A Unified Approach to Corporate Collaborative Decision-Making: Why Adopt It and How to Operationalize It By Daniel J. Herron Key Words: COLLABORATION; STAKEHOLDER; ETHICS; GAME THEORY; BUSINESS ANALYSIS; DECISION-MAKING
Abstract: Collaboration is the cornerstone of decision-making for many societal institutions, including the market and business decision-making. While collaboration is a straightforward concept, its application is highly complex. The “devil,” as they say, is in the details. This article lays out the theoretical and ethical foundations of collaborative decision-making, focusing on stakeholder theory as the driving dynamic of the theories. In arguing for stakeholder theory, the article invokes game theory and team building. Further, the article presents various devices to enhance collaborative stakeholder decision-making as well as tools for teaching such practices.