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Irational Consumer Behavior and Its Importance for Real and Simulated Business Environment

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  • Gheorghiu Gabriela

    () (“Ovidius”University of Constanta, Faculty of Economic Sciences)

Abstract

Whether they operate in real or simulated business environment, the success of economic activity undertaken by producers/traders depends on understanding the behavior of current and potential customers, by studying the mechanism by which they take consumer decisions under the influence of internal and external factors whose divergence or convergence may affect the quality of their satisfaction. The heterodox theoretical systems of consumer behavior born out of the desideratum of emphasizing the limits of traditional approach and of offering alternative considerations, especially by embracing the belief on manifestation of an irrational behavior of the consumer. From this perspective, the consumer, especially in modern society, is exposed to challenges in front of which, due to the production rhythm and their complexity, he becomes vulnerable, and finding a solution for assuring his proper protection is imposed.

Suggested Citation

  • Gheorghiu Gabriela, 2011. "Irational Consumer Behavior and Its Importance for Real and Simulated Business Environment," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 509-515, May.
  • Handle: RePEc:ovi:oviste:v:xi:y:2011:i:9:p:509-515
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    Keywords

    irrationality; irrational consumer; consumption; demand;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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