Rational and Irrational Consumer Preference
Author | : John Kenneth Galbraith |
Publisher | : |
Total Pages | : 77 |
Release | : 1938 |
Genre | : Consumers |
ISBN | : |
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Author | : John Kenneth Galbraith |
Publisher | : |
Total Pages | : 77 |
Release | : 1938 |
Genre | : Consumers |
ISBN | : |
Author | : Enrico Trevisan |
Publisher | : Routledge |
Total Pages | : 156 |
Release | : 2016-03-09 |
Genre | : Business & Economics |
ISBN | : 1317026950 |
Companies of all kinds have fallen into some of the most fundamental of traps when it comes to consumer marketing; in assuming that the motivation that drives their customers is entirely rational. Enrico Trevisan's The Irrational Consumer builds on the ground breaking works on behavioural economics of authors such as Daniel Kahneman and Richard Thaler in order to explain the fundamental drivers of customer decisions and how to incorporate these into your business strategy. Learn how consumers respond to different offer architectures and discounts; why they sometimes struggle to see the wood for the trees in a world of ever-increasing options; what are the rules of thumb they develop for making sense of value. Behavioural economics offers organizations perspectives for engaging with customers, whose views on what to buy are strongly driven by contextual factors, such as the framework and the dynamics of choices. Enrico Trevisan's The Irrational Consumer is your 'must-have' primer to this world.
Author | : Maurice Godelier |
Publisher | : Verso Books |
Total Pages | : 369 |
Release | : 2014-08-26 |
Genre | : Social Science |
ISBN | : 178168037X |
This book is the result of a research project begun by the author in 1958 with the aim of answering two questions: First, what is the rationality of the economic systems that appear and disappear throughout history—in other words, what is their hidden logic and the underlying necessity for them to exist, or to have existed? Second, what are the conditions for a rational understanding of these systems—in other words, for a fully developed comparative economic science? The field of investigation opened up by these two questions is vast, touching on the foundations of social reality and on how to understand them. The author, being a Marxist, sought the answers, as he writes, ‘not in philosophy or by philosophical means, but in and through examining the knowledge accumulated by the sciences.’ The stages of his journey from philosophy to economics and then to anthropology are indicated by the divisions of his book. Godelier rejects, at the outset, any attempt to tackle the question of rationality or irrationality of economic science and of economic realities from the angle of an a priori idea, a speculative definition of what is rational. Such an approach can yield only, he feels, an ideological result. Rather, he treats the appearance and disappearance of social and economic systems in history as being governed by a necessity ‘wholly internal to the concrete structures of social life.
Author | : Gerd Gigerenzer |
Publisher | : Oxford University Press |
Total Pages | : 352 |
Release | : 2015-03-03 |
Genre | : Psychology |
ISBN | : 0199390096 |
Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical research on risks and decision making across the fields of medicine, psychology, and economics. Collectively, the essays demonstrate why the frame in which statistics are communicated is essential for broader understanding and sound decision making, and that understanding risks and uncertainty has wide-reaching implications for daily life. Gerd Gigerenzer provides a lucid review and catalog of concrete instances of heuristics, or rules of thumb, that people and animals rely on to make decisions under uncertainty, explaining why these are very often more rational than probability models. After a critical look at behavioral theories that do not model actual psychological processes, the book concludes with a call for a "heuristic revolution" that will enable us to understand the ecological rationality of both statistics and heuristics, and bring a dose of sanity to the study of rationality.
Author | : Conrad Heilmann |
Publisher | : Taylor & Francis |
Total Pages | : 533 |
Release | : 2021-11-29 |
Genre | : Philosophy |
ISBN | : 1317578066 |
The most fundamental questions of economics are often philosophical in nature, and philosophers have, since the very beginning of Western philosophy, asked many questions that current observers would identify as economic. The Routledge Handbook of Philosophy of Economics is an outstanding reference source for the key topics, problems, and debates at the intersection of philosophical and economic inquiry. It captures this field of countless exciting interconnections, affinities, and opportunities for cross-fertilization. Comprising 35 chapters by a diverse team of contributors from all over the globe, the Handbook is divided into eight sections: I. Rationality II. Cooperation and Interaction III. Methodology IV. Values V. Causality and Explanation VI. Experimentation and Simulation VII. Evidence VIII. Policy The volume is essential reading for students and researchers in economics and philosophy who are interested in exploring the interconnections between the two disciplines. It is also a valuable resource for those in related fields like political science, sociology, and the humanities.
Author | : Susan Howson |
Publisher | : Routledge |
Total Pages | : 492 |
Release | : 2014-04-23 |
Genre | : Business & Economics |
ISBN | : 1136553975 |
First Published in 2004. This is the second of three volumes of an edition of Professor Meade’s papers. As with the first volume (The Collected Papers of James Meade, Vol. I: Employment and Inflation, 1988), it includes both previously published papers and hitherto unpublished memoranda written during Meade’s period of government service, 1940-7, in the Economic Section of the Cabinet Offices, of which he was Director 1946-7.
Author | : Mark Paterson |
Publisher | : Taylor & Francis |
Total Pages | : 470 |
Release | : 2023-06-27 |
Genre | : Social Science |
ISBN | : 1000890635 |
With an emphasis on everyday life, this respected text offers a lively and perceptive account of the key theories and ideas which dominate the field of consumption and consumer culture. This third revised and expanded edition is a major update of the text of the second edition, adding new chapters on youth culture and consumption, retail psychology, gender and consumption, the globalization of food, and digital consumption and platform capitalism. Theoretical perspectives are introduced such as theories of practice, critical theory, semiotics, and psychoanalysis. Examples from film, literature, and television are used to illustrate concepts and trends in consumption, and a wide range of engaging and up-to-date case studies of consumption are employed throughout. Historical context is provided to help the reader understand how we became consumers in the first place. Written by an experienced teacher, the book offers an accessible and thought-provoking introduction to the concept of consumption for students in sociology, cultural studies, human geography, history, anthropology, and social psychology.
Author | : Viswanathan Raghunathan |
Publisher | : Penguin Random House India Private Limited |
Total Pages | : 315 |
Release | : 2022-04-30 |
Genre | : Business & Economics |
ISBN | : 9354926002 |
You and your friend each have flights to catch at 8 p.m. and your destination cities are different. You decide to share a cab, but get caught in a rare traffic jam lasting several hours. You end up at the airport around midnight, and surely enough, both of you miss your flights. All quantifiable consequences of missing the flights-cost of tickets cancellation, paying for a new ticket, taking a cab back to the city, overnight stay, taking a cab back to the airport next morning, etc.-are expectedly identical for both. Now suppose the airline assistant tells you, 'Sorry, your flight left as scheduled at 8 p.m. sharp.' But your friend is told, 'Oh, how very unfortunate. Your flight was almost four hours late and only just departed!' Who feels the greater disappointment? You or your friend? Neoclassical economics tells us that because both individuals are assumed rational, their regret levels ought to be identical since their economic consequences are identical. Behavioural economists, however, combine psychology with economics, and focus on how real people, with their cognitive biases, actually behave. The friend who just missed the flight does indeed experience greater disappointment than the one who missed the flight by a margin of four hours. Does that make one or the other irrational? Irrationally Rational takes you through the journey of such rationality-irrationality arguments, showing why economics shorn of psychology may be incomplete. It is the first book of its kind, collating the works of ten Nobel Laureates largely responsible for the rise of behavioural economics, that makes understanding behavioural economics more fun and accessible.
Author | : Ran Spiegler |
Publisher | : Oxford University Press |
Total Pages | : 235 |
Release | : 2011-02-18 |
Genre | : Business & Economics |
ISBN | : 0199813426 |
Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.
Author | : Darren Bridger |
Publisher | : Kogan Page Publishers |
Total Pages | : 224 |
Release | : 2015-08-03 |
Genre | : Business & Economics |
ISBN | : 0749473851 |
Decoding the Irrational Consumer is written to help marketing practitioners demystify neuromarketing, a relatively new field of marketing research used to understand consumer response to marketing stimuli. Decoding the Irrational Consumer presents in plain terms the key theoretical tools required to implement neuromarketing studies and achieve desired research outcomes. Marketers and researchers will learn how to effectively and confidently brief data processors, and confer with neuroscientists and technicians. They will gain keen understanding of recent developments in behavioural science and data-processing technology, as well as sophisticated neuromarketing tools used to understand subconscious responses including behavioural economics, eye-tracking, implicit response measures, and facial coding. The author discusses when to apply these techniques and others, how to combine them effectively and how to correctly interpret resulting data to generate valuable insights that aid in decision making. The book is also suppotrted by an online guide for students and lecturers with helpful chapter summaries.