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AMERICAN JOURNAL OF MANAGEMENT
Testing the Effects of Experience on Risky Decision Making
Author(s): Run Ren, Aneika Simmons, Asghar Zardkoohi
Citation: Run Ren, Aneika Simmons, Asghar Zardkoohi, (2017)"Testing the Effects of Experience on Risky Decision Making," American Journal of Management, Vol. 17, Iss. 6, pp.88-110
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Scholars have proposed that people are cognitively biased in making decisions under uncertainty. However, most participants in such studies have been university students and faculty with minimal real world business experience. The purpose of this study is to test whether the findings of prospect theory are generalizable to participants with business experience. Results based on 89 Executive MBAs and 143 fulltime MBAs showed that cognitive biases are strongly embedded in the minds of participants. In fact, in certain contexts, the more experienced people showed stronger cognitive biases than those with less experience. Theoretical contribution and practical implications are discussed.
