Explaining the decision-making process.

Human behavior has always been a complex area of study. Besides psychologists, behavioral economists have also been exploring possible economic reasons to explain why humans behave the way they do. Our paper seeks to better understand human‘s decision-making behavior through conducting classroom exp...

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Bibliographic Details
Main Authors: Tan, Veronica., Lee, Mabel Liying.
Other Authors: School of Humanities and Social Sciences
Format: Final Year Project
Language:English
Published: 2011
Subjects:
Online Access:http://hdl.handle.net/10356/43690
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Institution: Nanyang Technological University
Language: English
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Summary:Human behavior has always been a complex area of study. Besides psychologists, behavioral economists have also been exploring possible economic reasons to explain why humans behave the way they do. Our paper seeks to better understand human‘s decision-making behavior through conducting classroom experiments in Nanyang Technological University. We find that the behavior of mental accounting and prospect theory are not evident in our experiment. Respondents do not react to the framing of the vouchers given and instead, choose their choice of voucher randomly. Neither grouping, gender, nationality and brand awareness has an effect on their choice of voucher.