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Drivers of Consumer Decision Making- Comparative Analysis of Behavioral and Neuroeconomics Models

In: Regional Studies on Economic Growth, Financial Economics and Management

Author

Listed:
  • Anida Krajina

    (Masaryk University)

  • Vildana Karalić

    (Masaryk University)

Abstract

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 has proved that consumers’ brains are much more complex than it has been thought. There is always a good chance that habits will fail. Inconsistencies in the way consumer process information will be undone due to the presence of emotions. That is highly consistent with the fact that humans are not rational creatures meaning they are not governed solely by reason in any decision making process. This gives the ground for more enhanced research on decision making and introduction of the neurological aspects. Skeptical or not, currently there are inventions of the neural- economics combination that tend to be widely spread. Another suggestion in favor of neuroeconomics is that when used in different direction, it can lead to the search and choice of an appropriate empirical model.

Suggested Citation

  • Anida Krajina & Vildana Karalić, 2017. "Drivers of Consumer Decision Making- Comparative Analysis of Behavioral and Neuroeconomics Models," Eurasian Studies in Business and Economics, in: Mehmet Huseyin Bilgin & Hakan Danis & Ender Demir & Ugur Can (ed.), Regional Studies on Economic Growth, Financial Economics and Management, pages 391-400, Springer.
    • Handle: RePEc:spr:eurchp:978-3-319-54112-9_25
    DOI: 10.1007/978-3-319-54112-9_25
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    Cited by:

    1. Muhammad Tahir Jan & Ahmed Mohamed Hamed Aly Abouzaid & Nadeem & Tashpia Hossain, 2020. "Is Your Purchase Intention Influenced by Irrational Factors?An Investigation of Fashion Industry," Journal of Marketing and Consumer Behaviour in Emerging Markets, University of Warsaw, Faculty of Management, vol. 2(11), pages 16-32.

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