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Topic: Consumer rationality

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Price elasticity of demand

	Consumer - Wikipedia, the free encyclopedia
		A consumer is assumed to have a budget which can be spent on a range of goods and services available on the market.
		Under the assumption of rationality, the budget allocation is chosen according to the preference of the consumer, i.e.
		In 'time series' models of consumer behaviour, the consumer may also invest a proportion of their budget in order to gain a greater budget in future periods.
	en.wikipedia.org /wiki/Consumer (330 words)

	Assessing potential consumer savings – 8 April 2003
		S4 The document applies the methodology to the UK consumer mobile market and a segment of the fixed residential market and presents some preliminary results which can be interpreted as showing that, once switching costs and premium levels are considered, the remaining savings available to relevant consumers appear relatively small.
		For example, while a consumer may suggest in response to a survey question that he or she would be willing to switch for a saving of, say, 10 per cent a saving of 15 per cent might actually be required to encourage the switching to take place.
		While there may be pockets of consumers who are less aware, the overall level of awareness does not appear to be at a sufficiently low level to materially affect the behaviour of a majority of customers.
	www.ofcom.org.uk /static/archive/oftel/publications/research/2003/consave0403.htm (10553 words)

	Consumer theory: a free software for understanding your textbook
		The standard textbook model of consumer is an outstanding example of the neoclassical paradigm in economics: a hyper-rational agent maximises something by choosing an "optimal" bundle of things.
		The red point is the rational consumer's choice (the chosen bundle), since it maximises utility, given the budget constraint.
		Consumers in the model follows alternatively three rules of behaviour.
	www.economicswebinstitute.org /essays/consumertheory.htm (1948 words)

	Course Info (Site not responding. Last check: 2007-11-03)
		The model requires that consumers be willing to consume less of a good which has become more expensive to produce.
		Therefore, we cannot prove that consumers are in practice "rational" in the sense assumed in the model.
		The purpose of consumption theory is to a) prove that consumers are rational.
	www.eco.utexas.edu /admin/syllabi/303.html (3141 words)

	Human Rational Behavior and Economic Rationality
		Most generally, rational behavior is defined by a necessary, natural or logical association or adaptation between ends and the means for their attainment, as the Pareto notion of logical conduct, as equivalent to Weber’s of aim-rational or goal-oriented action, implies (Boudon 1982).
		As such, rational behavior in general is determined by a certain relevant degree of coherence between the subjective meanings or good reasons of the actor and the objective purposes attributed by other actors and/or observers.
		In the preceding I have detected and discussed the peculiar conception of rational behavior in what is putatively rational choice theory in both economics and sociology, and advanced a corrective in the form of a broader definition and conceptualization of rational behavior as both instrumental, economic or individual and non-instrumental, extra-economic or social.
	www.sociology.org /content/vol7.2/02_zafirovski.html (11781 words)

	Towards An Understanding Of The Global Market System: A New Perspective For Economics
		In his theoretical framework the consumer is not considered to be a passive maximizer of the utility of market goods; instead, he/she proceeds from the idea of private households as producing units which combine market goods and (non-working) time to produce so-called basic commodities”—commodities to be consumed directly.
		All this would not be denied by the critics of the liberal demand theory; in essence, their point had always been that the assumption of rational consumer behavior as the foundation stone and justification of the laissez-faire ideology was false.
		Sure, the consumer (according to Becker) is not manipulated; he/she is behaving quite rationally, but on an elaborated level which does not always make it opportune to spend much time and effort for a complex decision process when it comes to, say, making the choice for a chewing gum.
	theoryandscience.icaap.org /content/vol001.001/03rolf.html (5248 words)

	Family Resource Management 741
		Theories from other disciplines such as psychology may be relevant to analysis of why consumers do not maximize utility, but extensions to economic theory over the past 30 years have provided powerful methods of analyzing even seemingly "irrational" behavior.
		Consider some empirical analysis of consumer or household behavior, demonstrate that behavior is not consistent with a rational model, and show how the behavior might be consistent with some behavioral model such as the models discussed in chapter 9 of Plous.
		Rationality of consumer and other decisions of individuals and families.
	www.hec.ohio-state.edu /people/shanna/741/syl.htm (1007 words)

	Chapter 3
		I assume that each consumer evaluates nursing home quality by constructing a quality index which is common to all consumers, and that each nursing home controls its quality index by changing its control variables, such as number of nurses or other staff members.
		Nyman (1989) concluded that the private-pay patients' behavior is generally consistent with consumer rationality by estimating a demand equation for private patients.
		After the first consumer has entered the nursing home or has chosen an outside alternative, the second consumer chosen randomly can enter a nursing home that gives her the highest utility from all nursing homes with available beds.
	www.econ.umn.edu /~fhayashi/jobmarket/thesis_c3.htm (3555 words)

	SSPP: The politics of sustainable consumption: the case of the Netherlands
		Moreover, the NEPP acknowledged that consumers were “not [an] easily accessible target group.” While environmental policymakers in the Netherlands have come to accept that consumption requires special attention, and that they should tailor initiatives to consumer requirements, the issue remains highly problematic.
		This participation is essential with respect to policies that emphasize the role of consumers (for instance, when considering the use of eco-labels), as well as in terms of the politics and policies that highlight the role of citizens (for instance, when reconfiguring the local or national water system or when formulating Agenda 21 activities).
		Finally, consumers are not typically fluent in the highly specialized jargon that environmental professionals normally use to set objectives, to define approaches, and to formulate instruments for change.
	ejournal.nbii.org /archives/vol1iss1/0410-009.martens.html (10618 words)

	The Finnish Journal of Business Economics - 1 / 97 (Site not responding. Last check: 2007-11-03)
		Consumer behaviour in environmental matters has usually been discussed within the framework of individual utilitarian choice theory or its later version, the expected utility or attitude-behavior theory.
		Consumers can also base their action on information about collective benefits and on commitment to social goals.
		Consumers' decisions in environmentally relevant issues require self-reflection of their own preferences and priorities as well as public discussion and consensus about which social norms are necessary and justified to improve the environment, and finally consumer's decision whether to cooperate or not with these norms.
	www.hkkk.fi /~lta/97/1/S1.html (299 words)

	RESEARCH
		Using the Consumer Expenditure Survey, the main finding is that households appear to do a relatively good job smoothing their consumption into the academic year, despite large expenses.
		This data is used to test the rationality of consumer expectations and to assess their usefulness in forecasting expenditure.
		The Consumer Expenditure Survey is used to calculate the standard deviation of household consumption growth and the correlation of consumption growth with market returns, both instrumented.
	finance.wharton.upenn.edu /~souleles/research/research.htm (2433 words)

	Eastern Economic Journal: $9.99: Can "just-below" pricing be reconciled with rationality?
		Not only is it one of the first topics explained in a principles course, but the entire field of microeconomics is often referred to as "price theory." It is therefore surprising that economists have largely ignored one of the most prevalent pricing practices, the disproportionate use of prices ending in the number nine.
		Even worse, if consumers are fooled into thinking that a price of $5.99 is well below $6, consumer rationality itself appears to be threatened.
		In a world in which information is costly, consumers may interpret price endings as a signal of such things as quality of the product [Whalen, 1980; Bolen, 1982; Alpert, 1971] or whether the product is low priced [Dodds and Munroe, 1985; Simon, 1989; Kotler, 1988; Nagle, 1987; Berman and Evans, 1986].
	www.findarticles.com /p/articles/mi_qa3620/is_199604/ai_n8734053 (1476 words)

	Results for 'rationality reason'
		rationality limits the ability of decison makers to accommodate group behavior where coordination is required.
		rationality [4], they still have to face the challenge of dealing with imperfect understanding of the feedback structure from resources which use unintendedly rational...
		rationality for proposal evaluation is modelled in terms of preference relationships; (4) a group of assistant agents trace all negotiation events, so allowing the...
	odysseus.ieee.org /ieeesearch/query.html?qt=rationality+reason (1934 words)

	Price elasticity of demand - Wikipedia, the free encyclopedia
		Because both the denominator and numerator of the fraction are percent changes, price elasticities of demand are dimensionless numbers and can be compared even if the original calculations were performed using different currencies or goods.
		It may be possible that quantity demanded for a good rises as its price rises, even under conventional economic assumptions of consumer rationality.
		Two such classes of goods are known as Giffen goods or Veblen goods.
	en.wikipedia.org /wiki/Elasticity_of_demand (385 words)

	UNIT 5 - CHAPTER 19
		With more consumers, the market demand is the demand curve for the entire group of consumers who are in the market for a good.
		Consumers are either risk-averse (willing to pay to avoid risk, most consumers are like this), risk-neutral or risk-loving, and this determines their consumption choices.
		Consumers are not as sensitive/responsive for goods/services with inelastic demand.
	spruce.flint.umich.edu /~mjperry/Unit5.html (3421 words)

	UvT: Bernard Conlon
		The dissertation concentrates on consumer choice and the ability of current modelling approaches to capture the underlying behaviour of the individual decision-makers.
		The standard assumption of a rational utility maximising individual and its implications for observed behaviour are examined and demonstrated empirically to be incompatible with actual consumer choices.
		Models that allow for these deviations from the behaviour predicted under standard modelling assumptions are developed and the implementation of such models is discussed and illustrated utilising two major consumer surveys for the Dutch population.
	center.uvt.nl /gs/thesis/conlon.html (163 words)

	An Investigation of the Rationality of Consumer Valuations of Multiple Health Risks (Site not responding. Last check: 2007-11-03)
		Kip Viscusi, Wesley A. Magat, and Joel Huber
		Abstract: After developing a conceptual analysis of consumer valuation of multiple risks, we explore both economic and cognitive hypotheses regarding individual risk-taking.
		Using a sample of over 1,500 consumers, our study ascertains risk-dollar tradeoffs for the risks associated with using an insecticide and a toilet bowl cleaner.
	www.rje.org /abstracts/abstracts/1987/Winter_1987._pp._465_479.html (185 words)

	Consumer Information Index
		On-line consumer publications include: comprehensive, simply worded consumer guides to buying different types of insurance, insurance rate surveys and comparisons (only available for for certain lines of insurance) and other useful data.
		We find that a large number of complaints arise out of misunderstandings which may be cleared up without taking the time and trouble to file a formal complaint.
		The licensing process provides certain safeguards for consumers by, among other things, ascertaining that applicants have met basic financial and background requirements under the law.
	www.bishca.state.vt.us /InsurDiv/Consumer/consumer_information.htm (1472 words)

	Collective action - LearnThis.Info Enclyclopedia (Site not responding. Last check: 2007-11-03)
		The foundational work in collective action was Mancur Olson's 1971 book The Logic of Collective Action: Public Goods and the Theory of Groups.
		The theory explores the market failures where individual consumer rationality and firms' profit-seeking do not lead to efficient provision of the public goods, i.e.
		Mancur Olson made the provocative claim that individual rational choice leads to situations where individuals with more resources, will carry a higher burden in the provision of the public good than poorer ones.
	encyclopedia.learnthis.info /c/co/collective_action.html (620 words)

	SSRN-Competition and Innovation in the Consumer e-Payments Market? Considering the Demand, Supply, and Public Policy ...
		Meanwhile, some researchers have suggested that consumers are irrational and unresponsive to marketplace incentives (for instance, see Ausubel (1991)).
		Third, drawing on well known academic literature, this paper argues that efforts by the public sector to influence the practices of incumbents might actually adversely impact innovation by reducing the expected pay-outs that are currently motivating significant investment in innovation by non-traditional providers.
		In this vein, the paper analyzes several consumer e-payment infrastructures currently in place - some owned by banks, some owned by independent third parties and provided to banks, and some owned by non-banks - which provide a platform for innovation by both financial institutions and non-traditional providers.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=298388 (692 words)

	Quarterly Journal of Business and Economics: Consumer rationality and the status quo.@ HighBeam Research (Site not responding. Last check: 2007-11-03)
		Received microeconomic theory presumes rational consumers maximize utility over all commodity bundles.
		Recent analysis, however, suggests that a consumer's status quo may limit economic rationality, "bias" consumer decisions, and induce serious errors in survey-based valuations of public and private goods.
		Using regression and choice-theoretic frameworks, we investigate the existence of status quo effects in the consumer valuation of a particular unpriced product--the reliability of residential electrical service.
	www.highbeam.com /library/doc0.asp?DOCID=1G1:13799857&refid=holomed_1 (208 words)

	Collective action (Site not responding. Last check: 2007-11-03)
		The foundational work in collective action was Mancur Olson 's 1971 book The Logic of Collective Action: Public Goods and the Theory of Groups.
		The theory explores the market failure s where individual consumer rationality and firms' profit-seeking do not lead to efficient provision of the public goods, i.e.
		Besides economics, the theory has found many applications in political science, sociology, anthropology and the protection of the environment.
	www.serebella.com /encyclopedia/article-Collective_action.html (971 words)

	rationality - OneLook Dictionary Search
		Rationality : Online Plain Text English Dictionary [home, info]
		Phrases that include rationality: bounded rationality, consumer rationality, faith and rationality, functional rationality, rationality of atheism, more...
		Words similar to rationality: rationalities, rationalness, reason, reasonableness, more...
	www.onelook.com /cgi-bin/cgiwrap/bware/dofind.cgi?word=rationality (200 words)

	Results for 'rationality'
		Rationality and Beliefs Ya'akov Gal, Harvard University Avi Pfeffer, Harvard University...
		rationality, limited resources, and imperfect knowledge of the world and the activities being performed by other agents hinder such agents.
		Rationality and Digital Technology (Abstract) Neville Holmes, University of Tasmania...
	odysseus.ieee.org /ieeesearch/query.html?qt=rationality (1861 words)

	Credit Cards and the Poor
		We use data from four releases of the Survey of Consumer Finances, 1983 to 1995, to examine credit card use among the poor.
		The credit card market has expanded rapidly in the general population and, given the often transitory nature of poverty, more and more families may be using credit cards rather than welfare or other means to smooth consumption across income shortfalls.
		"Consumer Behavior and the Stickiness of CreditCard Interest Rates," Rodney L. White Center for Financial Research Working Papers 3-94, Wharton School Rodney L. White Center for Financial Research.
	ideas.repec.org /p/wop/wispod/1148-97.html (757 words)

	Price elasticity of demand (Site not responding. Last check: 2007-11-03)
		Note that in the economics literature the minus sign is often omitted.
		It may be possible that demand for a good rises as its price rises, even under conventional economic assumptions of consumer rationality.
		Two such classes of goods are known as Giffen goods or Veblengoods.
	www.therfcc.org /price-elasticity-of-demand-1055.html (169 words)

	[No title] (Site not responding. Last check: 2007-11-03)
		Consumer behaviour, especially social and cultural aspects of consumption; Consumption and environment; Production and consumption of cultural goods (also project leader for research on these topics).
		Since 1993, professor in economics, marketing in the field of communication and consumer theory, Helsinki School of Economics.
		The Finns and the Environment - A Study in Rational Consumer Behaviour, 1986; The Structure and Strategies of Book Industry, 1989; Introduction to Research Marketing (ed), 1993; Consumption and Recession, 1994.
	www.lancs.ac.uk /users/scistud/esf/uusit.htm (380 words)

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