The Impact of Behavioral Economics on Consumer Decision-Making
Keywords:
behavioral, consumer, decision-making, bias, rationalityAbstract
This paper explores how the principles of behavioral economics influence consumer decision-making processes. By analyzing various biases and heuristics, the study highlights the deviations from traditional economic assumptions of rationality. Through empirical studies and theoretical models, this research provides insights into how consumers make purchasing decisions and how businesses can adapt their strategies accordingly. The paper concludes by discussing policy implications for consumer protection and market regulation.
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