Cognitive economics as a new approach in explaining consumer economic behaviors

Document Type : Research Paper

Authors

Faculty member

Abstract

Consumer behavior is the most important issues in microeconomics. In neoclassical economics it is assumed that in order to reach the goals, human behavior is based on absolute rationality. While, Simon criticizes the paradigm assumptions of neoclassic school and introduces the bounded rationality. Since, because of uncertainty and lack of access to enough information, human faces with limited cognitive. So that cannot decide rationally, according to neoclassical economics predictions. So, based on the studies in this field, we can say that human behavior is affected by the intuitional and reasoning factors. The purpose of this paper is to discuss consumer behavior with a different approach and to mention the critics that are posed to neoclassical economics. The purpose of this paper is to discuss the consumer behavior by using four approaches of economics, psychology, social science and cognitive science. The most important approach which, in recent years, absorb a lot of attention, is cognitive science that attempt to percept human brain and mind which receipts, keeps and process the information. This science focuses on reasoning, perception, retention, cognizance, emotions, attention, awareness, creativity and connection between them which are used to understand the ability of the human brain. The purpose of this paper is to illustrate the function of cognitive science in consumers' behavior as an important matter in economics.
JEL Classification: B21، D03، D11

Keywords

References

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  • Receive Date: 09 October 2015
  • Revise Date: 19 September 2016
  • Accept Date: 25 October 2016

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