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Consumption behavior and the aspiration for conformity and consistency
Institute of Organization and Logistics, Helmut Schmidt University, Germany.
Institute of Public Finance, Helmut Schmidt University, Germany.
Institute of Public Finance, Helmut Schmidt University, Germany.
2010 (English)In: Journal of Neuroscience, Psychology, and Economics, ISSN 1937-321X, Vol. 3, no 2, p. 83-94Article in journal (Refereed) Published
Abstract [en]

The (socio-)psychological concepts of individual aspiration for conformity and consistency are integrated into the rational choice framework. By using this integrative approach, it is shown that, after a shock, the aspiration for conformity results in a steady state that deviates from the homo oeconomicus's behavior toward the consumption of the peer group, whereas the aspiration for consistency leads to the result that the steady-state consumption is not reached at once. With the combination of these effects, a new consumption path is derived. After a shock, the individual consumption converges step by step to the new steady-state consumption. 

Place, publisher, year, edition, pages
American Psychological Association (APA), 2010. Vol. 3, no 2, p. 83-94
Keywords [en]
Behavioral economics, Conformity, Consistency, Consumer behavior, Habit persistence, adaptive behavior, article, budget, consumer attitude, decision making, economic aspect, mathematical model, peer group, psychological model, social behavior, social psychology
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-46460DOI: 10.1037/a0016041Scopus ID: 2-s2.0-78549239857OAI: oai:DiVA.org:hj-46460DiVA, id: diva2:1357503
Available from: 2019-10-04 Created: 2019-10-04 Last updated: 2019-10-04Bibliographically approved

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