The consumer choice within behavioral economics perspective: A comparative analysis in culture framework

In the study, it is aimed to determine the preferences of the consumers from the perspective of behavioral economics, to reveal the differences of the samples in terms of culture, to try to explain the relationship between culture difference and consumer choice within the framework of cognitive biases and errors that shape decisions in behavioral economics. In the first part of this study composed of three parts for these purposes; the historical development process of behavioral economics and some cognitive biases and errors in behavioral economics that shape consumers' decisions have been explained. In the second part, consumption theories, consumer behavior, culture factor, which is among the factors affecting consumption, and national culture dimensions have been discussed. In the last section, survey data from Istanbul and London samples have been included in order to determine the effects of cognitive biases and errors that shape decisions in behavioral economics on the consumption decisions of individuals with different cultural characteristics. The data related to the questionnaire have been analyzed using factor analysis, difference analysis and indepence test methods in SPPS 25 and AMOS 21 programs and the hypotheses have been tested. According to the analysis results; It has been determined that there is a difference between the dimensions of uncertainty avoidance, individualism-collectivism, and tendency to the short-long term of Istanbul and London samples. Also, the result has been reached that there is a relationship between having a different culture and answers given to the free effect (gift voucher) questions, decoy effect questions, high anchoring effect questions, ownership effect (in case of own ownership of the product) question, framing effect questions with profit option (banking crisis), framing effect questions with lost options (water shortage) and the question of mental accounting effect with a high reference point.