Abstract

This research investigates the role of intuition, social consultation, and emotional stability in economic decision-making. Such research always questions the existing models on rational- agent models. While adopting the cross-sectional approach that compares two different age groups adults (18-25 years) and adults (26-45 years)-the way cognitive biases, emotions, and social influences actually shape choices in economic decision-making was examined. In this research, a quantitative research approach was used after collecting data using structured surveys and exploring them using regression and correlation analysis. The key findings of this research suggest that the majority of the sample population makes use of intuitive and heuristic- based strategies, especially when situations present uncertainty. Findings also come in line with behavioral economic theories such as Prospect Theory and Social Influence Theory. In a nutshell, it was discovered that emotional factors as well as social validation are significant in framing decision-making behaviors, and further, economic models must account for these non- rational influences to provide a richer understanding of human behavior in an economic context. This research fits into the discussion on behavioral economics by shedding light on psychological elements in economic decisions and their implications on policy design.