Confirmation Bias in Innovation Decision-Making

• Autor(a) principal: Neto, José Chavaglia
• Data de Publicação: 2022
• Outros Autores: Filipe, José António, Caleiro, António Bento, Sant'Anna, Anderson de Souza
• Tipo de documento: Artigo
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10174/32442; https://doi.org/Chavaglia Neto, J., Filipe, J. A. C. B., Caleiro, A. B. R., & Sant’Anna, A. de S. (2022). CONFIRMATION BIAS IN INNOVATION DECISION-MAKING. RECIMA21 - Revista Científica Multidisciplinar - ISSN 2675-6218, 3(7), e371744. https://doi.org/10.47820/recima21.v3i7.1744; https://doi.org/10.47820/recima21.v3i7.1744
• topic: Behavioral economics; Economic Decision Analysis; Innovation; Neuroeconomics; Confirmation Bias

Potential innovators need to overcome many challenges. One such challenge is confirmation bias in decision-making. Human evolution has programmed the brain to act quickly in the face of a threat in the environment. In this way, thinking and (instantaneously) acting rationally is almost impossible for most people. This causes several negative effects on decision-making, notably cognitive biases. For example, an entrepreneur who wants to launch a new product on the market tends to convince herself/himself that her/his product is innovative, ignoring evidence to the contrary, this being a confirmation bias. An innovative analysis of the causes and consequences of the confirmation bias in innovation decision-making is the main goal of this article.