Drivers of Consumer Decision Making - Comparative Analysis of Behavioral and Neuroeconomics Models
| Authors | |
|---|---|
| Year of publication | 2017 |
| Type | Article in Proceedings |
| Conference | REGIONAL STUDIES ON ECONOMIC GROWTH, FINANCIAL ECONOMICS AND MANAGEMENT |
| MU Faculty or unit | |
| Citation | |
| Web | https://doi.org/10.1007/978-3-319-54112-9_25 |
| Doi | http://dx.doi.org/10.1007/978-3-319-54112-9_25 |
| Field | Management and administrative |
| Keywords | Consumer Behavior Behavioral Models Neuroeconomics Decision Making |
| Description | When making choices, more precisely purchase decision making, the consumers are everything but rational. Behavioral economics is the whole science dedicated to examining this phenomenon. Freud has constructed the model that reveals the inner motivators for decisions, including the purchasing one as well. However, behavioral models are not solely enough as the practice proved that consumers’ brains are much more complex than it was initially thought. There is always a good chance that habits will fail and inconsistencies in the way consumer process information will be undone for the simple reason- presence of emotions. That is highly consistent with the fact that humans are not rational creatures only and are not governed by reason in any decision making process. This gives the ground for more enhanced research on decision making and introducing neurological aspects. Skeptical or not, nowadays there are inventions of this neuraleconomics combination that tend to be widely spread. Another suggestion that goes as an advantage of neuroeconomics is that when used in different direction, it can lead to the search and choice of an appropriate empirical model. |
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