Behavioral Economics and Decision Making: Understanding Irrationality and Biases in Economic Choices
Year: 2024
Type: article
Study design: Systematic Review
Abstract: This research investigates the relationship between Behavioral Economics and economic decision making, with a focus on understanding the impact of emotions, cognitive factors, motivation, and level of self-control on individual economic decisions. Through a systematic literature review approach, this study presents a hypothesis which suggests that various psychological factors significantly influence economic decision making. These findings have important implications for our understanding of consumer behavior and decision-making processes in an economic context, and offer a more holistic view in designing more effective policies and strategies in promoting healthy economic behavior.
DOI: 10.62207/ma4g8z02
Author: Liestyowati Liestyowati
Institution: Telkom University
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4393353709