IDEAS home Printed from https://ideas.repec.org/a/eee/soceco/v40y2011i5p516-522.html
   My bibliography  Save this article

Consumer rationality in a multidisciplinary perspective

Author

Listed:
  • Arcidiacono, Davide

Abstract

This paper analyzes the “rationality” of purchase: it considers in a critical perspective the hypothesis of the increasing ability of consumers to choose (supported by sociologists), by collecting information on purchase habits and by matching these with responses to the cognitive biases tests, developed by psychology and economics. The hypothesis of a critical consumer appears blurred by a decision-making process revealing the persistence of traditional attitudes with a strong sensitivity to price, alongside the emergence of new cohorts of stimulation on customers, as shown by the focus on the attribute “quality”. It seems that a multidisciplinary approach is beneficial in terms of heuristics.

Suggested Citation

  • Arcidiacono, Davide, 2011. "Consumer rationality in a multidisciplinary perspective," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(5), pages 516-522.
    • Handle: RePEc:eee:soceco:v:40:y:2011:i:5:p:516-522
    DOI: 10.1016/j.socec.2011.01.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1053535711000047
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.socec.2011.01.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1039-1061.
    2. Raymond S. Hartman & Michael J. Doane & Chi-Keung Woo, 1991. "Consumer Rationality and the Status Quo," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(1), pages 141-162.
    3. Cramer, J. S. & Hartog, J. & Jonker, N. & Van Praag, C. M., 2002. "Low risk aversion encourages the choice for entrepreneurship: an empirical test of a truism," Journal of Economic Behavior & Organization, Elsevier, vol. 48(1), pages 29-36, May.
    4. D. Vantomme & M. Geuens & J. De Houwer & P. De Pelsmacker, 2004. "Implicit Attitudes Toward Green Consumer Behavior," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 04/224, Ghent University, Faculty of Economics and Business Administration.
    5. Ralph Hertwig & Andreas Ortmann, 2005. "The Cognitive Illusion Controversy: A Methodological Debate in Disguise That Matters to Economists," Springer Books, in: Rami Zwick & Amnon Rapoport (ed.), Experimental Business Research, chapter 0, pages 113-130, Springer.
    6. Klaus Wertenbroch, 1998. "Consumption Self-Control by Rationing Purchase Quantities of Virtue and Vice," Marketing Science, INFORMS, vol. 17(4), pages 317-337.
    7. Matthias Gysler & Jamie Kruse & Renate Schubert, 2002. "Ambiguity and Gender Differences in Financial Decision Making: An Experimental Examination of Competence and Confidence Effects," CER-ETH Economics working paper series 02/23, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    8. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
    9. Zeelenberg, M. & van Dijk, E. & van den Bos, K. & Pieters, R., 2002. "The inaction effect in the psychology of regret," Other publications TiSEM a29106c0-2319-4f60-b213-8, Tilburg University, School of Economics and Management.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tan, Reynold D. & Pabuayon. Isabelita M. & Rola, Agnes C. & Sumalde, Zenaida M. & Yorobe, Jose M., 2017. "Economic, Socio-Demographic and Psychographic Determinants of Milkfish Consumer Demand, Iloilo Province, Philippines," Journal of Economics, Management & Agricultural Development, Journal of Economics, Management & Agricultural Development (JEMAD), vol. 3(2), December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lakomaa, Erik, 2009. "The Municipal Takeover of the School System," SSE/EFI Working Paper Series in Business Administration 2011:2, Stockholm School of Economics, revised 08 May 2011.
    2. Roee Teper, 2010. "Probabilistic Dominance and Status Quo Bias," Working Paper 5864, Department of Economics, University of Pittsburgh.
    3. Riella, Gil & Teper, Roee, 2014. "Probabilistic dominance and status quo bias," Games and Economic Behavior, Elsevier, vol. 87(C), pages 288-304.
    4. repec:cup:judgdm:v:8:y:2013:i:2:p:136-149 is not listed on IDEAS
    5. Ert, Eyal & Erev, Ido, 2008. "The rejection of attractive gambles, loss aversion, and the lemon avoidance heuristic," Journal of Economic Psychology, Elsevier, vol. 29(5), pages 715-723, November.
    6. Sibly, Hugh, 2007. "Loss aversion, price and quality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(5), pages 771-788, October.
    7. A. Peter McGraw & Eldar Shafir & Alexander Todorov, 2010. "Valuing Money and Things: Why a $20 Item Can Be Worth More and Less Than $20," Management Science, INFORMS, vol. 56(5), pages 816-830, May.
    8. Deparis, Stéphane & Mousseau, Vincent & Öztürk, Meltem & Huron, Caroline, 2015. "The effect of bi-criteria conflict on matching-elicited preferences," European Journal of Operational Research, Elsevier, vol. 242(3), pages 951-959.
    9. Joseph R. Blasi & Douglas L. Kruse & Harry M. Markowitz, 2010. "Risk and Lack of Diversification under Employee Ownership and Shared Capitalism," NBER Chapters, in: Shared Capitalism at Work: Employee Ownership, Profit and Gain Sharing, and Broad-based Stock Options, pages 105-136, National Bureau of Economic Research, Inc.
    10. Oliver, Adam, 2003. "The internal consistency of the standard gamble: tests after adjusting for prospect theory," LSE Research Online Documents on Economics 159, London School of Economics and Political Science, LSE Library.
    11. Han Bleichrodt & José Luis Pinto, 2000. "An experimental test of loss aversion and scale compatibility," Working Papers, Research Center on Health and Economics 467, Department of Economics and Business, Universitat Pompeu Fabra.
    12. Ortoleva, Pietro, 2010. "Status quo bias, multiple priors and uncertainty aversion," Games and Economic Behavior, Elsevier, vol. 69(2), pages 411-424, July.
    13. Ding, David K. & Charoenwong, Charlie & Seetoh, Raymond, 2004. "Prospect theory, analyst forecasts, and stock returns," Journal of Multinational Financial Management, Elsevier, vol. 14(4-5), pages 425-442.
    14. Bogliacino, Francesco & Codagnone, Cristiano, 2021. "Microfoundations, behaviour, and evolution: Evidence from experiments," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 372-385.
    15. Cindy Cifuentes Gómez & Siervo Tulio Delgado Ruiz & Jorge Iván González, 2021. "El comportamiento económico desde la perspectiva biológica y psicológica," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 40(72), pages 17-43, July.
    16. Laura Abrardi, 2019. "Behavioral barriers and the energy efficiency gap: a survey of the literature," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 46(1), pages 25-43, March.
    17. Benjamin Polak & Rupert Stadler & Mark Heitmann & Andreas Herrmann & Marc Cäsar & Jan Landwehr, 2010. "Aufpreise oder Gesamtpreise? Wirkung der Preisdarstellung auf das individuelle Entscheidungsverhalten," Schmalenbach Journal of Business Research, Springer, vol. 62(8), pages 911-932, December.
    18. Arora, Poonam & Bert, Federico & Podesta, Guillermo & Krantz, David H., 2015. "Ownership effect in the wild: Influence of land ownership on agribusiness goals and decisions in the Argentine Pampas," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 58(C), pages 162-170.
    19. Levin, Irwin P. & Schneider, Sandra L. & Gaeth, Gary J., 1998. "All Frames Are Not Created Equal: A Typology and Critical Analysis of Framing Effects," Organizational Behavior and Human Decision Processes, Elsevier, vol. 76(2), pages 149-188, November.
    20. Jasna Auer Antoncic & Bostjan Antoncic & Matjaz Gantar & Robert D. Hisrich & Lawrence J. Marks & Alexandre A. Bachkirov & Zhaoyang Li & Pierre Polzin & Jose L. Borges & Antonio Coelho & Marja-Liisa Ka, 2018. "Risk-Taking Propensity and Entrepreneurship: The Role of Power Distance," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 26(01), pages 1-26, March.
    21. Bashir Ahmad Joo & Kokab Durri, 2015. "Comprehensive Review of Literature on Behavioural Finance," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 6(2), pages 11-19, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:soceco:v:40:y:2011:i:5:p:516-522. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620175 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.