Citation:

Dr. Manasi Kurtkoti. "Behavioral Economics and the Transformation of Consumer and Business Decision Making: An Empirical Examination with Survey-Based Evidence" International Research Journal of Economics and Management Studies, Vol. 4, No. 11, pp. 141-146, 2025. Crossref. http://doi.org/10.56472/25835238/IRJEMS-V4I11P119

Abstract:

Behavioral economics has strongly influenced how one views consumer and business decision-making: away from the idea of perfect rationality and toward biases, heuristics, and psychological drivers of choice. This study investigates these influences among urban and semi-urban populations using a survey-based dataset of 200 respondents. The analysis evaluates how decision types (impulsive, planned, rational, and emotional) relate to key factors such as income, age, and consumer confidence and explores their association with business choices across major economic sectors. Advanced statistical techniques, including ANOVA and regression modeling, uncover significant associations between decision-making patterns and their socio-economic underpinnings. These results show significant variation across sectors and demographics and provide actionable insights for theorists and practitioners alike. Limitations regarding sample scope and self-reporting are discussed, and recommendations on future interdisciplinary and high-frequency data-driven research are provided. This research underlines the shift that has been made within economic behavior studies from the model of the rational agent to one that is more psychologically rich and indicates some new directions that both academic inquiry and managerial practice might take.

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Keywords:

Behavioral Economics, Consumer Decision Making, Business Strategy, Economic Psychology, Heuristics, Impulse Buying, Rational Choice, Survey Analysis, India, Socio-Demographic Factors.