Abstract
This chapter reviews the consumer logics through which prospective purchases are decided. We begin by reviewing seminal assumptions of consumer logic qualities from neoclassical economics, including utility maximization and conditional optimization. We then review the past several decades of theoretical and empirical evidence on consumer logics to discuss deviations from the neoclassical model. We focus on context and culture as two genres of influences that have accomplished this by broadening the purpose for a purchase and the cognization of utility, ultimately facilitating purchases that might otherwise be deemed irrational.
| Original language | English |
|---|---|
| Title of host publication | The International Encyclopedia of Business Management |
| Editors | Vanessa Ratten |
| Place of Publication | Cambridge, MA |
| Volume | 1 |
| Edition | 1 |
| Publication status | Published - 26 Jul 2024 |