Evaluating the Impact of AI-Assisted Decision Making on Overconfidence Bias- Group 1

This research project delves into the transformative realm of Artificial Intelligence (AI) and its profound impact on decision-making processes within business strategy, innovation, and entrepreneurship. Specifically, it seeks to understand how the integration of AI tools in decision-making can influence and potentially mitigate cognitive biases, with a focus on overconfidence bias.

Overconfidence bias, a prevalent and impactful cognitive distortion in business, often leads to overly optimistic predictions, underestimation of risks, and flawed strategic choices. By harnessing AI's data-driven insights, this study aims to explore if and how the objective, algorithm-based perspectives offered by AI can challenge and counterbalance this overconfidence.

The project will adopt a multidisciplinary approach, integrating concepts from behavioral economics, cognitive psychology, and AI technology. It will involve a comparative analysis of decision-making scenarios with and without AI assistance, assessing the differences in outcomes, confidence levels, and bias manifestation.

Through surveys, experiments, and case studies, the research will gather empirical data from a variety of business settings - ranging from startups to established corporations. This data will be critically analyzed to discern patterns indicating the effectiveness of AI in reducing overconfidence bias.

Additionally, this study seeks to contribute to the broader understanding of AI's role in shaping future business landscapes. It aims to offer practical insights for business leaders, strategists, and entrepreneurs, highlighting how AI can be strategically employed to enhance decision-making quality and foster a more balanced, evidence-based approach in business endeavors.