Consumer behavior and the aspiration for conformity and consistency
AbstractThe (socio-)psychological concepts of individual aspiration for con- formity and consistency are integrated into the rational-choice frame- work. By using this integrative approach it is shown that after a shock the aspiration for conformity results in an equilibrium which deviates from the homo oeconomicus' behavior towards the consumption of the peer group, whereas the aspiration for consistency leads to the result that the equilibrium consumption is not reached at once. Combining these eÃÂÃÂ®ects a new consumption path is derived. After a shock the individual consumption converges step-by-step to the new equilibrium consumption.
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Bibliographic InfoPaper provided by Helmut Schmidt University, Hamburg in its series Working Paper with number 57/2007.
Length: 25 pages
Date of creation: Jan 2007
Date of revision:
Consumer behavior; consistency; conformity; habit persistence; step-by-step adaptation;
Find related papers by JEL classification:
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
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