Decision Making for Consumers and Small Business: A Behavioral Approach

33 Pages Posted: 12 Feb 2014

Date Written: February 11, 2014

Abstract

Behavioral Economics may be in the process of changing the assumptions used in an increasing amount of economic analysis, in “nudging” individuals to respond to government policy, and in getting general periodicals to take the discipline seriously, but how precisely to take advantage of the concepts in everyday decision making remains unclear to many businesspeople and most consumers. This paper undertakes initial steps to fill that gap. After outlining major findings of the field, the paper attempts to indicate how one might apply behavioral economics to decision making in such activities as shopping, job hunting, and setting guidelines for decision making in business.

Keywords: behavioral economics, decision making, everyday activities

Suggested Citation

Schwartz, Hugh H., Decision Making for Consumers and Small Business: A Behavioral Approach (February 11, 2014). Available at SSRN: https://ssrn.com/abstract=2394286 or http://dx.doi.org/10.2139/ssrn.2394286

Hugh H. Schwartz (Contact Author)

Independent ( email )

5902 MOUNT EAGLE DR
APT 1004
ALEXANDRIA, VA 22303-2519
United States

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