The role of social values within the framework of the behavioral economic model in economic decisions

The aim of this study is to explain the effects of social values on the economic decisions and attitudes of individuals in the dimension of behavioral economics. In this study, it was explained that the individual, which traditional economics assumes rationally, is not really rational, and behavioral economics is affected by environmental factors, especially the social values in which they are born and live, as well as the psychological factors that form the foundations of behavioral economics, and gives their decisions and preferences in line with these factors in general. In this context, by using the 2022 data of the Islamism indexes, which we consider as a social value, we divide the GDPs of the countries in the index into high, upper-middle, lower-middle and low income groups according to World Bank data, and analyze the relationship between the index values and their GDPs according to the Pearson Correlation coefficient. was evaluated. As a result of the analysis, a strong and positive correlation was found between GDP and general index values. As a result, it has been observed that social values are effective in the economic and social development of countries.