Is It Rational To Assume Consumer Rationality Some Consumer Psychological Perspectives On Rational Choice Theory

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Is it Rational to Assume Consumer Rationality? Some Consumer Psychological Perspectives on Rational Choice Theory

Author : Jacob Jacoby
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Is it Rational to Assume Consumer Rationality? Some Consumer Psychological Perspectives on Rational Choice Theory by : Jacob Jacoby

Download or read book Is it Rational to Assume Consumer Rationality? Some Consumer Psychological Perspectives on Rational Choice Theory written by Jacob Jacoby and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law-and-economics, an influential perspective among some in law (and possibly a few in economics), seeks to apply the basic assumption of economics? that people are rational maximizers (i.e., will try to get the most out of what they have)? to law. Rational Choice Theory provides the conceptual core of Law-and-economics. After briefly discussing the intellectual heritage of Rational Choice Theory, we address three things. Operating from a consumer psychological perspective, first we examine fundamental assumptions underlying Rational Choice Theory and conclude that many either are, or approach being, untenable. Next, we comment upon arguments raised by Judge Richard Posner (one of the leading proponents of this theory) in defense and elucidation of Rational Choice Theory. We conclude by offering some suggestions which, if adopted, we believe will advance the empirical assessment of Rational Choice Theory.

The Undermining of Beliefs in the Autonomy and Rationality of Consumers

Author : John O'Shaughnessy
Publisher : Routledge
ISBN 13 : 1135978263
Total Pages : 284 pages
Book Rating : 4.1/5 (359 download)

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Book Synopsis The Undermining of Beliefs in the Autonomy and Rationality of Consumers by : John O'Shaughnessy

Download or read book The Undermining of Beliefs in the Autonomy and Rationality of Consumers written by John O'Shaughnessy and published by Routledge. This book was released on 2007-11-08 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines modern consumption, focusing on concepts of autonomy and rationality. In recent years, conventional ideas of 'free will' have come under attack in the context of consumer choice and similarly, postmodernists have sabotaged the very notion of consumer rationality. O Shaughnessy and O'Shaughnessy adopt a moderating perspective, rev

The Average Consumer in Confusion-based Disputes in European Trademark Law and Similar Fictions

Author : Rasmus Dalgaard Laustsen
Publisher : Springer Nature
ISBN 13 : 3030263509
Total Pages : 435 pages
Book Rating : 4.0/5 (32 download)

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Book Synopsis The Average Consumer in Confusion-based Disputes in European Trademark Law and Similar Fictions by : Rasmus Dalgaard Laustsen

Download or read book The Average Consumer in Confusion-based Disputes in European Trademark Law and Similar Fictions written by Rasmus Dalgaard Laustsen and published by Springer Nature. This book was released on 2019-11-06 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contends that, with regard to the likelihood of confusion standard, European trademark law applies the average consumer incoherently and inconsistently. To test this proposal, it presents an analysis of the horizontal and vertical level of harmonization of the average consumer. The horizontal part focuses on similar fictions in areas of law adjacent to European trademark law (and in economics), and the average consumer in unfair competition law. The vertical part focuses on European trademark law, represented mainly by EU trademark law, and the trademark laws of the UK, Sweden, Denmark and Norway. The book provides readers with a better understanding of key aspects of European trademark law (the average consumer applied as part of the likelihood of confusion standard) and combines relevant law and practices with theoretical content and other related areas of law (and economics). Accordingly, it is an asset for policymakers and practitioners, as well as general readers with an interest in intellectual property law and theory.

Bounded Rationality and Industrial Organization

Author : Ran Spiegler
Publisher : Oxford University Press
ISBN 13 : 0199813426
Total Pages : 235 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Bounded Rationality and Industrial Organization by : Ran Spiegler

Download or read book Bounded Rationality and Industrial Organization written by Ran Spiegler and published by Oxford University Press. This book was released on 2011-02-18 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional economic theory assumes that consumers are fully rational, that they have well-defined preferences and easily understand the market environment. Yet, in fact, consumers may have inconsistent, context-dependent preferences or simply not enough brain-power to evaluate and compare complicated products. Thus the standard model of consumer behavior-which depends on an ideal market in which consumers are boundlessly rational-is called into question. While behavioral economists have for some time confirmed and characterized these inconsistencies, the logical next step is to examine the implications they have in markets. Grounded in key observations in consumer psychology, Bounded Rationality and Industrial Organization develops non-standard models of "boundedly rational" consumer behavior and embeds them into familiar models of markets. It then rigorously analyses each model in the tradition of microeconomic theory, leading to a richer, more realistic picture of consumer behavior. Ran Spiegler analyses phenomena such as exploitative price plans in the credit market, complexity of financial products and other obfuscation practices, consumer antagonism to unexpected price increases, and the role of default options in consumer decision making. Spiegler unifies the relevant literature into three main strands: limited ability to anticipate and control future choices, limited ability to understand complex market environments, and sensitivity to reference points. Although the challenge of enriching the psychology of decision makers in economic models has been at the frontier of theoretical research in the last decade, there has been no graduate-level, theory-oriented textbook to cover developments in the last 10-15 years. Thus, Bounded Rationality and Industrial Organization offers a welcome and crucial new understanding of market behavior-it challenges conventional wisdom in ways that are interesting and economically significant, and which in the end effect the well-being of all market participants.

A Practical Guide to Theoretical Frameworks for Social Science Research

Author : Andrea J. Bingham
Publisher : Taylor & Francis
ISBN 13 : 1003847234
Total Pages : 243 pages
Book Rating : 4.0/5 (38 download)

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Book Synopsis A Practical Guide to Theoretical Frameworks for Social Science Research by : Andrea J. Bingham

Download or read book A Practical Guide to Theoretical Frameworks for Social Science Research written by Andrea J. Bingham and published by Taylor & Francis. This book was released on 2024-02-13 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This practical book offers a guide to finding, choosing, and applying theoretical frameworks to social sciences research, and provides researchers with the scaffolding needed to reflect on their philosophical orientations and better situate their work in the existing landscape of empirical and theoretical knowledge. Using a multifaceted approach, the book provides clear definitions, primary tenets, historical context, highlights of the challenges and contemporary discussion and, perhaps more importantly, concrete and successful examples of studies that have drawn on and incorporated each theoretical framework. The authors define and explain the connections among such concepts as ontology, epistemology, paradigm, theory, theoretical frameworks, conceptual frameworks, and research methodology; describe the process of finding and effectively using theoretical and conceptual frameworks in research; and offer brief overviews of particular theories within the following disciplines: sociology, psychology, education, leadership, public policy, political science, economics, organizational studies, and business. The book also has a dedicated chapter on critical theories, and for each theory, provides a definition, explores how the theory is useful for researchers, discusses the background and foundations, outlines key terms and concepts, presents examples of theoretical applications, and gives an overview of strengths and limitations. This book offers a useful starting point for any researcher interested in better situating their work in existing conceptual and theoretical knowledge, but it will be especially useful for graduate students and early career researchers who are looking for clear definitions of complex terms and concepts, and for an introduction to useful theories across disciplines.

Handbook of Research on International Consumer Law

Author : Geraint G. Howells
Publisher : Edward Elgar Publishing
ISBN 13 : 1849806314
Total Pages : 603 pages
Book Rating : 4.8/5 (498 download)

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Book Synopsis Handbook of Research on International Consumer Law by : Geraint G. Howells

Download or read book Handbook of Research on International Consumer Law written by Geraint G. Howells and published by Edward Elgar Publishing. This book was released on 2010 with total page 603 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a truly international effort, and one with a strong commitment to human rights by the highly reputable authors coming from different jurisdictions! The many facets of today s consumer law are presented to the reader, including developing countries a fascinating effort in a dynamically emerging field of law! We are comprehensively informed about such bread and butter areas as advertising, unfair terms, consumer guarantees, product safety and liability, consumer credit, and redress. But traditional consumer law concepts and remedies are facing challenges in more complex areas, like services of general internet where consumers and private users should enjoy equal access to universal services , with the internet where speed must not be a pretext to eliminate standards of fair dealing, with risky investment services under the problematic paradigm shift from investor protection to investor confidence . A book to read, to think about, to work with for everybody interested in the future of consumer markets and law in a time of economic crisis! Norbert Reich, University of Bremen, Germany This is a richly interesting collection of essays, written by leading names in the field. It offers a thoroughly reliable survey of key tensions and challenges in modern consumer law and brilliantly combines thematic overview with detailed analysis. It will stimulate comparative thinking, it will provide a source of information and it will be welcomed by consumer law scholars all over the world. Stephen Weatherill, University of Oxford, UK Consumer law and policy has emerged in the last half-century as a major policy concern for all nations. This Handbook of original contributions provides an international and comparative analysis of central issues in consumer law and policy in developed and developing economies. The Handbook encompasses questions of both social policy and effective business regulation. Many of the issues are common to all countries and are becoming increasingly globalised due to the growth in international trade and technological developments such as the Internet. The authors provide a broad coverage of both substantive topics and institutional questions concerning optimal approaches to enforcement and the role of class actions in consumer policy. It also includes comparative insights into the influential EU and US models of consumer law and relates consumer law to contemporary trends in human rights law. Written by a carefully selected group of international experts, this text represents an authoritative resource for understanding contemporary and future developments in consumer law. This Handbook will provide students, researchers and policymakers with an insight to the main policy debates in each context and provide models of legal regulation to assist in the evaluation of laws and the development of consumer law and policy.

The Law and Economics of Irrational Behavior

Author : Francesco Parisi
Publisher : Stanford University Press
ISBN 13 : 9780804751445
Total Pages : 634 pages
Book Rating : 4.7/5 (514 download)

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Book Synopsis The Law and Economics of Irrational Behavior by : Francesco Parisi

Download or read book The Law and Economics of Irrational Behavior written by Francesco Parisi and published by Stanford University Press. This book was released on 2005 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another. Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.

The Foundations and Future of Financial Regulation

Author : Mads Andenas
Publisher : Routledge
ISBN 13 : 113504337X
Total Pages : 556 pages
Book Rating : 4.1/5 (35 download)

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Book Synopsis The Foundations and Future of Financial Regulation by : Mads Andenas

Download or read book The Foundations and Future of Financial Regulation written by Mads Andenas and published by Routledge. This book was released on 2013-11-20 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.

Law and Corporate Finance

Author : Frank B. Cross
Publisher : Edward Elgar Publishing
ISBN 13 : 9781847205346
Total Pages : 248 pages
Book Rating : 4.2/5 (53 download)

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Book Synopsis Law and Corporate Finance by : Frank B. Cross

Download or read book Law and Corporate Finance written by Frank B. Cross and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine the role of the law in developing large financial markets necessary for national economic success. They discuss the basic foundational law of contracts, property and tort, corporate law, and securities law, providing both a broad theoretical and empirical case for its value in financial markets.

Which psychological processes are involved in intentional buying and how rational is the buyer?

Author : Vladislav Tsekov
Publisher : GRIN Verlag
ISBN 13 : 3668827648
Total Pages : 14 pages
Book Rating : 4.6/5 (688 download)

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Book Synopsis Which psychological processes are involved in intentional buying and how rational is the buyer? by : Vladislav Tsekov

Download or read book Which psychological processes are involved in intentional buying and how rational is the buyer? written by Vladislav Tsekov and published by GRIN Verlag. This book was released on 2018-11-02 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2018 in the subject Psychology - Work, Business, Organisational and Economic Psychology, grade: A, University College London, language: English, abstract: Each day we face numerous decisions that determine the outcome of our life to a great extent. Whether we are rich or poor, happy or sad, good or bad - it all comes down to the decisions we make. It is therefore logical to assume that human beings have evolved to be experts in decision making. For decades, Economists, Psychologists and Philosophers have struggled to answer this question by conceptualizing the way people make decision and by coming up with models that explain judgment and decision making. Over the last few centuries, models of rationality have been constantly changing and evolving. In 1654, Blaise Pascal and Pierre Fermat had a prolonged discussion about human rationale in gambling scenarios, giving birth to the rational choice theory. Its main assumption is that humans take into consideration every available information, cost and benefit associated with a decision and proceed to select the best choice amongst all available alternatives - the one that maximizes Expected Utility. This model, however, is inherently flawed, as it ignores elements such as cognitive biases and mental shortcuts (also known as heuristics) that could lead to deviations from the assumption of perfectly rational decisions. In response to the limitations of the rational choice theory, Herbert Simon proposed the notion of bounded rationality to compensate for flaws in human thinking and to take into consideration environmental constraints when making a decision. Bounded rationality suggests that humans act as satisficers rather than maximizers, aimed at finding a decision that is good enough, taken the amount of information and time that were available for making the decision. This framework applies to any decision making process – including consumer behaviour. Therefore, this essay will argue that consumers are not perfectly rational agents, aimed at maximizing expected utility with each transaction. Rather, humans have inherent limitations to their information processing abilities leading to the development of cognitive biases and heuristics, which help them make decision faster and more efficient. This ability, however, comes at the cost of making suboptimal decision. To illustrate the point and to compare and contrast both models of rationality, we will use a practical example of a car purchase throughout the essay.

Rational Choice Theory

Author : James S. Coleman
Publisher : SAGE Publications, Incorporated
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Rational Choice Theory by : James S. Coleman

Download or read book Rational Choice Theory written by James S. Coleman and published by SAGE Publications, Incorporated. This book was released on 1992-08-11 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rational Choice Theory is one of the few general theories of how individuals, groups, organizations and social structures behave - its impact on sociological theorizing has been enormous. In this volume, advocates and critics present their views of the values and limitations of rational choice theory. Whether supporter or sceptic, sociologists and other social scientists will find themselves immersed in a creative discussion of the merits and difficulties of the model and its applicability to both macro and micro level social issues.

Brand Culture and Identity: Concepts, Methodologies, Tools, and Applications

Author : Management Association, Information Resources
Publisher : IGI Global
ISBN 13 : 1522571175
Total Pages : 1590 pages
Book Rating : 4.5/5 (225 download)

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Book Synopsis Brand Culture and Identity: Concepts, Methodologies, Tools, and Applications by : Management Association, Information Resources

Download or read book Brand Culture and Identity: Concepts, Methodologies, Tools, and Applications written by Management Association, Information Resources and published by IGI Global. This book was released on 2018-10-05 with total page 1590 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world of brands is undergoing a sea change in the domain of consumer culture, and it has become a challenge to cater to the taste and needs of audiences. The process of creating iconic brands varies from product to product and market to market. Effective branding strategies are imperative for success in a competitive marketplace. Brand Culture and Identity: Concepts, Methodologies, Tools, and Applications is a vital reference source for the latest research findings on the use of theoretical and applied frameworks of brand awareness and culture. Highlighting a range of topics such as consumer behavior, advertising, and emotional branding, this multi-volume book is ideally designed for business executives, marketing professionals, business managers, academicians, and researchers actively involved in the marketing industry.

Liability and Environment

Author : Lucas Bergkamp
Publisher : Martinus Nijhoff Publishers
ISBN 13 : 9789041116451
Total Pages : 744 pages
Book Rating : 4.1/5 (164 download)

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Book Synopsis Liability and Environment by : Lucas Bergkamp

Download or read book Liability and Environment written by Lucas Bergkamp and published by Martinus Nijhoff Publishers. This book was released on 2001-01-01 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book provides an analysis of civil liability for environmental harm in an inter- and transnational context. It covers both liability of private parties and state liability under international and EC law, and discusses national law developments in this area. It explores in particular the relationship between public environmental law and private liability law. Applying an instrumental approach to legal instruments, it aims to redefine the role of liability in this heavily regulated area." -- from the Preface.

Internet Gaming

Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Manufacturing, and Trade
Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Internet Gaming by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Manufacturing, and Trade

Download or read book Internet Gaming written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Commerce, Manufacturing, and Trade and published by . This book was released on 2013 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Theories of Choice

Author : Stefan Grundmann
Publisher : Oxford University Press, USA
ISBN 13 : 0198863179
Total Pages : 353 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Theories of Choice by : Stefan Grundmann

Download or read book Theories of Choice written by Stefan Grundmann and published by Oxford University Press, USA. This book was released on 2021 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network.

Journal of Law, Technology & Policy

Author :
Publisher :
ISBN 13 :
Total Pages : 400 pages
Book Rating : 4.:/5 (5 download)

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Book Synopsis Journal of Law, Technology & Policy by :

Download or read book Journal of Law, Technology & Policy written by and published by . This book was released on 2005 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Limits of Rationality

Author : Karen Schweers Cook
Publisher : University of Chicago Press
ISBN 13 : 9780226742397
Total Pages : 436 pages
Book Rating : 4.7/5 (423 download)

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Book Synopsis The Limits of Rationality by : Karen Schweers Cook

Download or read book The Limits of Rationality written by Karen Schweers Cook and published by University of Chicago Press. This book was released on 1990-11-15 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.