IMPERFECT INFORMATION, CONSUMER THEORY, AND ALLOCATIVE ERROR IN CONSUMPTION

Jean D. Kinsey · Terry L. Roe · Benjamin Sexauer

4 citations0/0 files storedRePEc: Research Papers in Economics

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Decision-Making and Behavioral Economics Consumer Market Behavior and Pricing Economic theories and models

Abstract

Traditional economic theory of the consumer assumes the existence of perfect information. However, in reality this assumption is rarely fulfilled. In this paper a model is presented which relaxes this assumption and explicitly introduces the possibility of imperfect information into the theory of consumer behavior. Specifically, the focus is on consumer decision making when the utility realized form a bundle of goods and services can be different from the utility anticipated during the budget allocation process.

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1976A New Approach to Consumer Theory 1977Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion 1973An Evaluation of Consumer Protection Legislation: The 1962 Drug Amendments 2016Where Are We in the Theory of Information 1976Imperfect Consumers and Welfare Comparisons of Policies concerning Information and Regulation

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1981Consumer Knowledge of the Costs of Open‐end Credit

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