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This paper aims to develop a conceptual framework on how the representativeness heuristic operates in the decision-making process. Specifically, the authors unbundle representativeness into its building blocks: search rule, stopping rule and decision rule. Furthermore, the focus is placed on how individual-level cognitive and behavioral factors, namely experience, intuition and overconfidence, affect the functioning of this heuristic.

From a theoretical standpoint, the authors build on dual-process theories and on the adaptive toolbox view from the “fast and frugal heuristics” perspective to develop an integrative conceptual framework that uncovers the mechanisms underlying the representativeness heuristic.

The authors’ conceptualization suggests that the search rule used in representativeness is based on analogical mapping from previous experience, the stopping rule is the representational stability of the analogs and the decision rule is the choice of the alternative upon which there is a convergence of representations and that exceeds the decision maker's aspiration level. In this framework, intuition may help the decision maker to cross-map potentially competing analogies, while overconfidence affects the search time and costs and alters both the stopping and the decision rule.

The authors develop a conceptual framework on representativeness, as one of the most common, though still poorly investigated, heuristics. The model offers a nuanced perspective that explores the cognitive and behavioral mechanisms that shape the use of representativeness in decision-making. The authors also discuss the theoretical implications of their model and outline future research avenues that may further contribute to enriching their understanding of decision-making processes.

The purpose of this paper is to examine whether the representativeness of police departments, i.e. the extent to which the demographics of sworn police officers mirror their local constituency’s demographic makeup, has an effect on communities. The study seeks to explain whether community complaints about police use of force are related to the representativeness of the police department.

The study examines the relationships between use of force complaints lodged against a police department and the representativeness of the police vis-à-vis their community using ordinary least squares regression and city fixed-effects models. The stratified sample of 100 large US cities uses data from the US Census Equal Employment Opportunity Survey and the Bureau of Justice Statistics Law Enforcement Management and Administration Statistics Survey from several points-in-time.

The analysis suggests that racial makeup and, to a lesser extent, local residency of police departments might matter in reducing community conflict with police, as represented by use of force complaints. However, the fixed-effects model suggests that unobserved community-level characteristics and context matter more than police departments’ representativeness.

This study seeks to provide a unique perspective and empirical evidence on community conflict with police by integrating the public administration theory of representative bureaucracy with criminal justice theories of policing legitimacy. The findings have implications for urban policing as well as law enforcement human capital and public management practices, which is essential to understand current crises in police-citizen relations in the US, especially in minority communities.

The purpose of this paper is to advance our understanding of the links between the representativeness of the local community by those drafting and elaborating the specification of the geographical indication (GI), the market access and the use of the GI.

The present study followed a comparative research design, building upon primary data from the field works dealing with the elaboration and development of GIs worldwide, from legislations on the protection of GIs and from secondary data, i.e. literature dealing with the elaboration of the GI specifications at case level or national/international level.

The GI is permeable to a multitude of objectives and the management of controversies represent the “price of participatory democracy”, which still needs to be under the umbrella of the justice of peace, the State authority. Representativeness does not necessarily conduct to equity and fairness. It depends on the heterogeneity of the value chain, which might lead to the dilution of the GI specificity. Mandatory membership might not be always the best option Transparency to guarantee the producer’s group works for the common good is essential.

The controversies in the elaboration of the GI product specification are directly induced by the controversies in the management of the GI either by the collective organisation of producers or by the public authority. Issues such as representativeness, mandatory membership, transparency and heterogeneity of the value chain are deeply analysed to understand the functioning of GI producers associations and their limits. The state intervention as justice of the peace appears necessary.

The purpose of this paper is to investigate the effect of heuristic biases, namely, availability bias and representativeness bias on investors’ investment decisions in the Pakistan stock exchange, as well as the moderating role of long-term orientation.

Using a structured questionnaire, a total of 374 responses have been collected from individual investors trading in PSX. The relationship was tested by applying the partial least square structural equation model using SmartPLS 3.2.2. Further, Henseler and Chin’s (2010) product indicator approach for moderation analysis was applied to the data set.

The results revealed that availability bias and representativeness bias have a significant and positive influence on the investment decisions of investors. Furthermore, a significant moderating effect of long term orientation on the effect of representativeness bias on investment decision is observed. This suggests that investors’ long term orientation weaken the effect of representativeness bias on investment decision. However, no significant moderating effect was observed for availability bias.

The paper provides novel insights on the role of heuristic-driven biases on the investment decisions of individual investors in the stock market. Particularly, it enhanced the understanding of behavioral aspects of investment decision-making in an emerging market.

This paper aims to clarify the mechanism by which heuristics influences the investment decisions of individual investors, actively trading on the Pakistan Stock Exchange (PSX), and the perceived efficiency of the market. Most studies focus on well-developed financial markets and very little is known about investors’ behaviour in less developed financial markets or emerging markets. The present study contributes to filling this gap in the literature.

Investors’ heuristic biases have been measured using a questionnaire, containing numerous items, including indicators of speculators, investment decisions and perceived market efficiency variables. The sample consists of 143 investors trading on the PSX. A convenient, purposively sampling technique was used for data collection. To examine the relationship between heuristic biases, investment decisions and perceived market efficiency, hypotheses were tested by using correlation and regression analysis.

The paper provides empirical insights into the relationship of heuristic biases, investment decisions and perceived market efficiency. The results suggest that heuristic biases (overconfidence, representativeness, availability and anchoring) have a markedly negative impact on investment decisions made by individual investors actively trading on the PSX and on perceived market efficiency.

The primary limitation of the empirical review is the tiny size of the sample. A larger sample would have given more trustworthy results and could have empowered a more extensive scope of investigation.

The paper encourages investors to avoid relying on heuristics or their feelings when making investments. It provides awareness and understanding of heuristic biases in investment management, which could be very useful for decision makers and professionals in financial institutions, such as portfolio managers and traders in commercial banks, investment banks and mutual funds. This paper helps investors to select better investment tools and avoid repeating expensive errors, which occur due to heuristic biases. They can improve their performance by recognizing their biases and errors of judgment, to which we are all prone, resulting in a more efficient market. So, it is necessary to focus on a specific investment strategy to control “mental mistakes” by investors, due to heuristic biases.

The current study is the first of its kind, focusing on the link between heuristics, individual investment decisions and perceived market efficiency within the specific context of Pakistan.

The public administration literature on representative bureaucracy identifies several advantages from having a diverse public service workforce, but it has not explicitly focused on leadership. For its part, the public sector leadership literature has largely ignored the issue of gender. The purpose of this paper is to rectify these limitations by advancing the argument that having a representative bureaucracy is fundamentally a leadership issue. Moreover, it assesses the extent to which representativeness has been achieved in the Canadian federal public service.

The paper begins with a discussion of the importance of a representative bureaucracy for democratic governance. In the next section, the case is made that representativeness is fundamentally intertwined with the concept of administrative leadership. Then, the article provides an interpretive case study analysis of the federal public service in Canada, which is the global leader in terms of women's representation in public service leadership positions.

The initial breakthrough for gender representation in the Canadian federal public service was 1995. From that point onward, the proportion of women in the core public administration exceeded workforce availability. However, women continued to be modestly under-represented among the senior leadership cadre throughout the early 2000s. The watershed moment for gender representation in the federal public service was 2011 when the number of women in the executive group exceeded workforce availability for the first time. Significant progress toward greater representativeness in the other target groups has also been made but ongoing vigilance is required.

The study only determines the passive representation of women in the Public Service of Canada and is not able to comment on the extent to which women are substantively represented in federal policy outcomes.

The paper traces the Canadian federal government's progress toward achieving gender representation over time, while commenting on the extent to which the public service reflects broader diversity. In doing so, it explicitly links representation to leadership, which the existing literature fails to do, by arguing that effective administrative leadership is contingent upon having a diverse public service. Moreover, it highlights the importance of gender for public sector leadership, which hitherto has been neglected.

This article aims to systematically review the literature published in recognized journals focused on cognitive heuristic-driven biases and their effect on investment management activities and market efficiency. It also includes some of the research work on the origins and foundations of behavioral finance, and how this has grown substantially to become an established and particular subject of study in its own right. The study also aims to provide future direction to the researchers working in this field.

For doing research synthesis, a systematic literature review (SLR) approach was applied considering research studies published within the time period, i.e. 1970–2021. This study attempted to accomplish a critical review of 176 studies out of 256 studies identified, which were published in reputable journals to synthesize the existing literature in the behavioral finance domain-related explicitly to cognitive heuristic-driven biases and their effect on investment management activities and market efficiency as well as on the origins and foundations of behavioral finance.

This review reveals that investors often use cognitive heuristics to reduce the risk of losses in uncertain situations, but that leads to errors in judgment; as a result, investors make irrational decisions, which may cause the market to overreact or underreact – in both situations, the market becomes inefficient. Overall, the literature demonstrates that there is currently no consensus on the usefulness of cognitive heuristics in the context of investment management activities and market efficiency. Therefore, a lack of consensus about this topic suggests that further studies may bring relevant contributions to the literature. Based on the gaps analysis, three major categories of gaps, namely theoretical and methodological gaps, and contextual gaps, are found, where research is needed.

The skillful understanding and knowledge of the cognitive heuristic-driven biases will help the investors, financial institutions and policymakers to overcome the adverse effect of these behavioral biases in the stock market. This article provides a detailed explanation of cognitive heuristic-driven biases and their influence on investment management activities and market efficiency, which could be very useful for finance practitioners, such as an investor who plays at the stock exchange, a portfolio manager, a financial strategist/advisor in an investment firm, a financial planner, an investment banker, a trader/broker at the stock exchange or a financial analyst. But most importantly, the term also includes all those persons who manage corporate entities and are responsible for making their financial management strategies.

Currently, no recent study exists, which reviews and evaluates the empirical research on cognitive heuristic-driven biases displayed by investors. The current study is original in discussing the role of cognitive heuristic-driven biases in investment management activities and market efficiency as well as the history and foundations of behavioral finance by means of research synthesis. This paper is useful to researchers, academicians, policymakers and those working in the area of behavioral finance in understanding the role that cognitive heuristic plays in investment management activities and market efficiency.

Three hundred and sixty‐seven members of the general public were interviewed in Surrey and Greater London in an attempt to ascertain whether they employed the representativeness heuristic when interpreting the corporate personas of UK building societies and banks. The representativeness heuristic is a simple decision‐making rule whereby an individual draws inferences about an organisation according to how closely it is perceived to resemble other organisations regarded as typical of a particular group (‘banks’ for example). It emerged that many respondents did indeed apply the representativeness heuristic in this context, resulting in their ignoring or paying little attention to a specific item of objectively useful information. The findings of previous research which concluded that building societies have ‘warmer’ and friendlier images than conventional banks are generally supported. An important observation was that building societies which in recent years have converted themselves into banking PLCs are still regarded by large numbers of people as possessing the same image attributes as unconverted building societies.

The purpose of this paper is to propose a framework for describing and evaluating the representativeness of a small set of search results extracted from the original results: this is deemed desirable in information retrieval in enterprise information systems.

The paper proposes a combined measure, namely RF_β, to evaluate the extracted small set in terms of the notions of coverage and redundancy. Data experiments were conducted on three different extraction strategies to evaluate the representativeness, i.e. coverage and redundancy.

Both from intuitive and experimental perspectives, the proposed coverage measure, redundancy measure and RF_β measure could effectively evaluate the representativeness.

The search results, e.g. in the form of documents and texts, are modeled using a vector space model and cosine similarity. Semantic models and linguistic models could be further introduced into this research to improve the proposed measures.

With the rapidly growing need for information retrieval in enterprise information systems, the representativeness of search results become more desirable and important for search engine users. The well‐designed representativeness measures will help them achieve satisfactory results.

The originality of the paper lies in the definition of representativeness of a small set of search results extracted from the original results. This focuses on the two aspects of coverage rate and redundancy rate both from intuitive and experimental perspectives.

The representativeness heuristic generates a decision‐bias encouraging over‐estimation of the probability of low likelihood events when they are associated with strongly context representative propositions. An experimental investigation into decision making by final year business undergraduates demonstrates that this heuristic operates and consistently affects subjects’ judgement of the probability of probe details about an entrepreneur in the representativeness‐generating context of the future success or failure of a proposed venture by that entrepreneur. The results suggest that the representativeness heuristic could hinder the quality of managerial decision making, especially decisions involving investment in new ventures. Evidence is generated in favour of a specifically cognitive source for this bias as opposed to a semantic mechanism proposed by some workers. This study adds to the growing literature on the representativeness bias in managerial decision making but is believed to be the first to consider it in an entrepreneurial context.