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We investigate the role of problem solving approaches in innovation decision-making processes and performance. Draw on construal level theory from the experimental psychology literature, our research examines how the problem solving approaches (abstract vs. concrete) affect resource allocation process and the consequent performance in an innovation decision-making context. We run a behavioral experiment to test our hypotheses. Our findings show that decision makers who take an abstract problem solving approach invest less in old business opportunities, and more on long-term perspective R&D projects; while decision makers with concrete problem solving approach invest more in old business opportunities, and short-term perspective R&D projects. Additionally, we find that decision makers with concrete problem solving approach achieve higher performance compared with those with abstract problem solving approach.
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