Decisions about relocation are influenced by a wide range of elements, including social influences, personal feelings, and economic issues. The rational choice theory, which holds that people make reasonable decisions based on the facts at hand in order to maximize their own gains, is frequently the foundation of traditional relocation models. This viewpoint is challenged by behavioural economics, which emphasizes the significance of psychological variables and cognitive biases in decision-making. In order to develop frameworks that take into account not only financial limitations but also the emotional and social environments that influence people's decisions, this research investigates how insights from behavioural economics might improve relocation decision models. Finding important behavioural elements that greatly influence relocation decisions—like emotions, social influence, and time inconsistency—is the suggested strategy. By incorporating these components into decision-support tools, we hope to create models that offer a more sophisticated perspective on the moving process. As a result, people and organizations are better equipped to handle the challenges of moving, which eventually leads to better results that are in line with both practical objectives and psychological well-being. This essay is a case study of a decision-support tool created for a business trying to help its staff members decide whether to relocate. By addressing the distinct emotional and social components of each person's choice, the approach places an emphasis on tailored insights. By merging behavioural insights with empirical data, the technology enables users to make more confident and informed judgments. In order to continue improving and refining relocation decision-making processes in diverse circumstances, we explore future research directions and talk about real-world applications of this integrated model.
Volume 17 | Issue 1
Pages: 48-51