Question

In order to explain consumer behavior that is irrational, behavioral economics uses observations from?

Answer 1

Most time, the behavioral economics uses observations from the consumer's psychological trait to explain the consumer behavior that is irrational.

What is a consumer psychology?

This relates to the study of consumer's behavior as regards their buying patterns, customs and preferences as well as their reactions and preferences to advertising, packaging and marketing of those products.

Therefore, the behavioral economics uses observations from the consumer's psychology trait to explain the consumer behavior that is irrational.

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Answer 2

In order to explain consumer behavior that is irrational, behavioral economics uses observations from psychology.

What is meant by psychology?

This is the term that is used to refer to the type of study that is aimed at understanding people and the way that they act and their thought pattern. The people that behave in ways like this can be observed by the psychologists who may discover the rationale behind what they do.

What is consumer behavior?

consumer behavior can be seen from marketing or economics perspective. In economics, consumer behavior refers to the ways individuals or consumers go about in acquiring, utilizing and getting rid of economic goods. It also involves what prompts the consumer in acquiring, using, or disposing such product.

The consumer behavior is the term that is used to refer to all of the ways that the consumer behaves and what influences their choices or decision of consumption.

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