Examining the Status Quo Bias for the Recent Global Economic Crisis: The Case of Türkiye

Year 2024, , 431 - 444, 15.10.2024

Feyza Ozdinc

https://doi.org/10.54600/igdirsosbilder.1498098

Abstract

The objective of this paper is to investigate the "status quo bias,” which is a key concept in behavioral economics, using macroeconomic data from the recent economic crisis in Türkiye. The current global economic situation provides a favorable opportunity to analyze this idea, as there are abundant and relevant inputs for this type of study. Specifically, this paper analyzes the nexus between consumption and income before and after the economic crisis that triggered by the Covid-19 pandemic in Türkiye, with the aim of examining the "status quo bias” by employing ARDL Bounds Test. The analysis findings support that Türkiye has exhibited status quo bias for the period from 2013 to 2022. This research fills a gap in the literature by presenting evidence that Türkiye, a country that has been overlooked in the field of behavioral economics, exhibits the status quo bias in the context of recent economic crisis triggered by the Covid-19 outbreak.

Keywords

Behavioral Economics, Homo-economicus, Status Quo Bias, Heuristic, ARDL Model

Son Küresel Ekonomik Kriz Süreci İçin Statüko Yanlılığı Analizi: Türkiye Örneği

Abstract

Bu makalenin amacı, davranışsal ekonominin temel kavramlarından biri olan “statüko yanlılığı”nı, Türkiye'de son dönemde yaşanan ekonomik krize ilişkin mevcut makroekonomik verilerle incelemektir. Dünya ekonomisinin mevcut durumu bu fikrin analiz edilmesi ve çalışılması için yeterli ve ilgili girdilerin bulunması için mükemmel bir fırsat yaratmıştır. Bu makale, Türkiye'de Covid-19 salgını sonrası ortaya çıkan ekonomik kriz öncesi ve sonrası tüketim ve gelir arasındaki ilişkiyi ARDL Sınır Testi kullanarak "statüko yanlılığı" özelinde incelemektedir. Analiz sonuçları, 2013-2022 dönemi için Türkiye'de statüko yanlılığının geçerli olduğunu desteklemektedir. Türkiye’nin davranışsal ekonomi alanında fazla ilgi görmediği göz önüne alındığında, bu makale, Türkiye'nin, son dönemde Covid-19 salgınının getirdiği ekonomik krize Statüko Önyargısı’nın geçerli olduğu bir ülke oluşuna dair destekleyici kanıtlar sunarak literatüre katkıda bulunmaktadır.

Keywords

Davranışsal Ekonomi, Homoekonomikus, Statüko Yanılgısı, ARDL Modeli

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