This dissertation explores the decision-making processes of individuals in economics, with a particular focus on the factors that affect decision making and the evolution of economic thought. The study delves into various psychological, emotional, cognitive systems, and social norms that influence individual decision making. Additionally, it examines the limitations of rational decision-making theory and highlights the need for a behavioral theory of decision making. The research draws on insights from various fields such as psychology, neuroeconomics, and education to provide a comprehensive understanding of how people make decisions. The accessibility in behavior is discussed in detail along with framing effects and prospect theory. Furthermore, the role of emotions in decision making is explored to understand how they impact an individual's choices. The study also reviews the importance of social factors such as cultural norms and peer pressure in shaping an individual's decisions. It emphasizes that situational learning plays a crucial role in influencing an individual's choices. The dissertation owes its existence to several individuals who provided guidance, motivation, and support throughout its development. The author expresses gratitude to their dissertation advisor Prof. R. Hema for her continuous guidance and support throughout the work. They are also thankful to Dr. Venkatachalam L., who introduced them to Behavioral Economics, and Dr. Santosh Kumar Sahu for their help and guidance. The author acknowledges their friends' constant motivation during this process; Varsha Choraria and Ayush Kumar were especially vital in completing this work successfully. Finally, they express their deepest gratitude to their parents for providing unfailing support throughout their years of study. In conclusion, this dissertation provides valuable insights into the decision-making processes of individuals in economics by analyzing various factors that influence these choices.
This is a big paper about how people make choices in economics. It talks about things that can affect how we decide, like our feelings and what other people think. The paper also looks at how we learn from different situations and experiences. Some important words to know are decision-making (how we make choices), cognitive systems (how our brain works), and cultural norms (what people in a certain group believe is right or wrong). Overall, the paper helps us understand why people make the decisions they do in economics.
Definitions
- Decision-making: the process of making a choice
- Cognitive systems: the way our brain processes information
- Cultural norms: beliefs and behaviors that are common among a certain group of people
Exploring the Decision-Making Processes of Individuals in Economics
The decision-making process of individuals in economics is an important area of study. This dissertation seeks to explore the various psychological, emotional, cognitive systems, and social norms that influence individual decision making. Additionally, it examines the limitations of rational decision-making theory and highlights the need for a behavioral theory of decision making.
Psychological Factors Influencing Decision Making
The research draws on insights from psychology to understand how people make decisions. Accessibility in behavior is discussed in detail along with framing effects and prospect theory. Furthermore, the role of emotions in decision making is explored to understand how they impact an individual's choices.
Social Factors Impacting Decisions
The importance of social factors such as cultural norms and peer pressure are also reviewed to understand their impact on an individual's decisions. It emphasizes that situational learning plays a crucial role in influencing an individual's choices.
Acknowledgements
This dissertation owes its existence to several individuals who provided guidance, motivation, and support throughout its development. The author expresses gratitude to their dissertation advisor Prof. R Hema for her continuous guidance and support throughout the work; Dr Venkatachalam L., who introduced them to Behavioral Economics; Dr Santosh Kumar Sahu for their help and guidance; Varsha Choraria and Ayush Kumar for providing constant motivation during this process; finally they express their deepest gratitude to their parents for providing unfailing support throughout their years of study.
Conclusion
In conclusion, this dissertation provides valuable insights into the decision-making processes of individuals in economics by analyzing various factors that influence these choices including psychological aspects such as accessibility behavior, framing effects, prospect theory etc., as well as social factors like cultural norms or peer pressure which play a major role when it comes down to shaping our decisions through situational learning experiences .
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic thought. The factors that are discussed here are psychological, emotional, cognitive systems, and social norms. Apart from analyzing these factors, it deals with the reasons behind the limitations of rational decision-making theory in individual decision making and the need for a behavioral theory of decision making. In this regard, it has also reviewed the role of situated learning in the decision-making process.
