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In this chapter, we provide a general overview of recent advances in the study of dynamic decision making. Decisions in organizations happen over time, are influenced by, and subsequently influence other decisions that are made. Until recently, there has been a lack of emphasis on dynamics in decision making in organizational research. Newer analytic and computational methodologies along with new experimental paradigms have begun to change the research landscape. We begin with the basic building blocks of dynamic decision-making problems—dynamic systems. We then review work on goal pursuit and outline the current knowledge about how temporal dynamics influence motivation, effort, and goal pursuit. The final sections review the last 15 years of research on decisions from experience and temporal discounting. Traditional decision-making research treats decisions as one-time events where an individual is given information about possible outcomes beforehand. Decisions from experience is a newer view of decision making, where the type of decisions being modeled are choices made repeatedly over time with the outcome of choices influencing future decisions. The description–experience gap refers to differences in observed choice behavior between these two paradigms. Finally, we review recent work on temporal discounting.
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