consumer rationality

(redirected from economic rationality)

consumer rationality

or

economic rationality

the assumption, in demand theory, that CONSUMERS attempt to obtain the greatest possible satisfaction from the money resources they have available when making purchases. Because economic theory tends to sum household demands in constructing market DEMAND CURVES, it is not important if a few households do not conform to rational behaviour as long as the majority of consumers or households act rationally. See ECONOMIC MAN.
References in periodicals archive ?
This proves to show that a strong sense of economic rationality will be at play in shaping the future of the Indo-Pacific framework.
Economic rationality and predictability measures improved the business environment by means of initiatives such as de-bureaucratisation in the agricultural, services, retail and foreign trade sectors.
The cant, hypocrisy, arrogance, bad faith, malevolence, imperial ambition, defense of nomenklatura self-interest, hostility towards democracy, sovereignty, and freedom, and contempt for economic rationality so characteristic of the European Union have been very much on display.
In the past, this custom has been highly acclaimed both domestically and internationally for its outstanding economic rationality.
The actions of the subjects give an account of the management, the calculation, and the economic rationality of its action.
Given the nature of the subject matter of the contract of economic rationality and technical egyenszilrdsg, as well as warranty and guarantee conditions in mind it is not ensured compliance, and therefore subject to the acquisition can not be broken into parts, given the fact that the object of the procurement is not working as separate units, such as separate entities function not suitable for full load.
According to Islamic economic rationality, labor is mightier than capital because it creates economic value.
In short, they are costly-so costly that if one measures their value in terms of economic rationality, they would easily lose out to other priorities.
How voters decide will be an important test of whether democratic choices in advanced countries are governed by economic rationality or popular passions.
Kabul -- Afghan President Mohammad Ashraf Ghani announced Tuesday that Salang was chosen as the best route for the Turkmenistan-Uzbekistan-Tajikistan-Afghanistan-Pakistan (TUTAP) power transmission line based on development and economic rationality.
By "escape from the economy" we are borrowing a term from Latouche (Latouche, 2012a), who echoes Gorz (2010) in drawing attention to the domination of an economic rationality wherein economic criteria take precedence over other dimensions of human life (see also Hinkelammert & Mora Jimenez, 2005; Smith & Max-Neef, 2011).

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