Abstract
The issue of rationality of consumption and consumer behavior becomes more and more relevant in today’s economy. The objective of this article is to analyze the rationality of consumer behaviors in the market from the point of view of various economic schools, using classical methods as well as the concept of ecological rationality which is more akin to an institutional approach. The article also addresses important, selected aspects concerning certain approaches and methods used in research on rationality of consumer behaviors in the market. Particular attention is paid to the problem of rationality in methodology of empirical studies. The analysis of selected research approaches (i.e. predictive and postdictive approach) to the problem of rational choice and consumer behavior, considered from the point of view of both those approaches, makes for a summing-up of the article.
Highlights
The behaviors of consumers in the market reveal vast diversification
The rationality of consumer behavior has been studied from a number of various perspectives, including such approaches as the ones proposed by Amitai Etzioni, Herbert Alexander Simon, Max Weber, Harvey Leibenstein or Gary Stanley Becker, Daniel Kahneman and Amos Tversky, as well as Roman Frydman and Michael D
This article analyzes two key attitudes taken in attempts at interpretation of the concept of rationality, namely that of constructivist, rationality positioned within the classical approach to the problem of rationality and ecological rationality, more akin to an institutional approach
Summary
The behaviors of consumers in the market reveal vast diversification. The entirety of such behaviors may be generally divided into rational and irrational ones. The rationality of consumer behavior has been studied from a number of various perspectives, including such approaches as the ones proposed by Amitai Etzioni, Herbert Alexander Simon, Max Weber, Harvey Leibenstein or Gary Stanley Becker, Daniel Kahneman and Amos Tversky, as well as Roman Frydman and Michael D. Rationality as a criterion of the empirical model’s relevance in studies belonging to general economy and to the game theory is the subject of another brief analysis presented in this article. An analysis of selected scholar approaches (namely, predictive and postdictive approach) concerning the issues of rational choice and consumer behavior, considered from the point of view of both those approaches, concludes the article as a sort of summing-up
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