Behavioral Economics, Decision Making Processes, and Recommendations for Possible Implementations that may Affect Voting Behavior

Eren Kirmizialtin

Fiscaoeconomia, 2024, issue 3

Abstract: Behavioral economics basically assumes an alternative assumption of human beings to the assumption of man of rational behavior models in the dominant understanding of economics. The human being of rational behavior models "homo economicus" can be defined as a coherent being, isolated from social relations, with an excellent analytical ability to make the best use of every piece of information, always pursuing self-interest (maximizing its own utility). Behavioral economics argues that this assumption is incorrect. It says that people have certain psychological tendencies and cognitive limitations that influence their decision-making processes. It argues that these tendencies and limitations make the homo economicus assumption invalid. This article focuses on behavioral economics, which criticizes rational behavior models and aims to analyze the individual decision-making processes that affect voting behavior using the methods and concepts of behavioral economics. To this end, the methods and concepts of behavioral economics are discussed in terms of what kind of insights they offer for understanding voting behavior and how they can be operationalized in influencing voting behavior, and the related issues are examined with concrete examples.

Keywords: Rationality; Behavioral Economics; Decision-Making; Voting Behavior (search for similar items in EconPapers)
JEL-codes: D72 D91 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:fis:journl:240328

DOI: 10.25295/fsecon.1469201

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