Behawioralne aspekty decyzji inwestycyjnych samorządów lokalnych – na przykładzie gmin województwa małopolskiego
Behavioral Aspects of Investment Decisions Taken by Local Government: Case Study of Districts in Malopolskie Voivodship

Summary/Abstract: Contemporary economics recognizes that investment decisions are not always fully rational. The source of irrationality may be psychological inclinations involved in the decisionmaking process. These inclinations, called ‘behavioral factors’, take the form of heuristics, or intuitive opinions formulated quickly, and motivating factors. The aim of the paper was to analyse psychological inclinations influencing investment decisions taken by local governments. The empirical study was based on a survey made among the districts of Malopolskie Voivodship in Poland. The results show that most important behavioral factors affecting investment decisions taken by local governments include the following: representativeness heuristic, excessive self-confidence, and superfluous optimism. The intensity of the impact of behavioral factors was differentiated depending on the post held by the decision maker.

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