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Response to Vuori and Vuori's commentary on “Heuristics in the strategy context”
Author(s) -
Bingham Christopher B.,
Eisenhardt Kathleen M.
Publication year - 2014
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.2257
Subject(s) - heuristics , context (archaeology) , social heuristics , computer science , simple (philosophy) , management science , economics , epistemology , philosophy , operating system , paleontology , social competence , biology , social change , economic growth
We recently introduced a research program on how firms can effectively capture fleeting opportunities using heuristics. Heuristics, we advocate, are the essence of strategy, especially in unpredictable markets where opportunities are often numerous, fast moving, and uncertain. Our emphasis on heuristics invites comparison with prominent research programs in cognitive psychology. We address this opportunity by comparing our “simple rules” heuristics approach with “heuristics‐and‐biases” and “fast‐and‐frugal” heuristics research. Collectively, the three approaches offer a rich understanding of heuristics . Copyright © 2014 John Wiley & Sons, Ltd.