The psychology of money: Impacts of financial constraints and the digital economy
- Is our consumption behavior rational? Due to their limited available rationality („bounded rationality“), humans resort to cognitive abbreviation strategies (known as heuristics) to make decisions. Based on insights from psychology and other social sciences, „Behavioral Economics“ attempts to improve the reality of traditional economic theories.If the consumer does not act purely rationally, which factors influence his behavior? What are the consequences? Following theoretical foundations the second part addresses the impact of financial contraints on consumer behavior. The last part deals with basic effects of the digital economy on consumer behavior.
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| https://doi.org/10.25974/fhms-17772 |
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