Risk and Uncertainty in Consumer Decision-Making: an Overview of Principles and Perspectives

• Autorzy: Sahoum Aljazzazen , Ayman Balawi
• Języki publikacji: EN

Abstrakty

EN

Consumers' decision-making power is irrational in everyday life due to risk uncertainty, limited information, perceived cost, and other variables; hence, it is critical to research consumers' decision-making to select the best out of numerous alternatives. This entails selecting a course of action to address a specific problem from among two or more possible alternatives- decision-making processes incorporate elements of uncertainty and risk. Therefore, this article aims to explore the principles, values, and approaches to decision- -making risk and uncertainties by analysing recent literature. Decision-making analyses are conducted from a variety of analytical viewpoints. However, Tversky and Kahneman's prospect theory, published in 1979, remains one of the most widely utilised approaches for analysing decision-making under suspicion and ambiguity. Also, personal choices are a problem-solving approach with an emphasis on alternative selection. Ultimately, working on consumer decision-making and aging is critical for a complete knowledge of how customer loyalty and high-quality decision-making may be retained over a person's life. (original abstract)

Słowa kluczowe

EN

Decision making; Risk; Uncertainty; Consumer decision

PL

Podejmowanie decyzji; Ryzyko; Niepewność; Decyzje konsumenckie

• Czasopismo: Modern Management Review
• Rocznik: 2022
• Tom: 27
• Numer: nr 1
• Strony: 7--19

Twórcy

autor

Sahoum Aljazzazen

• University of Pécs, Pécs, Hungary

autor

Ayman Balawi

• University of Pécs, Hungary

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Identyfikatory

DOI

10.7862/rz.2022.mmr.01