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On the New Theory of Consumer Behavior

Robert T. Michael and Gary S. Becker
The Swedish Journal of Economics
Vol. 75, No. 4 (Dec., 1973), pp. 378-396
Published by: Wiley on behalf of The Scandinavian Journal of Economics
DOI: 10.2307/3439147
Stable URL: http://www.jstor.org/stable/3439147
Page Count: 19
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On the New Theory of Consumer Behavior
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Abstract

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.

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