The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events

2019 ◽  
Vol 14 (1) ◽  
pp. 16 ◽  
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Consumer Choice

Decision Making Styles and Consumer Choice

2008 ◽  
Author(s):  
Thomas Nygren ◽  
Rebecca White ◽  
Kristi Snuttjer
Keyword(s):  
Decision Making ◽  
Consumer Choice ◽  
Decision Making Styles

The transformation of the decision-making process on the part of economic agents influenced by social constraints

2020 ◽  
Vol 16 (7) ◽  
pp. 1202-1222
Author(s):  
M.V. Grechko ◽  
L.A. Kobina ◽  
S.A. Goncharenko
Keyword(s):  
Decision Making ◽  
Consumer Choice ◽  
Social Constraints ◽  
Decision Making Process ◽  
Economic Knowledge ◽  
Economic Agents ◽  
The Individual ◽  
Contextual Environment ◽  
Economic Constraints ◽  
External Signals

Subject. The article focuses on the decision-making mechanism used by economic agents given the existing social constraints. Objectives. We devise applied toolkit to study how socio-economic constraints transform the decision-making mechanism used by economic agents. Methods. The study involves means of the expert survey, the method that streamlines economic knowledge. Results. Social constraints are illustrated to influence the decision-making mechanism used by economic agents, assuming that the individual mind relies on specific mechanisms to make judgments and decisions. Generally, the mechanisms are very useful, however they may generate serious errors during the decision-making process. Given the social constraints, economic agents were found to follow four mental models to make their decisions in case of the full or partial uncertainty, i.e. the representative relevance, accessibility, relations, heuristics (modeling). Conclusions and Relevance. The scientific ideas herein show that the inner architecture of a choice an individual makes determines his or her decisions. The decisions often depend on the contextual environment that gives external signals perceived by the individual while evaluating alternative ways. The findings can possibly be used as a mechanism to manage the consumer choice.

scholarly journals The Behavioral Aspect of Economic Growth

2021 ◽  
Vol 8 (523) ◽  
pp. 13-18
Author(s):  
T. M. Panevnyk ◽  
◽  
N. K. Bolgarova ◽  
Keyword(s):  
Economic Growth ◽  
Decision Making ◽  
Economic Development ◽  
Behavioral Economics ◽  
Significant Influence ◽  
Analytical Models ◽  
Behavioral Factors ◽  
Global Competitiveness ◽  
Behavioral Aspect ◽  
Quality Of Life Index

The article discusses the essence and significance of behavioral economics. The need to take into account the instrumentarium of behavioral economy in the process of solving socio-economic problems is substantiated. The macroeconomic indicators of development of Ukrainian economy are analyzed. Ukraine’s place in the world ranking in terms of GDP per capita is considered. The integrated assessment of the overall economic activity of the country using the Global Competitiveness Index (IGC), the Human Development Index (HDI), and the index of Quality of Life Index by Country are carried out. International comparison of economic growth indicators is highlighted. The dynamics of total income, expenses, savings of the population are analyzed and the significant influence of behavioral factors on decision-making in this sphere is identified, their relationship at both micro and macro levels is disclosed. A significant influence of behavioral factors on decision-making on consumption, expenses and savings is identified, their importance in crisis situations is emphasized. It is proved that the behavioral aspect of economic growth involves not just the inclusion of psychological factors in the classical analytical models, but a combination of microeconomic components with macroeconomic ones. The need to expand the analysis of economic development based on taking into account the behavioral aspect as the driving force of economic development is substantiated. It is noted that the instruments of behavioral economics should be used in the process of developing and conducting socio-economic policy. It is defined that the behavioral economy is one of the instruments that strengthens the possibilities of effective decision-making by the actors together with their impact on socio-economic processes.

scholarly journals Understanding determinants of illegal e-book downloading behaviour in the UK and Germany

2018 ◽  
Vol 6 (2) ◽  
pp. 79-100 ◽  
Author(s):  
Oliver Jonas ◽  
Ibrahim Sirkeci
Keyword(s):  
Decision Making ◽  
Logistic Regression ◽  
Consumer Choice ◽  
Publishing Industry ◽  
Decision Making Process ◽  
Consumer Decision Making ◽  
Online Questionnaire ◽  
Online Stores ◽  
The Uk ◽  
Book Prices

With the success of e-books in the last decade, e-book piracy has become increasingly prevalent. This is a significant threat to the publishing industry, publishers and authors alike. Despite efforts to inhibit illegal downloading of e-book files, unauthorized download platforms have not lost much popularity. One of the underlying problems is a limited understanding of the determinants that drive consumers in their choice between legal and illegal download options. This article identifies and critically evaluates the key product attributes in the decision-making process of consumers downloading e-books from legal and illegal sources. By providing consumer insights, the publishing industry and e-book sellers can be guided to meet consumer demand better and design marketing plans to attract consumers towards legal download sources and discourage e-book piracy. The consumer choice between legal and illegal e-book download platforms is analysed using the multi-attribute theory for consumer decision making. 23 attributes were tested using an online questionnaire and analysed by logistic regression. Three attributes were found to be significant in determining the choice of download platforms: A low perception of the importance of copyright compliance, dissatisfaction with the security of download platforms and dissatisfaction with e-book prices in online stores.

Behavioral Economics and Court Decision-Making

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Doron Teichman ◽  
Eyal Zamir
Keyword(s):  
Decision Making ◽  
Economic Analysis ◽  
Behavioral Economics ◽  
Court Decision ◽  
Social Optimum ◽  
Court Decisions ◽  
Heuristics And Biases ◽  
Court System ◽  
Economic Analysis Of Law ◽  
The Social

Abstract The economic analysis of law assumes that court decisions are key to incentivizing people and maximizing social welfare. This article reviews the behavioral literature on court decision making, and highlights numerous heuristics and biases that impact judges and jurors and cause them to make decisions that diverge from the social optimum. In light of this review, the article analyzes some of the institutional features of the court system that may help minimize the costs of biased decisions in the courts.

Conclusion and Implications

2015 ◽  
Author(s):  
Han Smit ◽  
Thras Moraitis
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Future Research ◽  
Growth Options ◽  
Decision Framework ◽  
Uncertain Environments ◽  
Career Plan ◽  
Common Problems ◽  
Acquisition Strategy ◽  
Competitive Games

This chapter reviews the strategic framework that integrates options and competitive games to de-bias decision making, and recaps the main conclusions and strategy implications. It provides empirical evidence that acquisitions are driven by growth options and behavioral economics, discusses examples of option game applications beyond acquisitions, and lists promising directions for future research. Most important, it provides a decision framework for directly integrating finance and acquisition strategy in uncertain environments. The authors hope that this book helps readers apply an options perspective to significant nonfinancial decisions, including such vital life decisions such as the design of one's education strategy or career plan, or more common problems such how to plan holiday journeys. They believe valuable lessons can be learned as the reader applies the insights in this book to a broader set of uncertainty problems, although they are impossible to quantify.

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