Personal Economic Decision Driven by Behavioral Bias

Economic Decisions
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Economic Decisions
The two primary fields of psychology that are important to economists are choice and judgment. Specifically, judgment focuses on the processes that individuals use to estimate probabilities. Choice entails processes used to select actions by considering relevant judgments (Loewenstein, 2017).
The main personal economic decision that I made driven by a behavioral bias rather than pure rational behavior was purchasing an expensive pair of Jordan shoes due to their popular brand name. For sure, I would have gone for a less expensive and comfortable pair of shoes from a less renowned brand name. Regardless of the pair of shoes I bought, it would have served the purpose since both of them were comfortable and nice-looking. However, behavioral bias made me go for a Jordan pair of shoes since it was from a well-known brand name and enabled me to be perceived as a member of a particular social class.
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