microblog information credibility, the purpose of this paper is to investigate the dual-role of cognitive heuristics (i.e. the additivity and bias roles) and the effect of gender differences.

This study collected data via an online field survey of active microblog users, and a total of 204 valid responses was received.

This study demonstrates the dual-role of source credibility and vividness, the additivity role of microblog platform credibility, and the bias role of social endorsement. Furthermore, this study also found out gender difference that the additivity role of cognitive heuristics was stronger for men while bias role was stronger for women.

This research enriches the microblog literature by examining the cognitive heuristic determinants as key predictors of microblog information credibility, and contributes to the information credibility literature by identifying and analyzing the dual-role effect of cognitive heuristics and corresponding gender differences.

This study can help organizations better manage their reputation, especially during the reputation crises, and also serves as a reminder to microblog platform operators of the importance of their microblog platform credibility.

This study can help organizations better manage their reputation, especially during the reputation crises, and serves as a reminder to the microblog platform operators of the importance of their microblog platform credibility.

This study investigates the dual-role effect of cognitive heuristics (i.e. the additivity role and bias role) and corresponding gender differences that are less touched on before, and thus provides a more nuanced understanding of the more complex effects of cognitive heuristics.

This paper aims to analyze some of the epistemically pernicious effects of the use of the internet and social media. In light of this analysis, it introduces the concept of epistemic pornography and argues that epistemic agents both can and should avoid consuming and sharing epistemic pornography.

The paper draws on research on epistemic virtue, cognitive biases, social media use and its epistemic consequences, fake news, paternalistic nudging, pornography, moral philosophy, moral elevation and moral exemplar theory to analyze the epistemically pernicious effects of the internet and social media.

There is a growing consensus that the internet and social media activate and enable human cognitive biases leading to what are here called “failures of epistemic virtue.” Common formulations of this problem involve the concept of “fake news,” and strategies for responding to the problem often have much in common with paternalistic “nudging.” While fake news is a problem and the nudging approach holds out promise, the paper concludes that both place insufficient emphasis on the agency and responsibility of users on the internet and social media, and that nudging represents a necessary but not sufficient response.

The essay offers the concept of epistemic pornography as a concept distinct from but related to “fake news” – distinct precisely because it places greater emphasis on personal agency and responsibility, and following recent literature on moral elevation and moral exemplars, as a heuristic that agents might use to economize their efforts at resisting irrational cognitive biases and attempting to live up to their epistemic duties.

The current work aims to study the discrepancies that arise between the observed stimulus and the perception that managers form this reality. Individuals' bounded rationality, the complexity of the observed reality and the influence of the managers' beliefs are among the factors that give rise to these discrepancies. Thus, one can distinguish between different types of cognitive biases: simplification biases, affective influence biases, and interaction biases.

In the empirical application of this study, and using the narrative approach, this study analyses the opinions offered by CEOs of toy manufacturers about two questions: the current situation of their sector, and their firm's product portfolio.

The study reveals that managers' perceptions do not coincide with the information obtained from other bibliographic sources. Hence the results confirm the presence of biases in their opinions, which derive from simplification processes in the manager's cognitive process and from the influence of their belief schema.

The adoption of the narrative approach determines the limitations of this research. On the other hand, the information used to test the managers' opinions is also the result of a perception process, which undoubtedly entails cognitive biases.

This work examines the cognitive biases that are produced throughout the process of individual perception. Thus, the proposed model of perception stresses the factors that distort individual perception: the complexity of the stimulus and the individual's belief schema.

This research analyses the reliability of managers' opinions using a qualitative methodology that includes various information sources.