• Paul STOCK deposited Behavioral Insights Reveal a Consumer of Mixed Rationality on Humanities Commons 2 years, 3 months ago

    While a fundamental axiom in economics is that consumers act rationally, maximizing their utility by obeying the law of demand, it has become increasingly recognized that these individuals may make irrational decisions in situations of influence. As not all consumers have the same rationality, this study aimed to identify specific consumer characteristics associated with increased irrational behavior. A survey design was utilized to assess the relationship between consumers’ demographics with their rationality, as well determine the extent of their risk-taking behavior, impulsive buying decisions, and how they self-perceive their own rationality compared to other consumers. Among 402 participants, younger age, unmarried status, a lower income, and having no children were associated with more irrational consumer behavior (p