The Impact of Tacit Knowledge on Purchasing Decisions
This research examines the use of tacit knowledge in making purchasing decisions. A model is developed which combines the use of both formal data and tacit knowledge in the decision-making process. A survey of 97 purchasing managers revealed that almost equal amounts of formal data and tacit knowledge were used in making buying decisions. The use of both types of information in decision making appears to be related to the concept of bounded rationality.
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