Consumption behavior and the aspiration for conformity and consistency

• The (socio-)psychological concepts of individual aspiration for conformity and consistency are integrated into the rational choice framework. By using this integrative approach, it is shown that, after a shock, the aspiration for conformity results in a steady state that deviates from the homo oeconomicus's behavior toward the consumption of the peer group, whereas the aspiration for consistency leads to the result that the steady-state consumption is not reached at once. With the combination of these effects, a new consumption path is derived. After a shock, the individual consumption converges step by step to the new steady-state consumption. 

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Economics (hsv//eng)

Nyckelord

Behavioral economics

Conformity

Consistency

Consumer behavior

Habit persistence

adaptive behavior

article

budget

consumer attitude

decision making

economic aspect

mathematical model

peer group

psychological model

social behavior

social psychology

Publikations- och innehållstyp

ref (ämneskategori)

art (ämneskategori)