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}
}
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… 
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