Volume 11 - Volume 11
Modeling Consumer Behavior in a Market Economy
Abstract
The article deals with the current topic of modernity – modeling of consumer behavior. The
instability of a complex socio-psychological system, such as consumers, which is virtually impossible
to completely study and understand, increases in the context of a market economy. Making adequate
decisions requires a deep, comprehensive assessment of the situation and a reliable forecast of the
course of events. A firm that has managed to correctly predict the situation receives an additional
profit compared to the one that refrained from forecasting. A firm that made the wrong forecast loses
the most. The present work considers the main consumer behavior models, as well as factors
influencing decision-making, and consumers/ preferences. The authors carried out a comparative
analysis of the consumer behavior models. The approaches used in the work were the cognition
method, retrospective and documentary analysis, as well as synthesis, generalization, and
systematization.
Paper Details
PaperID: 2116
Author's Name: Irina Anatolievna Kiseleva, Vladimir Ivanovich Kuznetsov, Natalia Alekseevna Sadovnikova and Irina Sergeevna Androshina
Volume: Volume 11
Issues: Volume 11
Keywords: Model, Consumer, Consumer Behavior, Utility, Human Status, Decision-Making.
Year: 2021
Month: June
Pages: 402-413