IRRATIONAL DECISION MAKING PROCESS

Abstract

Author(s): Zafer YILDIZ, Onur CEYLAN

The purpose of economics of science is to research the ways concerning how to compensate the needs of individuals at the possible efficient level using existing plausible resources and basics of it had been found by a book which is entitled as “Wealth of Nations” written in 1776 by Adam Smith who is a philosopher of ethics. At that time; it was defended that the best way of compensating individual’s need is the rational behavior of human being and a great number of papers have been presented regarding this basic assumption. But the robustness of science of economics have been examining beginning from 1929; and an intense struggling has occurred to protect the validity of economics in the world of science via forming new ideas in economics, especially as bounded rationality. In this context; the paper provides information about behavioral economics, new constitutional economics, bounded rationality which are argued as alternatives of rational choice theory; including rationality assumption as well. Keywords: Rationality, Behavioral Economics, Psychology, Human Behavi

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