IDEAS home Printed from https://ideas.repec.org/a/ana/elitjr/v5y2023i1p31-58.html
   My bibliography  Save this article

Analysis of the Effect of Thought System on Economic Decisions with Behavioral Economics

Author

Listed:
  • Tugba Demirtas

Abstract

Each individual forming the society is far from mathematical models; Considering that it exists under the influence of a number of sociological, psychological, cultural or anthropological factors; The decision-making process of the individuals who make up the dynamics of the economy and the balances they create are also becoming extremely important. On a plane where the economic cannot be separated from the society and the society's individual decision-making mechanism, the shortcuts of the individual thought system come to the fore. The concept of limited rationality has come to the fore after the more frequent crises, on a plane that the mainstream economics describes as "homoeconomicus" or "rational individual" under all circumstances and argues that there are individuals who make rational decisions. It has been revealed that individuals who make complete decisions, which the economy adapts only with models, are not actually like that. In this study, while examining the psychological decision-making methods highlighted by behavioral economics, their effects on economic decisions will be discussed.

Suggested Citation

  • Tugba Demirtas, 2023. "Analysis of the Effect of Thought System on Economic Decisions with Behavioral Economics," Economics Literature, WERI-World Economic Research Institute, vol. 5(1), pages 31-58, June.
    • Handle: RePEc:ana:elitjr:v:5:y:2023:i:1:p:31-58
    DOI: 10.22440/elit.5.1.2
    as

    Download full text from publisher

    File URL: https://elit.weri.eu/index.php/elit/article/view/71/45
    Download Restriction: no
    File URL: https://libkey.io/10.22440/elit.5.1.2?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    Behavioral Economics; Thinking Systems and Decision Making Process; Public Policy; Expenditure Effect; Perception of Risk;
    All these keywords.

    JEL classification:

    • G4 - Financial Economics - - Behavioral Finance
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ana:elitjr:v:5:y:2023:i:1:p:31-58. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Unal Tongur (email available below). General contact details of provider: https://edirc.repec.org/data/ewanatr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.