The Cognitive Biases And Its Empirical Study On The Decision Making In Crowdfunding Shopping

As a new model of Internet shopping, crowd-funding shopping brings a new experience for consumers, but it also encounters some problems restricting the development of the shopping industry. A relatively outstanding issue is the consumers' irrational behavior in the shopping process and the series problems triggered by this. The root of solving those problems is discovering the formation mechanism of irrational purchase decision, and then putting forward the targeted intervention strategy, in order to regulate the online shopping market better, and provide more safety and secure online shopping environment for consumers.Cognitive bias always influences economic decisions. Therefore, the author constructs the theoretical model of the cognitive bias, the risk attitude and the irrational purchase decision-making based on the relevant theory through the literature research. By means of questionnaire survey, the author collected first-hand data of 477 consumers(including 332 consumers who did not involve in crowd-funding shopping) and a comparative study was conducted. Then, the author analyzed 145 crowd-funding shoppers' data using correlation analysis and regression analysis methods, in order to study the influence of cognitive bias on irrational purchase decision, and the moderating effect of risk attitude. Finally, the theoretical model was verified and adjusted.The results show that there are four kinds of cognitive biases, which are illusion of control, probability fallacy, illusory correlation and superstitions beliefs. The illusion of control is the most universal and superstitions beliefs have gradually weakened with the improvement of overall qualities. The illusion of control, illusory correlation and superstitions beliefs have a significant positive effect on irrational purchase decision behavior. Meanwhile, risk attitude has positive moderating effect on the relationship between cognitive bias and irrational purchase decision. The greater the tendency of recreation and gambling, the more obvious the irrational purchase decision-making behavior caused by the illusion of control and illusory correlation. However, the two dimensions of the risk attitude have no moderating effect on the relationship between the superstitions beliefs and the irrational purchase decision.Thus, the author suggests that consumers should have a proper consumption motivation, avoid herd behavior and the trap of intuition when shopping. Enterprises should be moderately propaganda and lay emphasis on the public welfare besides ensuring the legitimacy and fairness of the enterprise. Government should improve the legislation as soon as possible, give strict supervision and inspection of enterprises tax evasion and cheating phenomenon, restrictions and guide minors.