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Propensity to Search: Common, Leisure, and Labor Models of Consumer Behavior

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  • Sergey MALAKHOV

    (Pierre-Mendes-France University, Grenoble, France)

Abstract

The analysis of the propensity to search specifies the "common" or the ordinary model of consumer behavior based on the synthesis of the neoclassical approach with satisficing concept, and "leisure" and "labor" models of behavior that represent different combinations of conspicuous consumption, leisure, and labor. While the "common model" of behavior demonstrates a moderate propensity to search, "leisure" and "labor" models of consumer behavior exhibit vigorous propensities to search that results in purchase of unnecessary items and therefore in overconsumption. This trend is also presented in home production where vigorous propensity to search takes the form of the vigorous propensity to produce at home. The analysis of trends in allocation of time provides grounds for the assumption that men have more accentuated propensity to search and to produce at home than women that results in overconsumption of unnecessary items.

Suggested Citation

  • Sergey MALAKHOV, 2015. "Propensity to Search: Common, Leisure, and Labor Models of Consumer Behavior," Expert Journal of Economics, Sprint Investify, vol. 3(1), pages 63-76.
    • Handle: RePEc:exp:econcs:v:3:y:2015:i:1:p:63-76
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    References listed on IDEAS

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    1. Malakhov, Sergey, 2012. "Veblen effect, search for status goods, and negative utility of conspicuous leisure," MPRA Paper 40809, University Library of Munich, Germany.
    2. Kenneth Arrow & Partha Dasgupta & Lawrence Goulder & Gretchen Daily & Paul Ehrlich & Geoffrey Heal & Simon Levin & Karl-Göran Mäler & Stephen Schneider & David Starrett & Brian Walker, 2004. "Are We Consuming Too Much?," Journal of Economic Perspectives, American Economic Association, vol. 18(3), pages 147-172, Summer.
    3. Kenneth J. Arrow & Partha S. Dasgupta, 2009. "Conspicuous Consumption, Inconspicuous Leisure," Economic Journal, Royal Economic Society, vol. 119(541), pages 497-516, November.
    4. Mark Aguiar & Erik Hurst, 2007. "Life-Cycle Prices and Production," American Economic Review, American Economic Association, vol. 97(5), pages 1533-1559, December.
    5. Sergey Malakhov, 2014. "Satisficing Decision Procedure and Optimal Consumption-Leisure Choice," International Journal of Social Science Research, Macrothink Institute, vol. 2(2), pages 138-151, September.
    6. Frank J. Cesario, 1976. "Value of Time in Recreation Benefit Studies," Land Economics, University of Wisconsin Press, vol. 52(1), pages 32-41.
    7. Sergey MALAKHOV, 2014. "Willingness to Overpay for Insurance and for Consumer Credit: Search and Risk Behavior Under Price Dispersion," Expert Journal of Economics, Sprint Investify, vol. 2(3), pages 109-119.
    8. Peter Diamond, 1987. "Consumer Differences and Prices in a Search Model," The Quarterly Journal of Economics, Oxford University Press, vol. 102(2), pages 429-436.
    9. Sergey MALAKHOV, 2014. "Sunk Costs Of Consumer Search: Economic Rationality Of Satisficing Decision," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 5(1), pages 56-62.
    10. Mark Aguiar & Erik Hurst, 2007. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(3), pages 969-1006.
    11. Sergey MALAKHOV, 2013. "Money Flexibility And Optimal Consumption-Leisure Choice Under Price Dispersion," Theoretical and Practical Research in the Economic Fields, ASERS Publishing, vol. 4(1), pages 77-88.
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    Cited by:

    1. Malakhov, Sergey, 2020. "Deriving utility: consumers’ diligence under externalities and technical progress," MPRA Paper 98598, University Library of Munich, Germany.
    2. Sergey MALAKHOV, 2018. "Propensity to Search and Income Elasticity of Demand: Does the Equilibrium Really Exist?," Expert Journal of Economics, Sprint Investify, vol. 6(1), pages 15-25.
    3. Sergey MALAKHOV, 2017. "Moral Hazard, Optimal Healthcare-Seeking Behavior, and Competitive Equilibrium," Expert Journal of Economics, Sprint Investify, vol. 5(2), pages 71-79.
    4. Sergey MALAKHOV, 2016. "Law of One Price and Optimal Consumption-Leisure Choice Under Price Dispersion," Expert Journal of Economics, Sprint Investify, vol. 4(1), pages 1-8.
    5. Malakhov, Sergey, 2018. "Limits to the «theorem of lemons»: demand for good cars under equilibrium price dispersion," MPRA Paper 88594, University Library of Munich, Germany.
    6. Malakhov, Sergey, 2021. "Work of invisible hand: the gravitation between sellers and buyers on the consumption-leisure production possibility frontier," MPRA Paper 106750, University Library of Munich, Germany.
    7. Malakhov, Sergey, 2019. "Consumption-leisure complementarity versus income elasticity of demand under equilibrium price dispersion," MPRA Paper 92971, University Library of Munich, Germany.
    8. Malakhov, Sergey, 2020. "Proof of the invisible hand: the optimal consumer allocation of time under price dispersion," MPRA Paper 99783, University Library of Munich, Germany.
    9. Malakhov, Sergey, 2019. "Willingness to take care of good cars: from the theorem of lemons to the Coase theorem," MPRA Paper 98380, University Library of Munich, Germany.

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    More about this item

    Keywords

    propensity to search; propensity to produce at home; consumption-leisure choice; Veblen effect;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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