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The Influence of Behavioral Biases in Economics on Residents’ Decisions

In: Proceedings of the 2024 2nd International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2024)

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  • Yu Wang

    (Jinan Thomas School)

Abstract

This article studies the influence of behavioral biases in behavioral economics on residents’ decisions through questionnaire surveys and data analysis. The study finds that consumers prefer benefit-oriented promotion methods such as discount ratios and prominent digital forms of benefits in shopping decisions. Investors show dependence on historical profit and loss data in stock trading and tend to buy profitable products and sell loss-making products, reflecting the behavioral characteristic of loss aversion. In terms of risk choice, most consumers show risk aversion, while a small number show risk preference. The research results indicate that residents’ consumption and investment decisions are influenced by various behavioral biases, providing empirical evidence for the optimization of enterprise marketing and investment strategies.

Suggested Citation

  • Yu Wang, 2025. "The Influence of Behavioral Biases in Economics on Residents’ Decisions," Advances in Economics, Business and Management Research, in: Peng Dou & Keying Zhang (ed.), Proceedings of the 2024 2nd International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2024), pages 603-614, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-706-9_54
    DOI: 10.2991/978-94-6463-706-9_54
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