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Consumer rationality in a multidisciplinary perspective

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  • Arcidiacono, Davide
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    Abstract

    This paper analyzes the “rationality” of purchase: it considers in a critical perspective the hypothesis of the increasing ability of consumers to choose (supported by sociologists), by collecting information on purchase habits and by matching these with responses to the cognitive biases tests, developed by psychology and economics. The hypothesis of a critical consumer appears blurred by a decision-making process revealing the persistence of traditional attitudes with a strong sensitivity to price, alongside the emergence of new cohorts of stimulation on customers, as shown by the focus on the attribute “quality”. It seems that a multidisciplinary approach is beneficial in terms of heuristics.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

    Volume (Year): 40 (2011)
    Issue (Month): 5 ()
    Pages: 516-522

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    Handle: RePEc:eee:soceco:v:40:y:2011:i:5:p:516-522

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    Web page: http://www.elsevier.com/locate/inca/620175

    Related research

    Keywords: Critical consumption; Bias; Rationality; Decision making; Customer;

    References

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    1. Hartman, Raymond S & Doane, Michael J & Woo, Chi-Keung, 1991. "Consumer Rationality and the Status Quo," The Quarterly Journal of Economics, MIT Press, vol. 106(1), pages 141-62, February.
    2. Klaus Wertenbroch, 1998. "Consumption Self-Control by Rationing Purchase Quantities of Virtue and Vice," Marketing Science, INFORMS, vol. 17(4), pages 317-337.
    3. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
    4. D. Vantomme & M. Geuens & J. De Houwer & P. De Pelsmacker, 2004. "Implicit Attitudes Toward Green Consumer Behavior," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/224, Ghent University, Faculty of Economics and Business Administration.
    5. Tversky, Amos & Kahneman, Daniel, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, MIT Press, vol. 106(4), pages 1039-61, November.
    6. Zeelenberg, M. & Dijk, E. van & Bos, K. van den & Pieters, R., 2002. "The Inaction Effect in the Psychology of Regret," Open Access publications from Tilburg University urn:nbn:nl:ui:12-89429, Tilburg University.
    7. Matthias Gysler & Jamie Kruse & Renate Schubert, 2002. "Ambiguity and Gender Differences in Financial Decision Making: An Experimental Examination of Competence and Confidence Effects," CER-ETH Economics working paper series 02/23, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
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