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Towards an alternative paradigm of consumer behavior

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  • Viviana Di Giovinazzo

Abstract

This paper explores Scitovsky’s contribution to behavioral economics and examines in particular the changes his theory based on the findings of human brain psychophysiologists has brought to choice theory. The evidence here gathered points out how Scitovsky was making his suggestions for an alternative to the rationalist-based theory of choice model as far back in the early 1970s. The same evidence singles out Scitovsky as one of the most influential forerunners of a successful program of psychologically-based economic research which has only recently been acknowledged as a promising field for further investigation.

Suggested Citation

  • Viviana Di Giovinazzo, 2010. "Towards an alternative paradigm of consumer behavior," Working Papers 179, University of Milano-Bicocca, Department of Economics, revised Mar 2010.
    • Handle: RePEc:mib:wpaper:179
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    File URL: http://repec.dems.unimib.it/repec/pdf/mibwpaper179.pdf
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    References listed on IDEAS

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    5. Di Giovinazzo, Viviana, 2008. "From Individual Wellbeing to Economic Welfare. The Scitovsky Contribution to the Explanation of a Joyless Economy," European Journal of Economic and Social Systems, Lavoisier, vol. 21(1), pages 57-81.
    6. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    7. Viviana Di Giovinazzo, 2008. "From Individual Wellbeing to Economic Welfare. The Scitovsky Contribution to the Explanation of a Joyless Economy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00650853, HAL.
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    Cited by:

    1. Romaniuc, Rustam, 2017. "Intrinsic motivation in economics: A history," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 67(C), pages 56-64.

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    More about this item

    Keywords

    Scitovsky; behavioral economics; arousal; comfort; pleasure; satisfaction; rational-choice theory;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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