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Towards an alternative paradigm of consumer behavior

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  • Viviana Di Giovinazzo

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Abstract

This paper explores Scitovsky’s contribution to behavioral economics and examines in particular the changes his theory based on the findings of human brain psychophysiologists has brought to choice theory. The evidence here gathered points out how Scitovsky was making his suggestions for an alternative to the rationalist-based theory of choice model as far back in the early 1970s. The same evidence singles out Scitovsky as one of the most influential forerunners of a successful program of psychologically-based economic research which has only recently been acknowledged as a promising field for further investigation.

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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper179.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 179.

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Length: 21 pages
Date of creation: Mar 2010
Date of revision: Mar 2010
Handle: RePEc:mib:wpaper:179

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Keywords: Scitovsky; behavioral economics; arousal; comfort; pleasure; satisfaction; rational-choice theory;

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  1. Stutzer, Alois, 2007. "Limited Self-Control, Obesity and the Loss of Happiness," IZA Discussion Papers 2925, Institute for the Study of Labor (IZA).
  2. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
  3. Daniel Kahneman & Robert Sugden, 2005. "Experienced Utility as a Standard of Policy Evaluation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 32(1), pages 161-181, 09.
  4. Bruni, Luigino & Stanca, Luca, 2008. "Watching alone: Relational goods, television and happiness," Journal of Economic Behavior & Organization, Elsevier, vol. 65(3-4), pages 506-528, March.
  5. Daniel Kahneman & Richard H. Thaler, 2006. "Anomalies: Utility Maximization and Experienced Utility," Journal of Economic Perspectives, American Economic Association, vol. 20(1), pages 221-234, Winter.
  6. Luigino Bruni & Robert Sugden, 2007. "The road not taken: how psychology was removed from economics, and how it might be brought back," Economic Journal, Royal Economic Society, vol. 117(516), pages 146-173, 01.
  7. Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
  8. Scitovsky, Tibor, 1981. "The Desire for Excitement in Modern Society," Kyklos, Wiley Blackwell, vol. 34(1), pages 3-13.
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