Social Psychology And Marketing: The Consumption Game. Understanding Marketing And Consumer Behavior Through Game Theory
AbstractConsumer psychology provides enough evidence that consumer behavior is not just one side of our existence, but, as a matter of fact, it is a central dimension of our everyday lives, engaging us into changing and defining our identity, beliefs, attitudes and practices. In relation to this, commodification has reached us on all levels: everything that people created, produced and developed over the years, during the post-industrial era, can be commodified and sold to a specific market. Commodification and increased consumption are crossing the line between values and needs, production and creation, identity and capital accumulation, thus making people constantly expecting a payoff while engaging in social, cultural and economic transactions. In this article we argue that we can use the models of game theory to understand socio-economic phenomena such as consumption, B2C marketing and market dynamics.
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Bibliographic InfoArticle provided by Alexandru Ioan Cuza University, Faculty of Economics and Business Administration in its journal Review of Economic and Business Studies.
Volume (Year): (2009)
Issue (Month): 4 (November)
Game Theory; consumer behaviour; commodification; decision theory; marketing;
Find related papers by JEL classification:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing
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- Michael J. Brennan, 1994. "Incentives, Rationality, And Society," Journal of Applied Corporate Finance, Morgan Stanley, vol. 7(2), pages 31-39.
- Michael C. Jensen, 1994. "Self-Interest, Altruism, Incentives, And Agency Theory," Journal of Applied Corporate Finance, Morgan Stanley, vol. 7(2), pages 40-45.
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