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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

    as
    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. KennethJ. Arrow & ParthaS. Dasgupta, 2009. "Conspicuous Consumption, Inconspicuous Leisure," Economic Journal, Royal Economic Society, vol. 119(541), pages 497-516, November.
    3. Mark Aguiar & Erik Hurst, 2007. "Life-Cycle Prices and Production," American Economic Review, American Economic Association, vol. 97(5), pages 1533-1559, December.
    4. 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.
    5. 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.
    6. Malakhov, Sergey, 2014. "Sunk costs of consumer search: economic rationality of satisficing decision," MPRA Paper 53493, University Library of Munich, Germany.
    7. Mark Aguiar & Erik Hurst, 2007. "Measuring Trends in Leisure: The Allocation of Time Over Five Decades," The Quarterly Journal of Economics, Oxford University Press, vol. 122(3), pages 969-1006.
    8. Malakhov, Sergey, 2013. "Money flexibility and optimal consumption-leisure choice under price dispersion," MPRA Paper 45197, University Library of Munich, Germany.
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    Cited by:

    1. Malakhov, Sergey, 2018. "Propensity to search and income elasticity of demand: does the equilibrium really exist?," MPRA Paper 86250, University Library of Munich, Germany.
    2. repec:exp:econcs:v:5:y:2017:i:2:p:71-79 is not listed on IDEAS
    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 Ā«theorem of lemonsĀ»: demand for good cars under equilibrium price dispersion," MPRA Paper 88594, University Library of Munich, Germany.

    More about this item

    Keywords

    propensity to search; propensity to produce at home; consumption-leisure choice; Veblen effect;

    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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