A Behavioural Economic Perspective on Political Consumerism

Abstract

This chapter aims to present theoretical approaches and empirical methods and results from behavioral economics to an audience interested in political consumerism. It takes a behavioral economic view on political consumerism and presents theory, methods, and empirical results linking behavioral research to political consumerism in consumer as well as financial markets. Then, drawing on developments within behavioral economics, the chapter discusses the relevance of behaviorally informed policy (e.g., “nudging”) in the domain of political consumerism. Subsequent discussion shows selected research results in consumer and financial markets before focusing on real-world factors associated with political consumerism or the lack thereof. Taken together, the chapter relies on behavioral economic and psychological theorizing and results to give a novel perspective on developments in the field. The conclusion discusses strengths and weaknesses of the behavioral economic approach in political consumerism research to help the reader determine the suitability for related research questions.