The psychology behind the crisis

Abstract

This paper is an extensive analysis of bought international business press andacademic literature in the field about crisis management and related fields. The paperis grounded on the premise that the psychology of the crisis is an important componentof the present international context and psychological factors play an important part inthe alteration of consumer’s behavior. The question that generated our researchapproach in such conditions was at what extent peoples’ behavior is determined byindividual rational choices. The central message of this paper is that in the presenteconomic crisis conditions the factors that are playing an important role in shapingpeople’s behaviour are: risk perception and risk attitude. We consider that at presentmanagers should understand how their clients react in crisis conditions and how theirbehavior changes in order to handle successfully the present situation.

Keywords

• economic crisis
• behavior alteration
• psychological segmentation