Abstract:
In the first chapters, the thesis describes the key concepts of behavioral economics, from its first introduction to its fundamentals passing trough the differences with the neoclassical economic view. So, after the definition of behavioral economics, the comparison between prospect theory and expected utility theory will be depicted, to later define the phenomenon of framing and the role of heuristics and biases in decisional processes. In the first part, all the basic concepts of behavioral economics will we explored, from the distinction between “Econ” and “Human” to the description of the dualism of the cognitive system and how this affects consumers behaviors.
Then, the nudge theory will be introduced as solution proposed by behavioral economists aimed at solving human irrationality problem in decision making process. It is built upon concepts of behavioral economics described in the previous part but it goes a step forward in the terms in which it tries to influence people lifestyle in order to reduce effects of their systematic errors.
In the last chapters the paper will analyze how, among other factors, the social dimension can affect behaviors and consumer preferences construction.
The last part will be dedicated to the recent diffusion and expansion of the topic of sustainability and in particular in the fashion sector. Accordingly to the previous chapters, this last one will analyze how this theme can be connected with the theory of nudges, especially it will focus on the possible role of the latter in reducing the gap between consumer attitude and behaviors towards sustainability, taking into consideration both companies (supply) and consumers (demand) side.
