The impossibility of rational consumer choice
Jakob Kapeller (),
Bernhard Schütz and
Stefan Steinerberger ()
Journal of Evolutionary Economics, 2013, vol. 23, issue 1, 39-60
In this paper we show that a rational consumer choice along the lines traditionally suggested might lead to paradoxical results if one considers multidimensional goods, which incorporate a series of incommensurable aspects. Thereby, we explore the similarity between the resulting paradox and Kenneth Arrow’s well known Impossibility Theorem. Based on these considerations we suggest a solution for the former problem along the lines of Herbert Simon and Amos Tversky, which might—if driven to its extreme—even provide a unique and arguably rational solution for consumer choice among multidimensional goods. Eventually, we argue that the resulting framework poses a potentially useful starting point for further developing an evolutionary theory of consumer choice. Copyright Springer-Verlag 2013
Keywords: Demand; Consumption; Rationality; Choice; Evolutionary economics; B52; D01; D11; D71 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:joevec:v:23:y:2013:i:1:p:39-60
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