Management Practice Professor
Fellow of St Edmund’s College
BA Doc (Roma Tre University), PhD (University of Cambridge)
My research interests include individual, strategic and organisational decision-making under uncertainty, understanding and managing unknown unknowns and Black Swans, innovation and entrepreneurial behaviour, and behavioural strategy.
I’m a member of the Organisational Behaviour subject group at Cambridge Judge Business School, which aspires to promote our basic understanding of behaviour at all levels within organisations and translate our scientific research into practical applications with executive and corporate value.
Previous appointments
Professor Alberto Feduzi was previously a Senior Lecturer in Strategy at the School of Finance and Management, SOAS University of London, an Associate Professor at UTS Business School, and an Assistant Professor at both Nottingham University Business School China and Roma Tre University.
Publications
Selected publications
- Feduzi, A., Runde, J. and Schwarz, G. (2022) “Unknowns, Black Swans, and bounded rationality in public organizations.” Public Administration Review, 82(5): 958-963 (DOI: 10.1111/puar.13522)
- Feduzi, A., Faulkner, P., Runde, J., Cabantous, L. and Loch, C.H. (2022) “Heuristic methods for updating small world representations in strategic situations of Knightian uncertainty.” Academy of Management Review, 47(3): 402-424 (DOI: 10.5465/amr.2018.0235)
- Cenci, M., Corradini, M., Feduzi, A. and Gheno, A. (2015) “Half-full or half-empty? A model of decision making under risk.” Journal of Mathematical Psychology, 68-69: 1-6 (DOI: 10.1016/j.jmp.2015.06.006)
- Feduzi, A. and Runde, J. (2014) “Uncovering unknown unknowns: towards a Baconian approach to management decision-making.” Organizational Behavior and Human Decision Processes, 124(2): 268-283 (DOI: 10.1016/j.obhdp.2014.04.001)
- Feduzi, A., Runde, J. and Zappia, C. (2012) “De Finetti on the insurance of risks and uncertainties.” British Journal for the Philosophy of Science, 63(2): 329-356 (DOI: 10.1093/bjps/axr028)
- Feduzi, A. (2010) “On Keynes’s conception of the weight of evidence.” Journal of Economic Behavior and Organization, 76(2): 338-351
Journal articles
- Derbyshire, J., Feduzi, A. and Runde, J. (2024) “Borrowing from Keynes’ A treatise on probability: non-probabilistic measure of uncertainty for scenario planning.” European Management Review (DOI: 10.1111/emre.12549) (published online Dec 2022)
- Feduzi, A., Faulkner, P., Runde, J., Cabantous, L. and Loch, C.H. (2022) “Heuristic methods for updating small world representations in strategic situations of Knightian uncertainty.” Academy of Management Review, 47(3): 402-424 (DOI: 10.5465/amr.2018.0235)
- Feduzi, A., Runde, J. and Schwarz, G. (2022) “Unknowns, Black Swans, and bounded rationality in public organizations.” Public Administration Review, 82(5): 958-963 (DOI: 10.1111/puar.13522)
- Faulkner, P., Feduzi, A., McCann Jr, C.R. and Runde, J. (2021) “F.H. Knight’s Risk, uncertainty, and profit and J.M. Keynes’ Treatise on probability after 100 years.” Cambridge Journal of Economics, 45(5): 857-882 (DOI: 10.1093/cje/beab035)
- Runde, J., Feduzi, A. and Cabantous, L. (2021) “Commentary on Brian T. McCann’s ‘Bayesian updating’.” California Management Review, 25 April 2021
- Feduzi, A. (2010) “On Keynes’s conception of the weight of evidence.” Journal of Economic Behavior and Organization, 76(2): 338-351
- Feduzi, A., Runde, J., Cabantous, L., Faulkner, P. and Loch, C. (2018) “Updating ‘small world representations’ in strategic decision-making under extreme uncertainty.” Academy of Management Proceedings, 2018(1) (DOI: 10.5465/AMBPP.2018.141)
- Faulkner, P., Feduzi, A. and Runde, J.H. (2017) “Unknowns, Black Swans and the risk/uncertainty distinction.” Cambridge Journal of Economics, 41(5): 1279-1302 (DOI: 10.1093/cje/bex035)
- Feduzi, A., Runde, J.H. and Zappia, C. (2017) “De Finetti and Savage on the normative relevance of imprecise reasoning: a reply to Arthmar and Brady.” History of Economic Ideas, 25(1): 211-223 (DOI: 10.19272/201706101009)
- Cenci, M., Corradini, M., Feduzi, A. and Gheno, A. (2015) “Half-full or half-empty? A model of decision making under risk.” Journal of Mathematical Psychology, 68-69: 1-6 (DOI: 10.1016/j.jmp.2015.06.006)
- Feduzi, A. and Runde, J. (2014) “Uncovering unknown unknowns: towards a Baconian approach to management decision-making.” Organizational Behavior and Human Decision Processes, 124(2): 268-283 (DOI: 10.1016/j.obhdp.2014.04.001)
- Feduzi, A., Runde, J. and Zappia, C. (2014) “De Finetti on uncertainty.” Cambridge Journal of Economics, 38(1): 1-21 (DOI: 10.1093/cje/bet054)
- Feduzi, A., Runde, J. and Zappia, C. (2012) “De Finetti on the insurance of risks and uncertainties.” British Journal for the Philosophy of Science, 63(2): 329-356 (DOI: 10.1093/bjps/axr028)
- Feduzi, A. and Runde. J. (2011) “The uncertain foundations of the welfare state.” Journal of Economic Behavior and Organization, 80(3): 613-627 (DOI: 10.1016/j.jebo.2011.06.002)
- Feduzi, A. (2007) “On the relationship between Keynes’s conception of evidential weight and the Ellsberg paradox.” Journal of Economic Psychology, 28(5): 545-565 (DOI: 10.1016/j.joep.2007.01.005)
Special issues of journals
- Faulkner, P., Feduzi, A., McCann Jr, C.R. and Runde, J. (eds.) (2021) “Special issue on F.H. Knight’s Risk, uncertainty, and profit and J.M. Keynes’ Treatise on probability after 100 years.” Cambridge Journal of Economics, 45(5)
Awards and honours
- Best Article Award (for “De Finetti on uncertainty” by Feduzi, Runde and Zappia, Cambridge Journal of Economics), European Society for the History of Economic Thought (ESHET), 2016
- G.L.S. Shackle Scholarship, St Edmund’s College, University of Cambridge, 2015
News and insight
Insight
Why Cambridge academics believe that Francis Bacon (1561-1626) may hold the key to business success
Researchers from Cambridge Judge Business School are developing a groundbreaking new approach to assessing – and managing – business risk and identifying business opportunity. Today's business climate is global, fast-moving, driven by rapidly evolving technology. Innovation's about the future, not the past. But inspiration for a new way of doing things can be found in the most unlikely places. For Jochen Runde, Professor of Economics & Organisation, and co-author Dr Alberto Feduzi, Research Fellow in Decision-making under High Uncertainty, the works of philosopher Francis Bacon, born in 1561, sparked a radical new approach to thinking about what are sometimes called "Unknown Unknowns"; things we don't know we don't know. "Bacon's scientific method involves testing a hypothesis by suggesting alternatives to that hypothesis, and then trying to disconfirm those alternatives," explains Runde. "The more alternatives you disconfirm, the stronger your belief in the original hypothesis becomes. If an alternative hypothesis is confirmed, then you move to that one and continue with the process." Yes, it's a way of thinking that's over 300 years old. But it suggested an alternative to the traditional approach to constructing business scenarios which is predominantly about coming up with possible scenarios and then adjusting them in…