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From rational choice to behavioural economics

From rational choice to behavioural economics

Comparison of the rational consumer model with social influence, habitual behaviour, weakness at computation, and demand outcomes Traditional microeconomics often assumes a rational consumer who compares costs and benefits, then chooses the option that maximises utility. Utility is the satisfaction a consumer gets from consuming a good or service.

1.2.10 Alternative views of consumer behaviour Lesson

  1. A Level
  2. /Economics
  3. /1.2.10 Alternative views of consumer behaviour