Modernizing consumer theory: some modeling efforts (Q1433611)

The present paper deals with a more realistic basis for analyzing consumer choice and is closer to the real world choice process in its ability to cope with brand competition within product groups among which substitution is limited in intraperiod decision making. To this end the author adopts several hypothesis as axioms. The implications of these axioms are presented and discussed in a model constructed in the paper. Moroever, the author discusses more fully the concepts of product groups and their contents as used in the model as well as in broader contexts.