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The sociology of consumption is a field within sociology specifically about the social, economic, and cultural dimensions of consumer behavior. It studies how and why individuals and groups acquire and use goods and services in a given society, as well as the cultural meanings and social norms associated with these practices.
Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an interdisciplinary social science that blends elements from psychology, sociology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics (especially behavioural economics). The study of consumer behaviour ...
Consumerism is the concept that the marketplace itself is responsible for ensuring social justice through fair economic practices. [3] Consumer protection policies and laws compel manufacturers to make products safe. Consumerism refers to the field of studying, regulating, or interacting with the marketplace. [3] The consumer movement is the ...
Consumer sovereignty is defined in the Macmillan dictionary of modern economics as: [7] The idea that the consumer is the best judge of his or her own welfare. This assumption underlies the theory of consumer behaviour and through it the bulk of economic analysis including the most widely accepted optimum in welfare economics, the Pareto optimum.
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...
These factors can affect consumption; if the mentioned assets are sufficiently liquid, they will remain in reserve and can be used in emergencies. Consumer credits: The increase in the consumer's credit and his credit transactions can allow the consumer to use his future income at present. As a result, it can lead to more consumption ...
The notion of consumer networks expresses the idea that people's embeddedness in social networks affects their behavior as consumers. Interactions within consumer networks such as information exchange and imitation can affect demand and market outcomes in ways not considered in the neoclassical theory of consumer choice .
Social behavior and cooperation with other participants are two factors that are not modeled in traditional game theory, but are often seen in an experimental setting. The evolution of social norms has been neglected in decision-making models, but these norms influence the ways in which real people interact with one another and make choices. [12]