The Role of Hedonic Motivations and Fear of Missing Out (FoMO) in Online Consumption Behaviors of Different Generations: A Comparative Analysis on Generations X, Y and Z

Abstract

This systematic literature review examines cultural differences in decision-making behaviors under organizational contexts influenced by uncertainty avoidance, long-term orientation, risk, and ambiguity attitudes. The study primarily focuses on uncertainty avoidance, a significant cultural dimension outlined by Hofstede (2001), and its implications on organizational and individual decision-making processes. The theoretical foundation draws on seminal works, including Kahneman et al. (1979) prospect theory, March et al ([1958]1992) bounded rationality view of organizational theory, cultural dimensions (Hofstede, 2001; Hofstede et al., 2010), in order to provide insights to understand how uncertainty influences rational decision-making. The study also highlights the role of cognitive behavioral approaches by emphasizing bounded rationality in organizational decision-making. Research objectives include identifying cultural determinants of uncertainty avoidance, examining psychological mechanisms underlying this behavior, and assessing its impact on organizational outcomes like innovation and strategic decision-making. The research employs a qualitative approach, utilizing secondary data sources. The analysis includes a bibliometric co-citation cluster study to visualize the connections between seminal works in the field. Key findings highlight the significant role of cultural norms, beliefs, and values in shaping organizational behavior and outcomes, particularly in terms of innovation, adaptability, and strategic decision-making. The study aims to contribute to a deeper understanding of how uncertainty avoidance influences economic and organizational activities across different cultural settings. Limitations include language barriers and the availability of cross-cultural studies, suggesting future research directions to address these gaps. iii