ABSTRACT. I inspected the relevant literature on the neural mechanisms underlying the decision process, providing both quantitative evidence on trends and numerous in-depth empirical examples. Using data from LivePerson, MarketingCharts, McKinsey, and Salesforce Research, I performed analyses and made estimates regarding top reasons for abandonment during online purchase, consumer goods pre-purchase research, and top three factors that influence whether a product is considered at each stage of the consumer decision journey, and clarified that neuroscientific methods enable direct inspection of implicit/unconscious processes.
JEL codes: D11; D12; D91; N3; P46
Keywords: behavioral economics; decision making; consumer choice; neural events
How to cite: Mirică (Dumitrescu), Cătălina-Oana (2019). “The Behavioral Economics of Decision Making: Explaining Consumer Choice in Terms of Neural Events,” Economics, Management, and Financial Markets 14(1): 16–20.
Received 1 March 2018 • Received in revised form 25 April 2018
Accepted 28 April 2018 • Available online 1 June 2018
doi:10.22381/EMFM14120192