In an era where behavioral insights overwhelmingly shape policy interventions, heuristic-based decision-making merits closer consideration. That policy environments are complex is not a new topic, nor is the insight that simple heuristic solutions might work best in some complex situations. I...

Heuristics are commonly viewed in behavioral economics as inferior strategies resulting from agents’ cognitive limitations. Uncertainty is generally reduced to a form of risk, quantifiable in some probabilistic format. We challenge both conceptualizations and connect heuristics and uncertainty...

Deliberate human action receives the first priority in researchers’ attempts to understand social phenomena. Organization theory and strategy literature are no exceptions. Strategy as a purposive plan of action or path towards intended ends has been studied in the context of agents’...

Social sciences start by looking at the social-psychological attributes of humans to model and explain their observed behavior. However, we suggest starting the study of observed human behavior with the universal laws of physics, e.g., the principle of minimum action. In our proposed three-tier...

Nearly a century ago, Frank Knight famously distinguished between risk and uncertainty with respect to the nature of decisions made in a business enterprise. He associated generating economic profit with making entrepreneurial decisions in the face of fundamental uncertainties. This uncertainty...