Social Influence on Consumption Choices

Anton Gerunov

Ikonomiceski i Sotsialni Alternativi, 2016, issue 3, 143-153

Abstract: This article investigates the influence of different demographic, behavioral, and situational factors on consumption choices under extreme uncertainty. We use data from an economic experiment where 127 participants make decisions while exposed to a wide range of stimuli. A Random Forest model is used to analyze data and to show how the social context exerts a significant effect on economic choice. The importance of both rational and emotional factors for consumer behavior is readily evident in the statistical analysis.

Keywords: economic decisions; consumer choice; social influence (search for similar items in EconPapers)
JEL-codes: D12 D81 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:nwe:iisabg:y:2016:i:3:p:143-153

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