3 Review(s)

My view applies a behavioral economics perspective to explain consumer behavior by integrating psychological factors with traditional economic theories. My work emphasizes that consumer decisions are not solely rational but are significantly influenced by cognitive biases, emotions, and environmental contexts.. My view contrasts this with traditional economic theory, which primarily focuses on general economic environment changes and supply/demand dynamics without deeply considering consumer psychology . Core Tenets of my Behavioral Economy View on Consumer Behavior My approach to understanding consumer behavior can be broken down into several key areas: 1. Integration of Psychology and Economics My central argument is that a comprehensive understanding of consumer behavior requires bridging the gap between theoretical economics and practical applications influenced by human behavior . My view posits that traditional economic models often fall short because they overlook the complex psychological underpinnings of decision-making. By incorporating insights from psychology, Lok aims to provide a more accurate and nuanced prediction of consumer actions .