Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/23644
Authors: 
Göbel, Markus
Schneider, Andrea
Thomas, Tobias
Year of Publication: 
2006
Series/Report no.: 
Diskussionspapier / Helmut-Schmidt-Universität Hamburg, Fächergruppe Volkswirtschaftslehre 57
Abstract: 
The (socio-)psychological concepts of individual aspiration for conformity and consistency are integrated into the rational-choice framework. By using this integrative approach it is shown that after a shock the aspiration for conformity results in an equilibrium which deviates from the homo oeconomicus' behavior towards the consumption of the peer group, whereas the aspiration for consistency leads to the result that the equilibrium consumption is not reached at once. Combining these eŽects a new consumption path is derived. After a shock the individual consumption converges step-by-step to the new equilibrium consumption.
Subjects: 
Consumer behavior
consistency
conformity
habit persistence
step-by-step adaptation
JEL: 
D91
D11
D01
Z13
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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