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Risk Perception and Decision Making Strategies

In addition to this, he points out that driving cars is more commonly practiced in our society in comparison to using nuclear weapons; therefore the familiarity associated with the risks involved in driving cars prompts people to assess the overall task as less dangerous. .
             The representativeness heuristic is considered to be one of the most common heuristics as it occurs in several decision-making and risk perceiving procedures. Studies have also used representativeness in comparison with overconfidence to measure the difference in risk perception between entrepreneurs and managers in large corporations. Strategic decision making for both, entrepreneurs and managers in large corporations involves assessing risks on the basis of similar desired outcomes. Both fields require investing time and money into an idea or solution with the aim of deriving profitable results. In this study, Lowell W. Busenitz from University of Houston and Jay B. Barney from Ohio State University, concluded that entrepreneurs are more susceptible to decision making biases and heuristics than managers at large corporations. Entrepreneurs' susceptibility to overconfidence and representativeness was ranked higher than managers at large corporations because their decisions tend to be created before additional information supporting their decision or idea is sought. In fact, the idea of the decision or solution is what motivates entrepreneurs to seek additional information to support the idea after it has been constructed. This confirms that it is the representativeness heuristic that drives the entrepreneur to be overconfident in his or her decision despite lacking supporting data or evidence prior to the construction of the idea or solution. The perception of the risks involved for the entrepreneur is based on a bias representation of information preexisting the entrepreneur's mind. Managers in large corporations on the other hand follow an inverse procedure of risk assessment to that of entrepreneurs.


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