{"id":4261,"date":"2021-05-10T06:22:35","date_gmt":"2021-05-10T06:22:35","guid":{"rendered":"http:\/\/3.35.173.53\/?p=4261"},"modified":"2021-05-10T06:22:35","modified_gmt":"2021-05-10T06:22:35","slug":"thaler-r-1980-toward-a-positive-theory-of-consumer-choice-journal-of-economic-behavior-organization-11-39-60","status":"publish","type":"post","link":"https:\/\/www.happyfinder.co.kr\/?p=4261","title":{"rendered":"Thaler, R. (1980). Toward a positive theory of consumer choice. Journal of Economic Behavior &#038; Organization, 1(1), 39-60."},"content":{"rendered":"<p>The economic theory of the consumer is a combination of positive and normative theories. Since it is based on a rational maximizing model it describes how consumers <em>should<\/em> choose, but it is alleged to also describe how they <em>do<\/em> choose. This paper argues that in certain well-defined situations many consumers act in a manner that is inconsistent with economic theory. In these situations economic theory will make systematic errors in predicting behavior. Kanneman and Tversey&#8217;s prospect theory is proposed as the basis for an alternative deive theory. Topics discussed are: undeweighting of opportunity costs, failure to ignore sunk costs, scarch behavior choosing not to choose and regret, and precommitment and self-control.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><!--StartFragment--><\/p>\n<p class=\"1\" style=\"background: rgb(255, 255, 255); text-indent: 0pt; mso-pagination: none; mso-padding-alt: 0pt 0pt 0pt 0pt;\"><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: -0.3pt; mso-fareast-font-family: \ub098\ub214\ubc14\ub978\uace0\ub515; mso-font-width: 97%; mso-text-raise: 0pt;\">Thaler, R. (1980). Toward a positive theory of consumer choice. <\/span><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: -0.3pt; font-style: italic; mso-fareast-font-family: \ub098\ub214\ubc14\ub978\uace0\ub515; mso-font-width: 97%; mso-text-raise: 0pt;\">Journal of Economic Behavior &amp; Organization, 1<\/span><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: -0.3pt; mso-fareast-font-family: \ub098\ub214\ubc14\ub978\uace0\ub515; mso-font-width: 97%; mso-text-raise: 0pt;\">(1), 39-60.<\/span><\/p>\n<p class=\"1\" style=\"background: rgb(255, 255, 255); text-indent: 0pt; mso-pagination: none; mso-padding-alt: 0pt 0pt 0pt 0pt;\"><a href=\"https:\/\/doi.org\/10.1016\/0167-2681(80)90051-7\"><span lang=\"EN-US\" style=\"background: rgb(255, 255, 255); letter-spacing: -0.3pt; mso-fareast-font-family: \ub098\ub214\ubc14\ub978\uace0\ub515; mso-font-width: 97%; mso-text-raise: 0pt;\">https:\/\/doi.org\/10.1016\/0167-2681(80)90051-7<\/span><\/a><\/p>\n<p class=\"0\" style=\"background: rgb(255, 255, 255); line-height: 160%; mso-pagination: none; mso-padding-alt: 0pt 0pt 0pt 0pt;\">  <!--[if !supportEmptyParas]-->&nbsp;<!--[endif]-->  <o:p><\/o:p><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The economic theory of the consumer is a combination of positive and normative theories. Since it is based on a rational maximizing model it describes how consumers should choose, but it is alleged to also describe how they do choose. This paper argues that in certain well-defined situations many consumers act in a manner that [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[28,15],"tags":[110],"_links":{"self":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/4261"}],"collection":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4261"}],"version-history":[{"count":1,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/4261\/revisions"}],"predecessor-version":[{"id":4262,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=\/wp\/v2\/posts\/4261\/revisions\/4262"}],"wp:attachment":[{"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.happyfinder.co.kr\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}