Abstract

Strategic decision making is a challenging process as the transformation of an undesirable state of things into a desirable one usually requires the identification of a set of often conflicting decision objectives, the careful consideration of multiple perspectives, the proper elicitation of value judgements and trade-offs, a creative effort in designing suitable solutions, as well as the consideration of high levels of uncertainty, to name just some of the relevant complexities involved in making important decisions (e.g., Keeney, 1982). Indeed, real-life problems and opportunities typically develop within a complex and uncertain environment, which leads to unclear consequences and difficulty in measuring probabilities and utilities (Viale, 2019). Within this context, human rationality is bounded because there are limits to our thinking capacity, to the available information regarding alternatives and their possible consequences, and to the time we can take to make the decision (Simon, 1955, 1982).