Irrationality of Consumer Behaviours and Nonfunctional Demand on the Market
DOI:
https://doi.org/10.25312/Keywords:
irrationality, nonfunctional demand, demonstration effect, conspicuous consumption, status consumption, snob effect, bandwagon effectAbstract
In the economic literature, nonfunctional demand results from consumer behaviours triggered off by the impact of the so-called “utility externalities”, which develop under the influence of a subjective evaluation of market behaviour of consumers in general. This type of demand is correlated with irrational consumer behaviours. This paper aims to discuss major types of nonfunctional demand. Therefore, the first part of the text focuses on explaining the irrationality of consumer behaviours, while the second part analyses major types of nonfunctional demand, such as: demonstration effect, conspicuous consumption, status consumption, snob effect and bandwagon effect.
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