The purpose of this paper is to investigate the current industrial marketing and purchasing (IMP) research that has a vague positioning of the bounded rationality of an actor. By borrowing insights from other disciplines, this study aims to develop the IMP approach further by acknowledging the importance of individuals who act and make decisions on behalf of their companies.Design/methodology/approach
This study is conceptual. By examining the IMP studies in combination with decision-making literature from behavioral economics and psychology, this paper provides a new understanding of the phenomenon in question.Findings
This study demonstrates that individual decision-making is not as rational as has previously been thought, thus indicating the bounded rationality of the actor. After examining the most common negative emotions that influence the decision-making process, the paper presents a research agenda. It provides a series of research topics and methodological choices for future IMP research endeavors.Research limitations/implications
As this paper is conceptual, empirical research is needed to examine the role of negative emotions in dynamic decision-making processes.Practical implications
Managerial implications of this paper are focused on providing instructions for managers on how to deal with negative emotions in dynamic decision-making processes.Originality/value
To the best of the authors’ knowledge, this paper is one of the first papers that attempts to connect the IMP studies with the dynamics of decision-making by examining negative emotions in the business world.