Behavioral Economics: Understanding the Psychological Factors Driving Consumer Decisions

Authors

  • Qi Chen

DOI:

https://doi.org/10.62051/ijgem.v4n1.16

Keywords:

Behavioral economics, Bounded rationality, Heuristics, Biases, Prospect theory

Abstract

Behavioral economics is an interdisciplinary field that combines insights from psychology and economics to explain and predict consumer behavior in economic decision-making. This article provides a concise overview of the definition and importance of behavioral economics, exploring its core concepts such as bounded rationality, heuristics and biases, and prospect theory. It also examines the impact of emotional and social factors on consumer decisions and discusses practical applications of behavioral economics in marketing and public policy. Finally, the article summarizes key points and looks ahead to future directions in the field.

References

[1] Chi Zhang, Yihui Pan, Honghong Song. Analysis of the "Special Forces Tourism" Phenomenon Based on Behavioral Economics Theory. Brand Marketing of Time-Honored Brands, 2024(10):94-96.

[2] Guozhu Cheng, Xuanling Liu, Tianjun Feng. Evolutionary Game Model of Urban Residents' Travel Mode Choice from the Perspective of Behavioral Economics. Journal of Harbin Institute of Technology, 2024, 56(07):102-111.

[3] Tao Jiang. Research on the Development of Behavioral Economics. Economic Specialist, 2024(03):31-32.

[4] Mingming Xi, Ting Li. Research Progress in Digital Behavioral Economics. Economic Dynamics, 2024(01):129-144.

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Published

27-08-2024

Issue

Section

Arcicles

How to Cite

Chen, Q. (2024). Behavioral Economics: Understanding the Psychological Factors Driving Consumer Decisions. International Journal of Global Economics and Management, 4(1), 99-104. https://doi.org/10.62051/ijgem.v4n1.16