Keywords:
behavioral economic
irrationality
money ethics
subjective well-being
scavengers

  • Abstract

    This study aimed to construct a structural model of the subjective well-being of scavengers and offers significant insights into the complex interactions between irrational behaviour (confirmation bias, herd behaviour, and loss aversion), money ethics, and social support in terms of non-formal economics education. This study uses a quantitative method with the research population including 250 scavengers from the Supit Urang landfill in Malang City, selected through total sampling due to the manageable population size. Data analysis uses Structural Equation Modeling (SEM) with SEM-PLS software, covering outer model testing, inner model estimation, Goodness of Fit (GoF), and hypothesis testing. The results reveal that confirmation bias does not significantly affect scavengers' well-being, largely due to their limited access to reliable information and educational resources. Herd behaviour was found to positively influence subjective well-being but did not significantly affect money ethics. Strong social networks within scavenger communities emphasize collective norms, which often overshadow personal financial and ethical considerations. Lastly, the study indicates that loss aversion has no significant impact on either subjective well-being or money ethics. This suggests that in economically precarious situations, the fear of loss takes a secondary role in the immediate need for survival, minimizing its influence on financial decisions and ethical behaviour. This research contributes to a deeper understanding of the unique factors influencing the subjective well-being of scavengers, particularly in marginalized settings, and highlights the critical role of social support in shaping their financial ethics and well-being.

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Febrianto, I., Wardoyo, C., Handayati, P., Sumarsono, H., & Ahmed Razman Abdul, L. (2024). Irrationality and Money Ethics as Determinants of Subjective Well-Being Among Scavengers . Multidisciplinary Reviews, (| Accepted Articles). Retrieved from https://malque.pub/ojs/index.php/mr/article/view/6829
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