Consumer Behavior and the Measurement of Well-Being
نویسندگان
چکیده
Economists since the days of Adam Smith and Jeremy Bentham have traditionally viewed consumers as driven by relentless and consistent pursuit of selfinterest, with their choices in the marketplace providing all the measurements needed to reveal their preferences and assess their well-being. This theory of the consumer is empirically successful, and provides the foundation for most economic policy. However, the traditional view is now being challenged by new evidence from cognitive psychology, anthropology, evolutionary biology, and neurology. This paper surveys this evidence and what it implies for the measurement of consumer choice behavior and well-being.
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