Social influences of economic decision making

Tóth László és Rados Kende (2023) Social influences of economic decision making. In: Foresight in Research. Budapesti Gazdasági Egyetem, Budapest, pp. 191-201. ISBN 9786156342560

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Abstract

People make economic decisions not on a purely rational basis but driven by an identity of who they are or desire to become, through motivations and norms. These motivations cause decisions made, to be biased, instead of being based on a logical analysis of all accessible information. Thus, the emerging field of identity economics examines psychological factors to enhance our understanding of the decision-making process of economic actors. Our paper describes how utilizing the concept of social identity as part of identity economics can provide an explanation for the motivation-driven decision-making. We illustrate through case studies how individuals change their decisions based on which dimension of their social identities are salient, influencing their motivations through which social group they are members of or potentially want to belong to at the moment of decision-making. Additionally, there is also the issue of the individual’s outlook of the future as a factor of behavior, how they perceive their identity in the future in terms of emotions, determination and their vision of the future. Further research in the field of identity economics will contribute to a more accurate understanding of economic decision-making behavior, since the mainstream economics approach and current alternative approaches are limited in their abilities to fully explain human economic behavior.

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Intézmény

Budapesti Gazdasági Egyetem

Mű típusa: Könyv része
Szerző publikációban használt neve:
Publikációban használt név ORCIDMTMT szerző azonosító
Tóth László
Rados Kende
Kulcsszavak: identity economics, social identity, decision-making, transaction cost, social environment
Felhasználó: Eszenyi-Bakos Kinga
A mű MTMT azonosítója: 34430083
DOI azonosító: https://doi.org/10.29180/9786156342560_11
Rekord készítés dátuma: 2023. Dec. 11. 14:05
Utolsó módosítás: 2023. Dec. 13. 14:56
URI: http://publikaciotar.uni-bge.hu/id/eprint/2204

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