Madhavi Venkatesan and Katharina Gapp: Consumer Choice through the lens of Rational, Behavioral, and Sustainable Economics

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Consumer Choice through the lens of Rational, Behavioral, and Sustainable Economics

13 pp.
2,63 EUR
(June 2017)

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Abstract:

This paper will provide an overview with respect to how Rational, Behavioral, and Sustainable Economics each attempt to explain consumer choice. The paper compares and contrasts the three theories relative to the observed consumption behavior for electricity and provides a summary finding. Ultimately, the paper concludes that the characterization of economic agent behavior as provided in Sustainable Economics is more consistent with observable phenomena. As a result, the paper promotes the use of Sustainable Economics as the more robust tool for the evaluation and iterative attainment of a cultural shift to a pervasive cultural paradigm of sustainability.

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