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Consumer behavior and the aspiration for conformity and consistency

Markus Goebel (), Andrea Schneider () and Tobias Thomas ()
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Markus Goebel: Helmut Schmidt University, Hamburg, Postal: Helmut Schmidt University - University FAF Hamburg, Hamburg, Germany

No 57/2007, Working Paper from Helmut Schmidt University, Hamburg

Abstract: The (socio-)psychological concepts of individual aspiration for con- formity and consistency are integrated into the rational-choice frame- work. By using this integrative approach it is shown that after a shock the aspiration for conformity results in an equilibrium which deviates from the homo oeconomicus' behavior towards the consumption of the peer group, whereas the aspiration for consistency leads to the result that the equilibrium consumption is not reached at once. Combining these eÃÂîects a new consumption path is derived. After a shock the individual consumption converges step-by-step to the new equilibrium consumption.

Keywords: Consumer behavior; consistency; conformity; habit persistence; step-by-step adaptation (search for similar items in EconPapers)
JEL-codes: D01 D11 D91 Z13 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2007-01
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