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Social Influence on Consumption Choices

Author

Listed:
  • Anton Gerunov

    (Sofia University, Bulgaria)

Abstract

This article investigates the influence of different demographic, behavioral, and situational factors on consumption choices under extreme uncertainty. We use data from an economic experiment where 127 participants make decisions while exposed to a wide range of stimuli. A Random Forest model is used to analyze data and to show how the social context exerts a significant effect on economic choice. The importance of both rational and emotional factors for consumer behavior is readily evident in the statistical analysis.

Suggested Citation

  • Anton Gerunov, 2016. "Social Influence on Consumption Choices," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 143-153, June.
    • Handle: RePEc:nwe:iisabg:y:2016:i:3:p:143-153
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    More about this item

    Keywords

    economic decisions; consumer choice; social influence;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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