Obstacles in the decision-making process of economic decision units: Cognitive bias and mental shortcuts

Rational human acceptance, which is one of the basic assumptions of Classical Economics, has become quite controversial, especially with the emergence of behavioral economics on the stage of history. Psychology, which was accepted as a science at the end of the 19th century, became a necessity to determine the various anomalies behind economic behavior as a result of its cooperation with the economy. Behavioral economics, which is an interdisciplinary approach, has investigated the reasons that prevent people from exhibiting rational behavior by affecting their reasoning process. Cognitive biases and heuristics, which we will define as a systemic error in the thought process of the person; prevents people from rational behavior. While applying to cognitive processes at the decision stage sometimes provides convenience and praticality, it often leads to erroneous results. This study aims to reveal the behavioral anomalies that affect the economic decision processes within the framework of a descriptive analysis. In this sense, existing theoretical and applied studies are presented and the reasons that cause irrationality in decision units are presented under the titles. The importance of this study; It is the revealing of various behavioral anomalies that affect the reasoning process of the individual. The motivation of the study is the idea that it is necessary to raise awareness about the cognitive tendencies that affect the actors in the economic decision stage. Recognizing cognitive tendencies that cause irrational behaviors in decision processes; It is very important for every person who wants to understand life extensively. As a result, cognitive biases and heuristics can explain most irrational behaviors. Although these tendencies, which are numerous, can be seen in all areas of life, they are difficult to detect and comprehend. However, after having the relevant awareness, it is thought that it will be inevitable to change life for the better and to overcome the problems faced.