Consumer behaviour: rational, irrational, or what?
Economists are currently engaged in a stimulating debate, which I think consumer researchers should be following closely, if not directly engaged in.
Economists, in general, think of a human being as a homo economicus,a rational being, making choices based on balancing present and future benefits and costs. I will buy the red chocolate for five euros because its taste and emotional benefit to me are worth five euros, or more. I perceive the benefits of the five euro blue chocolate to only be four euros. So, if the price of...