Abstract
Sustainable development goals prescribe desirable behavior by individuals and firms. But behavioral irrationalities are likely to hinder responsible consumption by members of the society. Methods: This mini review is intended to identify behavioral irrationalities. A literature review was undertaken to identify empirical papers that studied the link between such irrationalities and consumption behavior. Results: Nineteen empirical papers that investigated irrationalities such as anchoring, loss aversion, sunk cost fallacy, framing, and endowment effect showed that these factors do affect consumption behavior. Conclusion: This study has identified irrationalities that affect consumer behavior and also the achievement of sustainable development goals. An extensive study is needed to identify the hindrances to responsible consumption.
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