BEHAVIORAL ECONOMICS AND LEADERSHIP DECISION-MAKING
Keywords:
behavioral economics, leadership, decision-making, bounded rationality, cognitive bias, psychological factor, management theory.Abstract
This article analyzes the process of leadership decision-making on the basis of behavioral economics theory. The article identifies the limitations of traditional economic theory and examines the influence of psychological factors in human behavior on managerial decisions. In the course of the study, the roles of cognitive biases, bounded rationality, and socio-psychological factors in leadership activity were theoretically substantiated. In conclusion, it was shown that the quality of leadership decisions depends not only on logical analysis but also on behavioral factors.
References
1. Simon H. A. Administrative Behavior: A Study of Decision-Making Processes in Administrative Organizations. — New York: Free Press, 1947. — pp. 79–96.
2. Kahneman D. Thinking, Fast and Slow. — New York: Farrar, Straus and Giroux, 2011. — pp. 20–45.
3. Thaler R. H. Misbehaving: The Making of Behavioral Economics. — New York: W. W. Norton & Company, 2015. — pp. 55–78.
4. Kahneman D., Tversky A. Prospect Theory: An Analysis of Decision under Risk // Econometrica. — 1979. — pp. 263–291.
5. Ariely D. Predictably Irrational: The Hidden Forces That Shape Our Decisions. — New York: HarperCollins, 2008. — pp. 30–52.
6. Janis I. L. Groupthink: Psychological Studies of Policy Decisions and Fiascoes. — Boston: Houghton Mifflin, 1982. — pp. 174–197.
7. Goleman D. Emotional Intelligence: Why It Can Matter More Than IQ. — New York: Bantam Books, 1995. — pp. 43–65.
8. Thaler R. H., Sunstein C. R. Nudge: Improving Decisions About Health, Wealth, and Happiness. — New Haven: Yale University Press, 2008. — pp. 17–39.
9. Camerer C. F. Behavioral Game Theory: Experiments in Strategic Interaction. — Princeton: Princeton University Press, 2003. — pp. 101–120.
10. Xolmuhamedov M. M. Iqtisodiy psixologiya asoslari [Foundations of Economic Psychology]. — Tashkent: Iqtisod-moliya, 2019. — pp. 132–150.
