Research on Consumer Behavior Based on the Perspective of Behavioral Economics

DOI

10.2991/assehr.k.211209.054How to use a DOI?

Keywords

Behavioral economics; consumer; consumer behavior; mental account theory; prospect theory

Abstract

Consumers’ rational behaviors usually only exist in the premises and assumptions of various traditional economics. On the contrary, consumer behaviors that are regulated as abnormal or irrational by traditional theories often appear in actual consumption activities. At present, in order to better study consumer behavior in reality, behavioral economics is an indispensable tool. Taking behavioral economics as a perspective, this article mainly focuses on irrational decision-making. It studies various theoretical results of behavioral economics, especially how prospect theory and mental account theory affect consumer behavior, and gives a strong operability and Realistic marketing strategies and marketing suggestions. Prospect theory mainly studies how consumers face the uncertainty of choice, and consumers are more sensitive to losses than gains. The main result of the anchoring effect is the understanding that consumers may make wrong decisions due to the influence of the reference point. Mental account theory explains the classification methods of consumer internal accounts with different bookkeeping methods and calculation forms. Consumers’ behavior will be affected by multiple effects, so companies also need to consider multi-faceted marketing strategies at the same time.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Litao Xu
AU  - Xinzhou Shen
PY  - 2021
DA  - 2021/12/15
TI  - Research on Consumer Behavior Based on the Perspective of Behavioral Economics
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 316
EP  - 320
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.054
DO  - 10.2991/assehr.k.211209.054
ID  - Xu2021
ER  -