Department of Economics, University College Dublin, Ireland
Brief Report
Behavioral Economics: How Cognitive Biases Influence Business Decision-Making
Author(s): Liam Lilly*
Behavioral economics, an interdisciplinary field that merges psychology with traditional economic theory, has significantly transformed our understanding of how individuals and organizations make decisions. Unlike traditional economic models, which assume that people act rationally and in their best interests, behavioral economics acknowledges that cognitive biases and emotional factors often lead to irrational decisions. In business decision-making, these biases can manifest in numerous ways, influencing everything from investment choices to consumer behavior and strategic planning... Read More»
DOI:
10.37421/2223-5833.2024.14.589
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