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Behavioral Economics and the Analysis of Consumption and Choice

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  • Gordon R. Foxall
  • Steven R. Hursh
  • Peter G. Roma

Abstract

Behavioral economics (BE) in psychology focuses on the application of traditional microeconomics concepts to the study of behavior, particularly the cross‐species analysis of consumption broadly defined and choice. Here, we review key concepts such as demand, substitution, and complementarity within a behavioral psychology framework, novel behavioral economics analysis techniques for quantifying demand elasticity and patterns of choice behaviors, and broader implications for organizational decision‐making and empirical public policy. Copyright © 2015 John Wiley & Sons, Ltd.

Suggested Citation

  • Gordon R. Foxall & Steven R. Hursh & Peter G. Roma, 2016. "Behavioral Economics and the Analysis of Consumption and Choice," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 37(4-5), pages 224-238, 06-07.
    • Handle: RePEc:wly:mgtdec:v:37:y:2016:i:4-5:p:224-238
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    Cited by:

    1. Bodo Herzog & Stefanie Schnee, 2022. "Exploring a Dualism of Human Rationality: Experimental Study of a Cheating Contest Game," IJERPH, MDPI, vol. 19(13), pages 1-13, June.
    2. Schneider, Susan M & Sanguinetti, Angela, 2021. "Positive reinforcement is just the beginning: Associative learning principles for energy efficiency and climate sustainability," Institute of Transportation Studies, Working Paper Series qt02n7j1cn, Institute of Transportation Studies, UC Davis.
    3. Rafael Barreiros Porto & Gordon Robert Foxall, 2022. "The marketing‐finance interface and national well‐being: An operant behavioral economics analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(7), pages 2941-2954, October.

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