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The standard approach to modelling consumption/saving problems is to assume that the decisionmaker is solving a dynamic stochastic optimization problem. However, under realistic descriptions of utility and uncertainty, the optimal consumption/saving decision is so difficult that only recently have economists have managed to find solutions, using numerical methods that require previously infeasible amounts of computation. Yet empirical evidence suggests that household behavior conforms fairly well with the prescriptions of the optimal solution, raising the question of how average households can solve problems that economists, until recently, could not. This paper examines whether consumers might be able to find a reasonably good 'rule-of-thumb' approximation to optimal behavior by trial-and-error methods, as Friedman (1953) proposed long ago. We find that such individual learning methods can reliably identify reasonably good rules of thumb only if the consumer is able to spend absurdly large amounts of time searching for a good rule.
The National Bureau of Economic Research, Inc. presents the abstract for the paper entitled "Individual Learning About Consumption," by Todd W. Allen and Christopher D. Carroll and published April 2001. The paper discusses whether consumers can find a rule-of-thumb approximation to optimal behavior in consumption and saving by trial-and-error methods. Users may purchase the full text of the paper online.
"Utopian in theme and implication, this book shows how the practices of critical, interpretive inquiry can help change the world in positive ways.... This is the promise, the hope, and the agenda that is offered."--Norman K. Denzin, From the Foreword "Its focus on learning, education and pedagogy gives this book a particular relevance and significance in contemporary cultural studies. Its impressive authors, thoughtful structuring, wide range of perspectives, attention to matters of educational policy and practice, and suggestions for transformative pedagogy all provide for a compelling and significant volume."--H. Svi Shapiro, University of North Carolina–Greensboro Distinguished international scholars from a wide range of disciplines (including curriculum studies, foundations of education, adult education, higher education, and consumer education) come together in this book to explore consumption and its relation to learning, identity development, and education. Readers will learn about a variety of ways in which learning and education intersect with consumption. This volume is unique within the literature of education in its examination of educational sites – both formal and informal – where learners and teachers are resisting consumerism and enacting a critical pedagogy of consumption.
Understanding Consumer Choice shows how attempts to relate consumers' attitudes and actions have implicitly incorporated measures of the very variables at the heart of a situational theory of consumer choice. These are the buyer's consumption history and the physical and social setting in which consumer behaviour occurs. The book explores the capacity of the resulting model to explain consumer behaviour in retail and consumption situations, and to elucidate brand choice. The result is a novel interrogation of cognitive and behavioural perspectives, an overarching philosophy for consumer research.
Distinguished international scholars from a wide range of disciplines explore consumption and its relation to learning, identity development, and education. This volume is unique within the literature of education in its examination of educational sites – both formal and informal – where learners and teachers are resisting consumerism and enacting a critical pedagogy of consumption.
Consumption is the primary economic activity in our post-industrial society. We are consumers, not producers. Consumer behavior analysis is leading heterodox marketing scholarship and innovative applied behavioral work, with much to offer both constituencies. This volume shows how consumer behavior analysis fits within a larger-scale approach to marketing, consumer psychology, behavior analysis and organizational behavior management. Describing both theoretical analyses and empirical studies including laboratory experiments in e-commerce, in-store experiments in grocery shopping, and an analysis of the counterfeit goods market, this book is a working example of translational research. It contains tools and studies to help understand contemporary consumer behavior, particularly for those in marketing. Scholars will appreciate the theory and real-world applications evident in each chapter when considering their own research direction. All students of marketing theory, behavior analysis and consumer choice will find this collection a thought-provoking tool for further understanding of a new behavioral approach to marketing strategy, consumer decisions and marketing firms. This book comprises articles originally published in the Journal of Organizational Behavior Management.
The Routledge Companion to Identity and Consumption introduces the reader to state-of-the-art research, written by the world's leading scholars regarding the interplay between identity and consumption. With chapters discussing the theory, research and practical implications of the relationships between identity and consumption, including, for example the way they change across our life span, this book will be a valuable reference source for students and academics from a variety of disciplines.
In this book David Emanuel Andersson undertakes the difficult task of reconciling institutional theories of property rights, transaction costs and norms, with Austrian economics, Lancaster s consumer theory, regional economics and evolutionary economics. The result is a success, the connections outlined make sense and convincing illustrative cases are offered. The book should be read by everyone interested in how the challenges to neoclassical equilibrium theory that have emerged since the 1960s are related. Per-Olof Bjuggren, Jönköping University, Sweden Property Rights, Consumption and the Market Process extends property rights theory in new and exciting directions by combining complementary insights from Austrian, institutional and evolutionary economics. Mainstream economics tends to analyse property rights within a static equilibrium framework. In this book David Andersson reformulates property rights theory as an evolutionary theory of the market process. This original work includes many valuable insights and new analysis such as: combining Yoram Barzel s theory of property rights, Ludwig Lachmann s theory of capital, the resource-based view of the firm and the entrepreneurship theories of Frank Knight, Joseph Schumpeter and Israel Kirzner applying Ronald Inglehart s theory of value change to discontinuities in how imitative behaviour influences consumer choice a new distributional perspective on the Hayekian knowledge problem a model of consumer choice that combines lexicographic characteristics and learning processes a methodological approach that considers the perceived causal and evidential utilities of a theory original empirical material (hedonic price functions and case studies) and new areas of application for important computer simulation results. David Andersson s book will be warmly welcomed by heterodox economists and new institutional economists, as well as economists of entrepreneurship studies, regional development and urban planning.
Examining the psychological and social drivers of unsustainable and sustainable consumption, this Concise Introduction provides an insightful overview of the causes of unsustainable consumer behaviour and the instruments and interventions needed to create a sustainable consumption pattern.