Traditional economic theory assumes that consumers make rational decisions based on logical evaluation and complete information. However, behavioral economics demonstrates that consumer choices are frequently shaped by psychological, emotional, and cognitive biases that lead to systematic deviations from rational behavior. This study examines the role of behavioral biases in consumer decision making, focusing on how cognitive and emotional factors influence purchasing choices. It demonstrates how, consumers perceive prices, evaluate products, and make purchasing decisions using quantitative and experimental methods. Key concepts such as loss aversion, anchoring, framing effects and social influence are analyzed through a quantitative and experimental approach. Primary data were gathered from 200 respondents using a structured survey. From this total sample, 120 participants were randomly selected to take part in a controlled experimental design in order to test the direct impact of pricing presentation on purchase intention, Statistical analysis revealed that participants exposed to anchoring and framing conditions demonstrated significantly higher purchase intention compared to the neutral pricing group. According to the analysis of variance test, a statically significant difference among the groups, and the anchoring condition recorded the highest average purchase intention score of 4.10 on a five-point scale. The findings confirm that consumer decisions deviate form purely rational economic models and are significantly influenced by behavioral biases.
Karnam et al. (2026) studied this question.