The Role of Conceptual Metaphors in Economics Phenomena from Behavioral Economics Aspect

This article investigates the role of Conceptual Metaphors of 3 behavioral economics biases, including Irrational Evaluation, Labeling, and Replacing market values with social values on Willingness to Pay (WTP) and Willingness to Accept (WTA) of Participants. To extract experimental, conceptual metaphors, the results of field studies were checked on a group of 30 participants in the first phase. In the second phase, we used the semi-pilot method on 30 other participants through 2 stages for investigating conceptual metaphors. Analysis of variances showed that that the conceptual metaphors used in this article do not influence Willingness to Pay and Willingness to Sell. However, in Willingness to Pay status, among other biases, the impact of irrational evaluations conceptual metaphors has stronger effects, whereas, in Willingness to Accept status, replacing market values with social values is stronger than other biases. The results of this research showed that three mentioned behavioral principles that were implemented through conceptual metaphors, couldnchr('39')t influence buying or selling decisions of participants significantly, but the efficacy of these behavioral principles were different in buying and selling decisions.