The Contribution of Behavioral Economics in Explaining the Decisional Process

The purpose of this paper focuses on highlighting the contribution of behavioral economics in explaining the decision-making process. For a proper study of the attitudes and mechanisms of the decision-making process, one must take into consideration subjective and psychological aspects of behavioural economics, that move the rational behaviour from the traditional terms presented in the classical and neoclassical literature in new coordinates. It is expected that this approach of the decision making process to hinder economic development models, but taking into account all factors involved in how individuals make decisions, it will allow a better explanation of the economic problems and finding suitable solutions. (C) 2014 The Authors. Published by Elsevier B.V.