scholarly journals The Role of Emotions in Economic Decision Making

2019 ◽  
Author(s):  
Aslı Öztopçu
Keyword(s):  
Decision Making ◽  
Risk Taking ◽  
Economic Life ◽  
Decision Making Process ◽  
Individual Decision ◽  
Cognitive Error ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
Individual Effects

Decision making points out to the consequences of past or future behaviors. An individual has to make decisions on all subjects throughout his life. An important part of these decisions are economic decisions. Individuals make decisions such as renting, buying, buying new goods, migrating, changing jobs, making investments, enterprise, choosing holidays, evaluating savings. Non-rational decisions are observed although individuals should make rational decision, according to mainstream economics. In this study, the effects of the emotions that form the basis of psychology, such as time, option constraint, opportunities, risk taking, risk aversion, procrastination, rush, or uncertainty, inconsistency, intuitive movement, cognitive error in the decision-making process of individuals are discussed. For this purpose, the characteristics of decision-making process, individual effects of cognitive of emotions, individual decision making theorems in economic theory and behavioral economics literature are mentioned. It is thought that the role of emotions that shape behaviors should be known in the regulation of economic life that is determined according to human behavior.

scholarly journals Aspectos lógicos de la intuición: Aproximación análisis de decisión económica en contexto de globalización

2018 ◽  
pp. 133-144
Keyword(s):  
Decision Making ◽  
Vice President ◽  
Decision Making Process ◽  
Central Theme ◽  
Economic Decision ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
Palabras Clave ◽  
Toma De Decisiones ◽  
First Moment

Resumen: El objetivo de este artículo es mostrar la utilidad que puede representar el análisis de una decisión en el que se tengan en cuenta los aspectos lógicos de la intuición. Para ello, en un primer momento, definimos qué entendemos por decisióny por intuición,y qué identificamos como sus aspectos lógicos.Luego, presentamos un caso de toma de decisiones de un vicepresidente de una empresa de inversión en bolsa de valores, ubicando algunos aspectos importantes en relación con la globalización, tema central de estas jornadas. A continuación, resaltamos los elementos lógico-intuitivos que aparecen en el proceso decisorio del caso analizado. Finalmente, argumentamos qué papel cumple la intuición en este caso de toma de decisiones económicas en un contexto de globalización y qué implicaciones tiene esta propuesta de análisis sobre las decisiones existenciales que, en última instancia, puede terminar siendo cada una de las decisiones que tomamos. Palabras clave: Lógica, intuición, toma de decisiones, decisiones económicas, decisiones existenciales.Logical aspects of intuition: Approximation to the analysis of an economic decision in a context of globalization Abstract.-The objective of this article is to show the usefulness of the analysis of a decision that takes into account the logical aspects of intuition. To do that, at a first moment, we define what we understand by decision and intuition, and what we identify as its logical aspects. Then, we present a case of decision making of a vice president of an investment company in stock market, placing some important aspects in relation to globalization, the central theme of these days. Next, we highlight the logical-intuitive elements that appear in the decision-making process of the analyzed case. Finally, we argue what role intuition plays in this case of economic decision making in a context of globalization and what implications this proposal of analysis has on the existential decisions that, in the end, can end up being each of the decisions we make. Keywords:Logic, intuition, decision making, economic decisions, existential decisions.

scholarly journals The Impact of Emotions on Our Rational Economic Decisions

2021 ◽  
Vol 11 (2) ◽  
pp. 19-46
Author(s):  
İbrahim Cevizli ◽  
Mahmut Bilen
Keyword(s):  
Decision Making ◽  
Complex Structure ◽  
Decision Making Process ◽  
Unique Contribution ◽  
Human Beings ◽  
Economic Decision ◽  
Economic Theories ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
The Impact

There are many factors that affect the attitudes and behaviors of human beings, which have a very complex structure. However, mainstream economic theories have ignored other characteristics, including the role of emotions, by assuming that human beings are “rational” in the economic decision-making process. Although this assumption is actually controversial, it still maintains its strong established position in economic theories. In the study, the history of economic rationality and the objections developed against the rational individual were examined, and whether emotions affect the economic decision-making process was analyzed with a hypothetical experimental study, first based on observation, and then subjected to the Mann Whitney U test. According to the findings, it was determined that people are also affected by their feelings that they do not act solely on the assumption of rationality in the economic decision-making process. This finding is presented both as a unique contribution to the economics literature and as an option to be evaluated for economic policy makers.

scholarly journals Introduction. Neuroeconomics: the promise and the profit

2008 ◽  
Vol 363 (1511) ◽  
pp. 3767-3769 ◽  
Author(s):  
Wolfram Schultz
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Explanatory Power ◽  
Neural Mechanisms ◽  
Individual Decision ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
The Individual ◽  
Gains And Losses ◽  
The Brain

Neuroeconomics investigates the neural mechanisms underlying decisions about rewarding or punishing outcomes (‘economic’ decisions). It combines the knowledge about the behavioural phenomena of economic decisions with the mechanistic explanatory power of neuroscience. Thus, it is about the neurobiological foundations of economic decision making. It is hoped that by ‘opening the box’ we can understand how decisions about gains and losses are directed by the brain of the individual decision maker. Perhaps we can even learn why some decisions are apparently paradoxical or pathological. The knowledge could be used to create situations that avoid suboptimal decisions and harm.

scholarly journals In Your Face(t)—Personality Traits Interact With Prototypical Personality Faces in Economic Decision Making

2021 ◽  
Vol 12 ◽  
Author(s):  
Martin Weiß ◽  
Marko Paelecke ◽  
Johannes Hewig
Keyword(s):  
Decision Making ◽  
Social Interactions ◽  
Ultimatum Game ◽  
Trust Game ◽  
Facial Features ◽  
Economic Decisions ◽  
Economic Decision Making ◽  
Dispositional Trust ◽  
Potential Interactions

In everyday life, assumptions about our peers' as well as our own personality shape social interactions. We investigated whether self-rated personality and inferences drawn from partners' faces influence economic decisions. Participants (N = 285) played the trust game in the role of the trustor as well as the ultimatum game in the role of the proposer and interacted with trustees and receivers represented by prototypical personality faces. Participants also evaluated both their own traits and the personality of the faces. In the trust game, trustees represented by faces rated higher on agreeableness yielded higher transferred amounts. This effect was more pronounced for trustors low on dispositional trust, whereas trustors high on dispositional trust did not relate their decisions to the faces. Trustees represented by faces rated higher on conscientiousness yielded higher transferred amounts only for trustors high on dispositional anxiety. In the ultimatum game, receivers represented by faces rated higher on conscientiousness yielded lower offers only for proposers high on dispositional assertiveness. These results extend previous findings on the inferences drawn from facial features and the influence of personality on decision making. They highlight the importance of considering the personality of both interaction partner, as well as potential interactions of players' traits.

scholarly journals Decision Making from the Experience of Orthognathic Surgery Patients: A Grounded Theory Approach

2021 ◽  
pp. 238008442110144
Author(s):  
N.R. Paul ◽  
S.R. Baker ◽  
B.J. Gibson
Keyword(s):  
Decision Making ◽  
Grounded Theory ◽  
Treatment Options ◽  
Study Data ◽  
Primary Objective ◽  
Major Surgery ◽  
Future Research ◽  
Decision Making Process ◽  
Theory Approach

Introduction: Patients’ decisions to undergo major surgery such as orthognathic treatment are not just about how the decision is made but what influences the decision. Objectives: The primary objective of the study was to identify the key processes involved in patients’ experience of decision making for orthognathic treatment. Methods: This study reports some of the findings of a larger grounded theory study. Data were collected through face-to-face interviews of patients who were seen for orthognathic treatment at a teaching hospital in the United Kingdom. Twenty-two participants were recruited (age range 18–66 y), of whom 12 (male = 2, female = 10) were 6 to 8 wk postsurgery, 6 (male = 2, female = 4) were in the decision-making stage, and 4 (male = 0, female = 4) were 1 to 2 y postsurgery. Additional data were also collected from online blogs and forums on jaw surgery. The data analysis stages of grounded theory methodology were undertaken, including open and selective coding. Results: The study identified the central role of dental care professionals (DCPs) in several underlying processes associated with decision making, including legitimating, mediating, scheduling, projecting, and supporting patients’ decisions. Six categories were related to key aspects of decision making. These were awareness about their underlying dentofacial problems and treatment options available, the information available about the treatment, the temporality of when surgery would be undertaken, the motivations and expectation of patients, social support, and fear of the surgery, hospitalization, and potentially disliking their new face. Conclusion: The decision-making process for orthognathic treatment is complex, multifactorial, and heavily influenced by the role of DCPs in patient care. Understanding the magnitude of this role will enable DCPs to more clearly participate in improving patients’ decision-making process. The findings of this study can inform future quantitative studies. Knowledge Transfer Statement: The results of this study can be used both for informing clinical practice around enabling decision making for orthognathic treatment and also for designing future research. The findings can better inform clinicians about the importance of their role in the patients’ decision-making process for orthognathic treatment and the means to improve the patient experience. It is suggested that further research could be conducted to measure some of the key constructs identified within our grounded theory and assess how these change during the treatment process.

The Moderating Role of Personal Relevance on Differential Priming of Anxiety and Sadness on Perceived Travel Risk: A Replication

2009 ◽  
Vol 104 (2) ◽  
pp. 500-508 ◽  
Author(s):  
Wen-Bin Chiou ◽  
Ming-Hsu Chang ◽  
Chien-Lung Chen
Keyword(s):  
Decision Making ◽  
Risk Taking ◽  
Personal Relevance ◽  
Risk Averse ◽  
Mood Repair ◽  
Neutral Mood ◽  
Motivational Influences ◽  
Relevance Condition ◽  
Moderating Role

Raghunathan and Pham conducted a pioneer study in 1999 on the motivational influences of anxiety and sadness on decision making and indicated that anxiety would motivate individuals to be risk averse, whereas sadness would motivate individuals to be risk taking. A replication study was employed in the domain of perceived travel risk. Compared to participants in a neutral mood, anxious participants showed higher perceived travel risk than sad participants. Moreover, the differential effect of anxiety and sadness on perceived travel risk was only pronounced under the high personal relevance condition, in which participants made personal decisions and expected that they would be affected by the outcomes. In general, the results extend the notion proposed by Raghunathan and Pham suggesting that travelers' implicit goals primed by anxiety or sadness used for mood-repair purposes appear to be moderated by personal relevance.

Evolution of EC Institutions and Role of France (1990–2000)

2011 ◽  
pp. 58-70
Author(s):  
P. Timofeev
Keyword(s):  
Decision Making ◽  
Decision Making Process ◽  
The Eu

The gradual enlargement of the EEC has necessitated an adaptation of European supranational structures established in the 1950-1970s to the needs of the time. Under these circumstances one of the key priorities of France's participation in the EU is he struggle for preserving her influence on the EU decision-making process. The article is devoted to the interaction of France with its partners in the EU institutions. This implies not only the implementation of its own interests, but also the search for compromise more or less satisfactory to all participants.

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