Year: 2023
Type: article
Abstract: Confirmation bias is a common problem for customers, brands, and decision-makers across society. And collectively, it can positively or negatively impact the accuracy and quality of decisions, especially for purchasers. This paper introduces the concept of confirmation bias in behavioral economics and overviews the definition and origin of this theory and its importance. Also, taking good advantage of three applications including Information Processing, Marketing & Branding and Stereotype proves that if the confirmation bias is affecting, this raises the psychological cost of making a purchase decision and reduces the desire to buy, thereby influencing people's thoughts on the purchase decision.
Author: Peilin Jin
Institution: Cardiff University
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4386687473