The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events
The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events
Author(s): Catalina-Oana Mirica (Dumitrescu)Subject(s): Business Economy / Management
Published by: Addleton Academic Publishers
Keywords: behavioral economics; decision making; consumer choice; neural events;
Summary/Abstract: I inspected the relevant literature on the neural mechanisms underlying the decision process, providing both quantitative evidence on trends and numerous in-depth empirical examples. Using data from LivePerson, MarketingCharts, McKinsey, and Salesforce Research, I performed analyses and made estimates regarding top reasons for abandonment during online purchase, consumer goods pre-purchase research, and top three factors that influence whether a product is considered at each stage of the consumer decision journey, and clarified that neuroscientific methods enable direct inspection of implicit/unconscious processes.
Journal: Economics, Management, and Financial Markets
- Issue Year: 14/2019
- Issue No: 1
- Page Range: 16-22
- Page Count: 7
- Language: English
- Content File-PDF