The decision-making process between rationality and emotions

Letizia Alvino, Massimo Franco

Research output: Contribution to journalLiterature reviewScientificpeer-review

Abstract

The decision-making process has been analyzed in several disciplines (economics, social sciences, humanities, etc.) with the aim of creating models to help decision-makers in strategy formulation. The Organizational theory takes into account both the decision-making process of individuals and groups of a company. Numerous models have been built, which include a wide range of psychological, environmental, hierarchical factors, all of which only account the notion of rationality. In time, such concept has come to be considered pragmatically unrealistic and unachievable. Emotions have recently acquired an increasingly significant position (in the academic and economic society) as important component of the decision making-process. From this point of view neuroscience, the new branch of medical sciences could play a key role in studying individual decision-making processes. This article suggests that thanks to neuroscience it is possible to overcome current limitations in economics studies, for individual’s choices, which are exclusively based on the rational component.
Original languageEnglish
Pages (from-to)7074-7092
JournalInternational Journal of Scientific Research and Management
Volume5
Issue number9
DOIs
Publication statusPublished - Sep 2017
Externally publishedYes

Keywords

  • Decision making
  • Groups; Rationality; Emotion; Neuroscience; Neuroeconomics

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