Limitations of Modern Microeconomic Theory of Consumer Choice: Sociological Perspective Cover Image

Ograničenja savremene mikroekonomske teorije izbora potrošača: sociološka perspektiva
Limitations of Modern Microeconomic Theory of Consumer Choice: Sociological Perspective

Author(s): Ognjen Radonjić
Subject(s): Social Sciences
Published by: Sociološko naučno društvo Srbije
Keywords: utility; consumer; preferences; intersubjective demand; society;

Summary/Abstract: Neoclassical theory of consumer choice needs to be reformed. Assumption that consumer choice is not influenced by the choice of others is in collision with reality. New and better theory of consumer choice is unimaginable without incorporation of intersubjective factors into the model of derivation of individual and aggregate (market) demand functions. Goal of this study is to underline widely neglected sociological factors that have significant influence on motivation and behavior of consumers. Inclusion of these factors into modern microeconomic theory is of essential importance if we are about to construct theoretical model aimed to describe reality in which we daily exist better than its predecessor did.

  • Issue Year: 50/2008
  • Issue No: 3
  • Page Range: 313-326
  • Page Count: 14
  • Language: Serbian