Reveal of behavioral economics approaches through consumer decision making styles and an application

Behavioral economics, which indicates that human beings do not always search for ?the best? and that sometimes ?good? will be enough for them, interrogates the fundamental assumption of economics, the ?homoeconomicus?. In this context, decision making has been analyzed in several areas (such as economics, psychology, law) and biases in human decisions have been observed. Prospect theory, which caused a breakthrough in the behavioral economics field, states that human beings can make irrational decisions under risk and uncertainty or in other words, they may not always make the decisions specified in the expected utility theory. According to the literature review conducted, a gap is observed about the reveal of behavioral economics approaches through consumer decision making behavior. The aim of this study is to explain the behavioral economics approaches through consumer decision making styles. In line with this aim, first the behavioral economics approaches have been implemented through marketing perspective and the findings have been interpreted. Then, via Consumer Styles Inventory, the decision making styles of the sample have been revealed. Lastly, the results obtained from the behavioral economics approaches have been explained through consumer decision making styles. The biases and the irrationalities in the consumers? decisions have been interpreted through taking the consumer decision making styles as the basis. It is expected that the results of this study will make contributions to the behavioral economics and consumer behavior literature. Besides, the recommendations brought in line with the results of the study, are expected to serve as a guide for the companies in terms of understanding consumer decision making behavior.Key Words: Behavioral Economics, Prospect Theory, Consumer Decision Making Behavior, Consumer Styles Inventory.