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Bounded rationality: Cognitive limitations or adaptation to the environment? The implications of ecological rationality for management learning

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dc.contributor.authorPindard, Lejarraga, Maud
dc.contributor.authorLejarraga, José
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2025-04-25T10:39:38Z
dc.date.available2025-04-25T10:39:38Z
dc.date.issued2020-10-26
dc.description.abstractWe examine why bounded rationality continues to be considered an inferior form of rationallity in the field of management and what this implies for business education and practice. We develop a critique of the dominant and widespread conceptualization of heuristics as flawed and error-prone and argue that this poses unnecessary constraints for the field of management. We discuss consequences of that interpretation of bounded rationality and propose ecological rationality as an alternative, positive interpretation. Ecological rationality considers a decision maker’s environment and aims to identify how and when heuristics generate good outcomes. Evidence suggests that heuristics perform best when problems are ill-defined, many information cues are available, but they are not equally valuable, and there are many possible courses of action, that is, in the uncertain environments that are characteristic of managerial decision making. We contribute by (1) highlighting the distinctiveness of the ecological rationality framework for management learning, (2) acknowledging how it can help rehabilitate bounded rationality in the field of management against its widespread characterization as an inferior form of rationality; and (3) by identifying how it can provide practicable recommendations for managerial learning and decision making.
dc.description.peerreviewedyes
dc.description.statusPublished
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dc.identifier.citationLejarraga, J., & Pindard-Lejarraga, M. (2020). Bounded rationality: Cognitive limitations or adaptation to the environment? The implications of ecological rationality for management learning. Academy of Management Learning & Education, 19(3), 289-306. https://doi.org/10.5465/amle.2019.0189.
dc.identifier.doihttps://doi.org/10.5465/amle.2019.0189
dc.identifier.issn1537-260X
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3771
dc.issue.number3
dc.journal.titleAcademy of Management Learning & Education
dc.language.isoen
dc.page.final306
dc.page.initial289
dc.page.total44
dc.relation.departmentStrategy
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.en
dc.subject.keywordBounded rationality
dc.subject.keywordEcological rationality
dc.subject.keywordHeuristics
dc.subject.keywordDecision making
dc.titleBounded rationality: Cognitive limitations or adaptation to the environment? The implications of ecological rationality for management learning
dc.typeinfo:eu-repo/semantics/article
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dc.volume.number19
dspace.entity.typePublication
relation.isAuthorOfPublication29c68e53-aa90-461d-b81b-a46abb2f6edc
relation.isAuthorOfPublication47921e9e-bef7-4abf-9548-703e26e64d5a
relation.isAuthorOfPublication.latestForDiscovery29c68e53-aa90-461d-b81b-a46abb2f6edc
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