Browsing by Author "Siddharth Jh."
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Item Open Access Behavioral Economics and Consumer Behavior:(Crown Publishing, 2025) Siddharth Jh.Behavioral Economics and Consumer Behavior: Understanding the Mind of the Modern Consumer by Siddharth Jha and Olena Sokhatska examines how psychological, emotional, social, cultural, and situational factors influence consumer decision-making. Challenging the traditional assumption that consumers behave as fully rational agents, the book explains how cognitive biases, heuristics, bounded rationality, loss aversion, present bias, and emotions produce systematic and predictable patterns of behavior. It traces the historical development of behavioral economics through the contributions of Daniel Kahneman, Amos Tversky, and Richard Thaler, with particular attention to Prospect Theory and Nudge Theory. The authors connect these concepts with traditional consumer-behavior models and the five-stage purchasing process. The book also demonstrates their practical application in pricing, promotional campaigns, personalization, gamification, product design, user experience, and public policy. Examples involving retirement savings, organ donation, healthcare, and digital services illustrate how choice architecture can guide behavior without eliminating freedom of choice. Finally, the book considers the growing role of artificial intelligence, big data, and predictive analytics while addressing challenges involving cultural differences, privacy, manipulation, and paternalism. It concludes that behavioral interventions should be transparent, reversible, empirically tested, culturally sensitive, and aligned with consumers’ interests.