Behavioral Economics: Insights into Consumer Decision-Making Processes

According to this narrative review, cultural values, social influences, and cognitive biases play a big role in decisions made by people. Behavioral economics research from the past few years shows that consumers, especially those making decisions about their health, can be affected by biases such as loss aversion, anchoring, and present bias. Furthermore, it explores how religious and cultural factors significantly affect how people in various societies behave as consumers. Furthermore, the review emphasizes the importance of nudging and other culturally sensitive interventions for helping people make better decisions about their health and finances. It says that clear knowledge of these factors is necessary for making smart choices about marketing, public policy, and health promotion. Beyond proving that these interventions work in different cultural settings, the ultimate goal of future research into them should be to improve consumer welfare and public health outcomes.