Behavioral strategy completes the analyses of superior profitability by highlighting how non-economic, behavioral barriers generate an alternative source of strategic opportunities. Existing internal and external analysis frameworks fail to explain why strategic factors can be systematically...

Can (and should) strategy scholarship attempt to find general prescriptions for business strategy that are applicable to all firms across all business conditions? We suggest that a universal theory of business strategy is a chimera: attractive but completely illusory. Our argument is based on...

By theorizing choice as an information and decision problem, behavioral strategy research has not considered fully the agentic capacities of strategists. We argue that agentic capacities are distinct from decision-making and information-processing capacities as they rest on temporally anchored...

Herbert A. Simon and Alan Newell won the Turing Award jointly in Computer Science for foundational work on Artificial Intelligence. Simon also won the Nobel Prize in Economics for the concept of “bounded rationality.” In both cases, the same heuristic was deemed fundamental: “Search till a...

There are many cases where top management either missed or almost missed detecting or interpreting a major change in the environment that might have led them to a major setback. We propose a model of sensing in hierarchical organizations that describes a sequence of sensing and detecting changes...

Problemistic search is a central part of behavioral strategy because it is a fundamental step in the decision process leading to strategic change. Despite the significant research efforts so far, there is a gap in our understanding of search. Unlike the theory of myopic search, most research so...

Behavioral strategy aspires to build theories that are behaviorally plausible. However, the diversity of human behaviors can make it challenging to know what behavioral assumptions to use when building theories about organizations and their strategies. Fortunately, organizational contexts are,...