<p>This review examines Grant and Nilsson’s “Intuitive Expertise and Financial Decision-Making,” which challenges the predominant focus on analytical tools in financial decision-making by highlighting the critical role of intuitive expertise. Drawing on dual-process theories, neuroscience, and empirical research with senior executives, the authors develop a framework explaining how domain-specific expertise intersects with intuition to facilitate effective judgments, particularly in ambiguous, high-stakes financial decisions. The book reveals that successful executives employ a parallel-competitive cognitive approach where intuitive and analytical processes work interactively rather than sequentially. Particularly illuminating is the finding that intuitive judgments about people—especially those who will shape future outcomes—often prove more decisive than quantitative analysis. The work significantly advances behavioral finance by demonstrating that intuition, when grounded in expertise developed through deliberate practice and learning from mistakes, can be a valuable cognitive asset rather than a liability, providing important implications for both researchers and practitioners in financial decision-making contexts.</p>

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Intuitive Expertise and Financial Decision-Making, Michael Grant and Fredrik Nilsson, Routledge, 2023, 124 pp., EUR16.99 (eBook) ISBN 9781032361758

  • Muhammad Noval

摘要

This review examines Grant and Nilsson’s “Intuitive Expertise and Financial Decision-Making,” which challenges the predominant focus on analytical tools in financial decision-making by highlighting the critical role of intuitive expertise. Drawing on dual-process theories, neuroscience, and empirical research with senior executives, the authors develop a framework explaining how domain-specific expertise intersects with intuition to facilitate effective judgments, particularly in ambiguous, high-stakes financial decisions. The book reveals that successful executives employ a parallel-competitive cognitive approach where intuitive and analytical processes work interactively rather than sequentially. Particularly illuminating is the finding that intuitive judgments about people—especially those who will shape future outcomes—often prove more decisive than quantitative analysis. The work significantly advances behavioral finance by demonstrating that intuition, when grounded in expertise developed through deliberate practice and learning from mistakes, can be a valuable cognitive asset rather than a liability, providing important implications for both researchers and practitioners in financial decision-making contexts.