Consumer decision making process under uncertainty and risk: A theoretical review

In our age, the questioning and criticizing of the economic unit with full knowledge which forms the basis of neclassical economy, tries to maximize rational and inference, reveals the importance of factors that influence the behavior of the individual. In line with the purpose of the study, it has been restricted with consumers and its behavior from economic agents. While consumers tries to maximize their benefits, they have to shape future decisions and preferences under the effect like accessing to information, as well as time and income constraints. The most important concepts that affect decision-making processes are risks and uncertainties that have been natural benefits of the world which being lived. The goal of this study is to determine how the purchase consideration, which has a sophisticated structure, is formed and which factors primarily play a role in it, as analyzing the effects of uncertainty and risk factors on the embodiment of consumer's behaviors. The study explores how consumers who make decisions under uncertainty and risk move away from rational behavior, which is the basis of traditional economics with the impact of environmental, cognitive and emotional factors.