The Concept of Rationality in Economics Schools from the Perspective of Behavioral Economics
Keywords:
Concept of Rationality, Behavioral Economics, Consumer BehaviorAbstract
Economics is a branch of social science that studies economic processes such as allocation of resources, production, distribution and consumption. This branch of science, which forms the basis of economic thought, aims to make societies make decisions about how to use resources and analyze the economic consequences of these decisions. This branch of science strives to understand, explain and predict the economic behavior of individuals, firms and states. Behavioral economics, which is within the science of economics, is a perspective that offers a critical approach to traditional economic theories. Behavioral economics proposes that individuals' economic decisions are often influenced by emotional, psychological, and social factors rather than being rational. In this context, the concept of "rationality" in the behavioral economics perspective is treated differently from its meaning in neoclassical economic theories. Consumer behavior is an important topic within behavioral economics. Understanding people's economic decisions, such as shopping, consumption and saving, allows economic models to better fit real-world behavior. The purpose of this study is, in the first chapter, to examine the conceptual origins and history of the concept of rationality and the existence of this concept in traditional economics schools and the criticisms brought to this concept. In the second part, we examine the emergence, development and conceptual framework of behavioral economics. In the last section, models that explain consumer behavior within the framework of behavioral economics and the factors affecting consumer purchasing decisions are examined in detail.
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