Open AccessThe Impact of Emotions on Our Rational Economic Decisions
Author(s) -
İbrahim Cevizli,
Mahmut Bilen
Publication year - 2021
Publication title -
i̇nsan and toplum
Language(s) - English
Resource type - Journals
eISSN - 2602-2745
pISSN - 2146-7099
DOI - 10.12658/m0617
Subject(s) - rationality , affect (linguistics) , feeling , positive economics , mainstream , economics , rational planning model , economic model , position (finance) , process (computing) , social psychology , mainstream economics , rational choice theory (criminology) , economic analysis , psychology , political science , microeconomics , applied economics , law , computer science , management , classical economics , criminology , communication , finance , operating system
There are many factors that affect the attitudes and behaviors of human beings, which have a very complex structure. However, mainstream economic theories have ignored other characteristics, including the role of emotions, by assuming that human beings are “rational” in the economic decision-making process. Although this assumption is actually controversial, it still maintains its strong established position in economic theories. In the study, the history of economic rationality and the objections developed against the rational individual were examined, and whether emotions affect the economic decision-making process was analyzed with a hypothetical experimental study, first based on observation, and then subjected to the Mann Whitney U test. According to the findings, it was determined that people are also affected by their feelings that they do not act solely on the assumption of rationality in the economic decision-making process. This finding is presented both as a unique contribution to the economics literature and as an option to be evaluated for economic policy makers.