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Traditional models of consumer behaviour were developed by scholars such as Fishbein and Ajzen [163] and Howard and Sheth [164] in the 1960s and 70s. More recently, Shun and Yunjie have argued that online consumer behaviour is different to offline behaviour and as a consequence requires new theories or models. [165]
Consumer behavior models – practical models used by marketers. They typically blend both economic and psychological models. They typically blend both economic and psychological models. In an early study of the buyer decision process literature, Frank Nicosia (Nicosia, F. 1966; pp 9–21) identified three types of buyer decision-making models.
Behavior change in consumption is a guiding principle for sustainable development policy. However, switching unsustainable consumer behaviors to sustainable ones is far from straightforward. Individual behaviors are rooted in social and institutional contexts. We are influenced by what others around us say and do and by institutional rules.
A major deficiency of the AIDA model and other hierarchical models is the absence of post-purchase effects such as satisfaction, consumption, repeat patronage behaviour and other post-purchase behavioural intentions such as referrals or participating in the preparation of online product reviews. [10]
Indeed many alternative models exist in econometrics, marketing, sociometrics and other fields, including utility maximization, optimization applied to consumer theory, and a plethora of other identification strategies which may be more or less accurate depending on the data, sample, hypothesis and the particular decision being modelled.
Consideration set is a model used in consumer behaviour to represent all of the brands and products a consumer evaluates before making a final purchase decision. The term consideration set was first used in 1977 by Peter Wright and Fredrick Barbour. [1]
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, [1] [2] is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies [further explanation needed] on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their ...
The random walk model of consumption was introduced by economist Robert Hall. [1] This model uses the Euler numerical method to model consumption. He created his consumption theory in response to the Lucas critique. Using Euler equations to model the random walk of consumption has become the dominant approach to modeling consumption. [2]
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