The head of the American retail organization Montgomery Ward failed to expand the company to compete with Sears because he relied on the representativeness heuristic, incorrectly believing a post-World War II depression would occur similar to the post-World War I era, which resulted in a permanent loss of market share to Sears.

Authors

• Person: Not available Organization: Frontiers in Psychology
  The Impact of Cognitive Biases on Professionals' Decision-Making

Sources

• The Impact of Cognitive Biases on Professionals' Decision-Making www.frontiersin.org Frontiers in Psychology via serper

Referenced by nodes (2)

• representativeness heuristic concept
• World War I event