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Consumer Behaviour: Does History Matter

Author

Listed:
  • MORARU Andreea Daniela

    (Ovidius University of Constanta)

  • JUGANARU Ion-Danut

    (Ovidius University of Constanta)

Abstract

The economic crisis and its obvious effects are moulding consumer behaviour and offer the framework for reshaping consumption patterns. However, confronted with budget changes it is natural to assume that consumers might be reluctant to immediately recast their consumption patterns. Their reluctance can be related to the notion of hysteresis which is used by economists to describe the persistent influence of past economic events. The paper aims at presenting the notion of hysteresis, briefly reviewing its application to economics and especially consumer behaviour, given the vast possibilities for empirical testing offered by the present context.

Suggested Citation

  • MORARU Andreea Daniela & JUGANARU Ion-Danut, 2013. "Consumer Behaviour: Does History Matter," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 65(1), pages 121-128.
    • Handle: RePEc:blg:reveco:v:65:y:2013:i:1:p:121-128
    as

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    File URL: http://economice.ulbsibiu.ro/revista.economica/archive/65109moraru&juganaru.pdf
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    References listed on IDEAS

    as
    1. Franz, Wolfgang, 1990. "Hysteresis in Economic Relationships: An Overview," Empirical Economics, Springer, vol. 15(2), pages 109-125.
    2. Franco Modigliani, 1949. "Fluctuations in the Saving-Income Ratio: A Problem in Economic Forecasting," NBER Chapters, in: Studies in Income and Wealth, Volume 11, pages 369-444, National Bureau of Economic Research, Inc.
    3. Nicholas Georgescu-Roegen, 1950. "The Theory of Choice and the Constancy of Economic Laws," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(1), pages 125-138.
    4. Rod Cross, 2000. "Hysteresis and Emu," Metroeconomica, Wiley Blackwell, vol. 51(4), pages 367-379, November.
    5. Cross, R. & McNamara, H. & Pokrovskii, A.V. & Kalachev, L., 2010. "Hysteresis in the fundamentals of macroeconomics," SIRE Discussion Papers 2010-36, Scottish Institute for Research in Economics (SIRE).
    6. Cross, Rod, 1993. "On the Foundations of Hysteresis in Economic Systems," Economics and Philosophy, Cambridge University Press, vol. 9(1), pages 53-74, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    consumer behaviour; hysteresis; persistence; habits;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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