HOW THE COGNITIVE BIASES SHAPE CONSUMER DECISION MAKING FROM BEHAVIORAL ECONOMICS
Keywords:
Cognitive biases, consumer decision-making, behavioral economics, marketing, consumer psychology.Abstract
Consumer decision-making is impacted not only by rational thinking but also by cognitive biases, which often lead to irrational actions. These biases significantly influence purchasing choices. This article examines a variety of cognitive biases, including emotional influences, anchoring, overchoice, confirmation bias, framing effects, and loss aversion. By applying behavioral economics, it explains how these biases affect consumer behavior and offers insights into how businesses can incorporate these biases into their marketing strategies.
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