Leadership

Consumer Behaviour: Evolution Of Preferences And The Search For Novelty

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Executive Summary

Evolution of consumers' preferences has been recognized by many scholars as being key to understanding technological change. However, mainstream economics cannot account for the seemingly irrational behavior of consumers based on changes in taste - consumer theory lacks exibility and accuracy to explain changes in consumer behavior. Adopting a behavioral psychology perspective, this paper argues that there is a rational pattern in the change of consumers' tastes. The author argues that behavioral psychology offers us a unique perspective to solve some of the paradoxes of consumer behavior.

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