Values in Consumer Choice: Do They Matter?

What is it about?

In this study, we collect primary data from 250 respondents to investigate whether preferences are amenable and whether preferences take account of effects on others.

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Why is it important?

Mathematical tractability has restricted economic analysis of consumer behavior within a confined boundary of certain axioms. Often, these axioms are found to be empirically false. Even more importantly, these axioms and the analytical framework based on them is incapable of explaining economic choices in environment goods, public goods and social choice. Studies in behavioral finance have also documented information processing incapacities and biases that challenge some of the rationality assumptions. This paper discusses these things and provide empirical evidence which supports this view.