Cultural Influences on Economic Decision-Making
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School of Business |
Bachelor's thesis
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Authors
Date
2024
Department
Major/Subject
Mcode
Degree programme
Bachelor’s programme in Economics
Language
en
Pages
25+8
Series
Abstract
In a globalized world, analysing cultural factors has become an efficient tool in a variety of fields, including economics. It is essential for forecasting, as well as for policy creation. I conducted my thesis in the form of literature review, where I utilized Hofstede’s cultural framework. I employed the six cultural dimensions (Power distance, Individualism, Masculinity, Uncertainty Avoidance, Long-term Orientation, and Indulgence) and evaluated their impact on economic decision-making. In the “Discussion” section of my thesis I defined the main areas of influence for these cultural factors. These areas are trade, policy compliance, entrepreneurship, investments, and planning. In the final sections I also specified the possible implications of the research on cultural values in economics, as well as the limitations of Hofstede’s framework.Description
Thesis advisor
Matthews, PeterKeywords
culture, decision-making, hofstede's framework, power distance, individualism, masculinity, uncertainty avoidance, long-term orientation