Poster Presentation
11:15 AM - 12:30 PM |College Center Ballroom
Alternative Models of Consumer Behavior Theory
April 26th, 2024
Social Sciences
Jessica Gonzalez
jgonzalez581@cccd.edu
hkao2@student.cccd.edu

Abstract:
Consumer theory is a branch of microeconomics that relates to how individuals spend their money based on preferences and budget constraints. It is examined in order to understand the unseen forces and circumstances that shape the economy. Traditional consumer theory relies on utility maximization, non – satiation and decreasing marginal utility but are limited in explanatory power. By conducting a literature review and meta – analysis from peer – reviewed journals from science direct and springer link, published texts/books and articles, it was found that there are at least two key existing alternative frameworks to explain consumer behavior, which are the endogeneity of preferences and the post – Keynesian notion of consumer choice. Analytical methods and theoretical perspectives include looking at demand curves, behavioral economics and decision – making theories and hypotheses. Some key points in consumer theory include significance in the economy and scenario – based predictions. The implications of these studies is that consumer behavior is far more complex and that it is important to find numerous theories to predict decision making when consuming goods and services.