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There are generally three ways of analyzing consumer buying decisions: Economic models – largely quantitative and are based on the assumptions of rationality and near perfect knowledge. The consumer is seen to maximize its utility. See consumer theory. Game theory can also be used in some circumstances.
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the purchase, use and disposal of goods and services.It encompasses how the consumer's emotions, attitudes, and preferences affect buying behaviour.
Experiments in cognitive science and social psychology have revealed a wide variety of biases in areas such as statistical reasoning, social attribution, and memory. [ 3 ] Choice-supportive memory distortion is thought to occur during the time of memory retrieval and was the result of the belief that, "I chose this option, therefore it must ...
In the field of consumer behavior, an impulse purchase or impulse buying is an unplanned decision by a consumer to buy a product or service, made just before a purchase. [1] One who tends to make such purchases is referred to as an impulse purchaser , impulse buyer , or compulsive buyer .
The pain of paying is a concept from Behavioral Economics and Behavioral Science, coined in 1996 by Ofer Zellermayer, whilst writing his PhD dissertation at the University of Carnegie Mellon, under supervision of George Loewenstein. The term refers to the negative emotions experienced during the process of paying for a good or service. [1]
Another example of the effects of scarcity is the phenomenon of panic buying, which drives people to display hoarding behaviors when faced with the possibility of going without a certain product. [6] Historically, panic buying was seen during the COVID-19 pandemic in 2020. Due to the pandemic, people panic bought toilet paper out of fear of ...
Social psychology utilizes a wide range of specific theories for various kinds of social and cognitive phenomena. Here is a sampling of some of the more influential theories that can be found in this branch of psychology. Attribution theory – is concerned with the ways in which people explain (or attribute) the behaviour of others. The theory ...
Buyer's remorse is an example of post-decision dissonance, where a person is stressed by a made decision and seeks to decrease their discomfort. [2] The buyer may change their behavior, their feelings, their knowledge about the world (what they thought the purchased item would be like), or even their knowledge of themselves. [3]