Title

The Development of Consumer Behavior Theory

Publication Year

1968

Keywords

consumer behavior theory, economics, microeconomics, economic research, consumers

Disciplines

Behavioral Economics | Business | Economics | Social and Behavioral Sciences

Abstract

Traditionally, the consumer is the smallest decision-making unit in microeconomic theory. The unit may be an individual, a household, or any cohesive group that buys, sells, and consumes in accordance with its own preferences, these consumers collectively determine the quantities of a commodity that will be sold. That is, consumers wield the force of demand, which is so important in setting prices in competitive economic systems. Thus an understanding of consumer behavior is essential to the full explanation of demand, and consequently has become an important part of economic research.

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