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The Effects of Cognitive Bias and Illusions On Pension Savings

Year 2023, Volume: 30 Issue: 4, 639 - 651, 21.12.2023
https://doi.org/10.18657/yonveek.1276757

Abstract

One of the main indicators of economic development is savings. SAvings are very important fort he future of inviduals as well as fort he development levels of countries. However, today’s increasing consumption trend makes it difficult to save. Invidual pension system is a social security system that guarantees the old age of inviduals. The main purpose of developing the pension system is to increase domestic savings.
In this study, how individuals behave while making a saving decision is examined within the framework of behavioral economics. In behavioral economics, whether individuals behave rationally or not in the savings decisions made is explained by the cognitive prejudices and illusions that shape the decisions of individuals In this direction, the framing effect, herd behavior effect, mental accounting effect, procrastination, uncertainty avoidance and overconfidence cognitive biases and illusions, which form the basis of the behavioral economics literature and are quite suitable for examining the behavior of individuals, are discussed.
Key Words: Behavioral Economics, Private Pension System, Domestic Savings
JEL Classification: D1, D03, H3

References

  • Altunöz, U., & Altunöz, H. (2018). Davranışsal Ekonomi Nörofinans: Kavram, Teori, Uygulama, (Güncellenmiş 3. Baskı). Seçkin Yayıncılık: Ankara.
  • Ariely, D. (2010). Akıldışı Ama Öngörülebilir. (Çev. A. Hekimoğlu Gül, and F. Bolat), İstanbul: Optimist Yayın. (Eserin Orijinali 2008’de Yayımlandı).
  • Banerjee, A. V., (1992). The Quarterly Journal of Economics, Volume 107, Issue 3, Pages 797–817
  • Bateman, I., Kahneman, D., Monro, A., Starmer, C., & Sugden, R. (2005). Testing competing models of loss aversion: an adversarial collaboration. Journal of Public Economics, 89, 1561-1580. DOI 10.1016/j.jpubeco.2004.06.013
  • Camerer, C. (1992). Recent Tests of Generalizations of Expected Utility Theory. W. Edwards. (Editor.), Utility Theories, Measurement and Applications. Boston, MA: Kluwer Academic Publishers.
  • Chabris, C. F., Laibson, D. I. ve Schuldt, J. P. (2007). "Intertemporal Choice". İçinde The New Palgrave Dictionary of Economics S. Durlauf ve L. Blume, (Ed.). İkinci Baskı, Palgrave Macmillan: London.
  • Choi, J. J., Laibson, D. ve Madrian, B. C. (2009). Mental accounting in portfolio choice: Evidence from a flypaper effect. American Economic Review, 99(5), 2085-95.
  • Choi, J. J., Laibson, D., Madrian, B. C. ve Metrick, A. (2002). Defined contribution pensions: plan rules, participant choices, and the path of least resistance. Tax policy and the economy, 16, 67-113.
  • Damasio, A. R. (2009). Neuroscience and The Emergence of Neuroeconomics. In P. W. Glimcher, C. F. Camerer, E. Fehr and R. A. Poldrack (Eds.). Neuroeconomics: Decision Making and The Brain. Amsterdam: Elsevier, pp 209-2013
  • Dhami, S. (2016). The Foundations of Behavioral Economic Analysis. Oxford: Oxford University Press.
  • Edwards, J. (2010). Joyful Economics: Remarks on the History of Economics and Psychology from the Happiness Studies Perspective. Doctoral Thesis, University of Paris, Paris. Eichner, A. S. (1983). Why Economics is Not Yet a Science. Journal of Economic Issues, 17(2), 507-520.
  • Fisher, I. (1908). Are Savings Income? American Economic Association Quarterly, 9(1), 21 47.
  • Friedman, M. (1957). A Theory of the Consumption Function. Princeton University Press: New Jersey.
  • Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 47(2), 263-291. https://www.jstor.org/stable/1914185
  • Kamilçelebi, H. (2019). Davranışsal İktisat. İstanbul: IJOPEC Publication No: 2019/20.
  • Knoll, G.F. (2010) Radiation Detection and Measurement. 4th Edition, Wiley, Hoboken, 217.
  • Lusardi, Annamaria, Pierre-Carl Michaud, and Olivia S. Mitchell. (2013). “Optimal Financial Knowledge and Wealth Inequality.” National Bureau of Economic Research Working Paper 18669.
  • Macunluoğlu, U. Ö., (2021) Bireysel Emeklilik Sisteminin Yurtiçi Tasarruflar Üzerindeki Etkisi: Türkiye Örneği, Haliç Üniversitesi Sosyal Bilimler Dergisi, 4/2 : 215-241
  • Rooij, M. C. J., Lusardi, A., & Alessie, R. J. M. (2012). FINANCIAL LITERACY, RETIREMENT PLANNING AND HOUSEHOLD WEALTH. The Economic Journal, 122(560), 449–478. http://www.jstor.org/stable/41494444
  • Simon, H. A. (1956). Rational Choice and The Structure of The Environment. Psychological Review, 63(2), 129.
  • Tversky, A. ve Kahneman, D. (1983). Extension versus intuitive reasoning: The conjunction fallacy in probability judgment. Psychological Review, 90(4), 293–315.

Bilişsel Önyargı ve Yanılsamaların Emeklilik Tasarrufları Üzerinde Etkileri

Year 2023, Volume: 30 Issue: 4, 639 - 651, 21.12.2023
https://doi.org/10.18657/yonveek.1276757

Abstract

Ekonomik gelişmişliğin temel göstergelerinden birisi tasarruflardır. Tasarruflar ülkelerin gelişmişlik düzeyleri açısından önemli olduğu kadar bireylerin geleceği açısından da oldukça önemlidir. Ancak günümüzde gittikçe artan tüketim eğilimi tasarruf yapmayı zorlaştırmaktadır. Bireylerin zor zamanlarını güvence altına almaya çalışan sosyal güvenlik sistemlerinin tamamlayıcısı olarak görülen bireysel emeklilik sisteminin geliştirilmesindeki temel amaç, yurtiçi tasarrufları artırmaktır.
Bu çalışmada, bireylerin tasarruf kararı alırken nasıl davrandıkları, davranışsal iktisat çerçevesinde incelenmiştir. Alınan tasarruf kararlarında bireylerin rasyonel davranıp davranmadıkları davranışsal iktisatta bireylerin kararlarını biçimlendiren bilişsel önyargı ve yanılsamalarla açıklanmaya çalışılmıştır. Bu doğrultuda çalışmada davranışsal iktisat literatürünün temelini oluşturan ve bireylerin davranışlarını incelemeye oldukça uygun olan çerçeveleme etkisi, sürü davranışı etkisi, zihinsel muhasebe etkisi, erteleme, belirsizlikten kaçınma ve aşırı güven bilişsel önyargı ve yanılsamaları ele alınmıştır.
Anahtar Kelimeler: Davranışsal İktisat, Bireysel Emeklilik Sistemi, Yurtiçi Tasarruflar
JEL Sınıflandırması: D1, D03, H3

References

  • Altunöz, U., & Altunöz, H. (2018). Davranışsal Ekonomi Nörofinans: Kavram, Teori, Uygulama, (Güncellenmiş 3. Baskı). Seçkin Yayıncılık: Ankara.
  • Ariely, D. (2010). Akıldışı Ama Öngörülebilir. (Çev. A. Hekimoğlu Gül, and F. Bolat), İstanbul: Optimist Yayın. (Eserin Orijinali 2008’de Yayımlandı).
  • Banerjee, A. V., (1992). The Quarterly Journal of Economics, Volume 107, Issue 3, Pages 797–817
  • Bateman, I., Kahneman, D., Monro, A., Starmer, C., & Sugden, R. (2005). Testing competing models of loss aversion: an adversarial collaboration. Journal of Public Economics, 89, 1561-1580. DOI 10.1016/j.jpubeco.2004.06.013
  • Camerer, C. (1992). Recent Tests of Generalizations of Expected Utility Theory. W. Edwards. (Editor.), Utility Theories, Measurement and Applications. Boston, MA: Kluwer Academic Publishers.
  • Chabris, C. F., Laibson, D. I. ve Schuldt, J. P. (2007). "Intertemporal Choice". İçinde The New Palgrave Dictionary of Economics S. Durlauf ve L. Blume, (Ed.). İkinci Baskı, Palgrave Macmillan: London.
  • Choi, J. J., Laibson, D. ve Madrian, B. C. (2009). Mental accounting in portfolio choice: Evidence from a flypaper effect. American Economic Review, 99(5), 2085-95.
  • Choi, J. J., Laibson, D., Madrian, B. C. ve Metrick, A. (2002). Defined contribution pensions: plan rules, participant choices, and the path of least resistance. Tax policy and the economy, 16, 67-113.
  • Damasio, A. R. (2009). Neuroscience and The Emergence of Neuroeconomics. In P. W. Glimcher, C. F. Camerer, E. Fehr and R. A. Poldrack (Eds.). Neuroeconomics: Decision Making and The Brain. Amsterdam: Elsevier, pp 209-2013
  • Dhami, S. (2016). The Foundations of Behavioral Economic Analysis. Oxford: Oxford University Press.
  • Edwards, J. (2010). Joyful Economics: Remarks on the History of Economics and Psychology from the Happiness Studies Perspective. Doctoral Thesis, University of Paris, Paris. Eichner, A. S. (1983). Why Economics is Not Yet a Science. Journal of Economic Issues, 17(2), 507-520.
  • Fisher, I. (1908). Are Savings Income? American Economic Association Quarterly, 9(1), 21 47.
  • Friedman, M. (1957). A Theory of the Consumption Function. Princeton University Press: New Jersey.
  • Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 47(2), 263-291. https://www.jstor.org/stable/1914185
  • Kamilçelebi, H. (2019). Davranışsal İktisat. İstanbul: IJOPEC Publication No: 2019/20.
  • Knoll, G.F. (2010) Radiation Detection and Measurement. 4th Edition, Wiley, Hoboken, 217.
  • Lusardi, Annamaria, Pierre-Carl Michaud, and Olivia S. Mitchell. (2013). “Optimal Financial Knowledge and Wealth Inequality.” National Bureau of Economic Research Working Paper 18669.
  • Macunluoğlu, U. Ö., (2021) Bireysel Emeklilik Sisteminin Yurtiçi Tasarruflar Üzerindeki Etkisi: Türkiye Örneği, Haliç Üniversitesi Sosyal Bilimler Dergisi, 4/2 : 215-241
  • Rooij, M. C. J., Lusardi, A., & Alessie, R. J. M. (2012). FINANCIAL LITERACY, RETIREMENT PLANNING AND HOUSEHOLD WEALTH. The Economic Journal, 122(560), 449–478. http://www.jstor.org/stable/41494444
  • Simon, H. A. (1956). Rational Choice and The Structure of The Environment. Psychological Review, 63(2), 129.
  • Tversky, A. ve Kahneman, D. (1983). Extension versus intuitive reasoning: The conjunction fallacy in probability judgment. Psychological Review, 90(4), 293–315.
There are 21 citations in total.

Details

Primary Language Turkish
Subjects Behavioural Economy
Journal Section Articles
Authors

Ali Kemal Başbuğ 0000-0002-0830-5816

Aziz Bostan 0000-0001-8187-3871

Publication Date December 21, 2023
Published in Issue Year 2023 Volume: 30 Issue: 4

Cite

APA Başbuğ, A. K., & Bostan, A. (2023). Bilişsel Önyargı ve Yanılsamaların Emeklilik Tasarrufları Üzerinde Etkileri. Yönetim Ve Ekonomi Dergisi, 30(4), 639-651. https://doi.org/10.18657/yonveek.1276757