• DOI:10.2307/3439147
• Corpus ID: 150493760

ON THE NEW THEORY OF CONSUMER BEHAVIOR

@inproceedings{Michael1973ONTN,
  title={ON THE NEW THEORY OF CONSUMER BEHAVIOR},
  author={Robert T. Michael and Gary Stanley Becker},
  year={1973}
}

• R. Michael, G. Becker
• Published 1 December 1973
• Economics

This essay advocates a reformulation of the theory of consumer behavior, based on the household production function approach suggested in Becker's "A Theory of the Allocation of Time" [1]. The case for the reformulation rests, in part, on inadequacies of the traditional theory of choice, and more importantly, on the new approach's capacity to generate a wide range of cogent testable hypotheses and to provide the social scientist with tools relevant for understanding a broad spectrum of observed human behavior.