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The poverty of economic explanations of consumption and an action theory alternative

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  • Richard P Bagozzi

    (Rice University, Houston, TX, USA)

Abstract

The purpose of this essay is to critique economic conceptualizations of consumer behaviour and explanations of consumer choice, and to propose an alternative rooted in the philosophy of mind and action, as well as in nascent social psychological and marketing models of purposive behaviour. It is claimed that economic theory harbours ideological and methodological biases in how consumer behaviour is conceived and obscures understanding of the many decision processes constituting consumer behaviour and its causes and effects. A novel multistage model is proposed to account for consumer goal achievement|goal failure, where goal outcomes are hypothesized to be joint functions of consumer actions and physical, social, or other environmental forces. Consumer action, in turn, is proposed to begin with reasoning processes (subject to nonconscious biases found in neural operations), to undergo appraisals of anticipated goal outcomes, which are experienced as positive and negative emotions, to involve a subsequent integrative stage of desire production, where reasoning, emotional, and social processes are integrated and transformed into a decision to act or not, and finally to encompass additional affective and reasoning processes that are initiated in a stage termed, 'trying to consume', wherein decisions are planned and implemented, and goal-directed behaviours activated. Copyright © 2000 John Wiley & Sons, Ltd.

Suggested Citation

  • Richard P Bagozzi, 2000. "The poverty of economic explanations of consumption and an action theory alternative," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 21(3-4), pages 95-109.
  • Handle: RePEc:wly:mgtdec:v:21:y:2000:i:3-4:p:95-109
    DOI: 10.1002/mde.975
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    References listed on IDEAS

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    4. Loewenstein, George, 1996. "Out of Control: Visceral Influences on Behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 65(3), pages 272-292, March.
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    Cited by:

    1. Carrington, Michal J. & Neville, Benjamin A. & Whitwell, Gregory J., 2014. "Lost in translation: Exploring the ethical consumer intention–behavior gap," Journal of Business Research, Elsevier, vol. 67(1), pages 2759-2767.
    2. Michal Carrington & Benjamin Neville & Gregory Whitwell, 2010. "Why Ethical Consumers Don’t Walk Their Talk: Towards a Framework for Understanding the Gap Between the Ethical Purchase Intentions and Actual Buying Behaviour of Ethically Minded Consumers," Journal of Business Ethics, Springer, vol. 97(1), pages 139-158, November.
    3. Robert Mai & Stefan Hoffmann & Ingo Balderjahn, 2021. "When drivers become inhibitors of organic consumption: the need for a multistage view," Journal of the Academy of Marketing Science, Springer, vol. 49(6), pages 1151-1174, November.
    4. Mukhtar Shakira & Jan Anisa & Zahoor Adil, 2023. "Beyond the Big Five: How Dynamic Personality Traits Predict Financial Risk Tolerance?," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 11(1), pages 93-114, October.
    5. Millissa F. Y. Cheung & W. M. To, 2021. "The Effect of Consumer Perceptions of the Ethics of Retailers on Purchase Behavior and Word-of-Mouth: The Moderating Role of Ethical Beliefs," Journal of Business Ethics, Springer, vol. 171(4), pages 771-788, July.
    6. DiClemente, Diane F. & Hantula, Donald A., 2003. "Applied behavioral economics and consumer choice," Journal of Economic Psychology, Elsevier, vol. 24(5), pages 589-602, October.
    7. Shah, Sayed Kifayat & Zhongjun, Tang, 2021. "Elaborating on the consumer’s intention–behavior gap regarding 5G technology: The moderating role of the product market-creation ability," Technology in Society, Elsevier, vol. 66(C).

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