The Role of Cognitive Biases on the Rationality of Economic Decision-Making under Risk among Students

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Chamani Reza; BAGHERIAN FATEMEH; SHOKRI OMID

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Journal: JOURNAL OF COGNITIVE PSYCHOLOGY Year:2019 | Volume:7 | Issue:1 Page(s): 1-14

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Title

The Role of Cognitive Biases on the Rationality of Economic Decision-Making under Risk among Students

Author(s)

Chamani Reza | BAGHERIAN FATEMEH | SHOKRI OMID | Issue Writer Certificate

Keywords

Decision-Making

Prospect Theory

Biases and Heuristics

Rationality

Risk & Loss Aversion

Abstract

This research, by designing a task based on a set of problems and paradoxes of cognitive psychology and social psychology, examines Rationality in economic Decision-Making of individuals under risk and uncertainty. For years, Rationality was the central axiom of psychological Decision-Making in Economics. The new theory in the field of psychology and behavioral economics is called the Prospect Theory; which has a greater power of explanation compared to the Expected Utility Theory. To our knowledge, no similar study has been done in Iran. The sample included 180 male and female university students. The method of sampling was convenience sampling, and participants encountered questions in a random order. Because our data did not have a normal distribution we had to use non-parametric statistics. The validity of our task was 0. 72 and its reliability was obtained 0. 86 (p<0. 05). The scores of all subgroups were obtained as significant (a severe and significant tendency to irrational economical choices under risk and uncertainty). The median was found to be 21 and 70% of the participants scored above 15. 5 (out of 31 points). The findings are completely in line with the concept of bounded Rationality in the psychology of Decision-Making and confirm that the Prospect Theory explains the data far better than its prior theories.

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APA: Copy

Chamani, Reza, BAGHERIAN, FATEMEH, & SHOKRI, OMID. (2019). The Role of Cognitive Biases on the Rationality of Economic Decision-Making under Risk among Students. JOURNAL OF COGNITIVE PSYCHOLOGY, 7(1 ), 1-14. SID. https://sid.ir/paper/270446/en

Vancouver: Copy

Chamani Reza, BAGHERIAN FATEMEH, SHOKRI OMID. The Role of Cognitive Biases on the Rationality of Economic Decision-Making under Risk among Students. JOURNAL OF COGNITIVE PSYCHOLOGY[Internet]. 2019;7(1 ):1-14. Available from: https://sid.ir/paper/270446/en

IEEE: Copy

Reza Chamani, FATEMEH BAGHERIAN, and OMID SHOKRI, “The Role of Cognitive Biases on the Rationality of Economic Decision-Making under Risk among Students,” JOURNAL OF COGNITIVE PSYCHOLOGY, vol. 7, no. 1 , pp. 1–14, 2019, [Online]. Available: https://sid.ir/paper/270446/en

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