The Economic Behavior of Human Beings: The Institutional/Post-Keynesian Model

Fernández-Huerga, Eduardo

doi:10.1080/00213624.2008.11507175

Cited by 41 publications

(15 citation statements)

References 45 publications

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“…Before analyzing the set of relations that take place in the markets, it is useful to describe (however briefly) some of the features that characterize the behavior of the agents who maintain these relations (particularly those of individuals and firms). While there is no completely uniform view of this behavior within institutional and post‐Keynesian economics, it is possible to find a series of elements that these schools of thought generally share (Fernández‐Huerga ). Moreover, individual motivation generally seems directed toward the satisfaction of a set of different needs and wants, organized under some type of complex structure that changes over time.…”

Section: Toward An Alternative Characterization Of Marketsmentioning

confidence: 99%

The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

Fernández-Huerga

2013

American J Econ Sociol

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The neoclassical concept of the market is built on a number of assumptions that lead one to view it as a type of ether, devoid of any institutional content. In opposition to this point of view, this article proposes an alternative characterization of markets based on the fundamental principles of institutional and post‐Keynesian economics. After reviewing the main features that characterize the behavior of economic agents, we analyze the set of interrelations between these agents within markets and the role of institutions in the regulation of these interrelations. Finally, we discuss some of the consequences generated by the institutional dimensions of markets with regard to their origins and evolution, the justification for their existence, or the evaluation of their results.

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Section: Toward An Alternative Characterization Of Marketsmentioning

confidence: 99%

The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

Fernández-Huerga

2013

American J Econ Sociol

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“…Therefore, price is a generic utility function that each customer tries to minimize, and it is the same for everybody. However, customers are also driven by their own personal needs and desires [2]. Many of these needs are shared with other customers, such as the basic needs for survival, but many others are intimately bound to each individual and possibly different from the ones of everybody else.…”

Section: Introductionmentioning

confidence: 98%

“…As noted in the introduction, behavioral economy has focused its attention on the rational choices of the entities in the market [7], [2], [1]. Customer behavior study is also a classical marketing problem [8].…”

Section: Introductionmentioning

confidence: 99%

Explaining the product range effect in purchase data

Pennacchioli

Coscia

Rinzivillo

et al. 2013

2013 IEEE International Conference on Big Data

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In our market society, buyers are considered rational entities, driven by two utility functions: i) the amount of money spent, a universal quantity to be minimized; and ii) the individual needs to satisfy, a personal quantity, varying from person to person, to be maximized. In this paper, we propose an analytic framework based on big data to measure the personal utility function and we prove that this function has a stronger effect on customer behavior than the price. By focusing on the purchases in an Italian supermarket chain, we discover and describe a range effect of products: the more sophisticated the needs they satisfy, the more cost the customers are willing to pay to buy them, in terms of distance to travel more than in terms of the price of the item itself. We exhibit a striking empirical evidence of this theory by tracking the geographical information about points of sale and customers, in a large dataset containing tens of thousands of customers and thousands of products. We create a data mining framework able to scale to possibly hundreds of thousands, or millions, of customers and to let emerge from the data the knowledge about the actual range of each product. As an application of this finding, we show how it is possible to accurately predict how long a customer will travel (or which shop she will choose) to buy a product, as a function of the product's sophistication.

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“…Decision-makers are influenced by numerous aspects when facing a certain decision (Fernandez-Huerga, 2008). Aspects that were found to influence RBP decision-making in other studies include personal feelings and emotions (Dincer & Dincer, 2013;McCuen & Shah, 2007), values (Hammann et al, 2009;Mudrack, 2007) business finances (Dincer & Dincer, 2013;Rodgers & Gago, 2004), requests from friends and family (Coppa & Sriramesh, 2013;Dincer & Dincer, 2013;Westerman et al, 2007), religion (Dincer & Dincer, 2013;King, 2006), competitive reasons (Cochius, 2006), morals (Dincer & Dincer, 2013;Rupp, 2011), and ethics (Dincer & Dincer, 2013).…”

Section: Rbp Decision-makingmentioning

confidence: 99%

Responsible business practices: Aspects influencing decision-making in small, medium and micro-sized enterprises

Cronje

John

Antwerpen

2017

AJOBE

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Society demands responsible business practices (RBP) from all businesses, including small, medium and micro-sized enterprises (SMMEs). The conscious decision to partake in RBP resides with the main decision-makers of SMMEs. This article identifies which aspects influence the decision-makers of SMMEs to utilise business resources for RBP, and the different demographic variables that impact on these influencing aspects.Responses from 84 SMMEs indicate that the company's current financial condition is the greatest influence for SMMEs, while ethics only influences SMMEs to a moderate extent. The age, education level and gender of the decision-makers all have an impact on these influencing aspects.

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The Economic Behavior of Human Beings: The Institutional/Post-Keynesian Model

Cited by 41 publications

References 45 publications

The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

The Market Concept: A Characterization from Institutional and Post‐Keynesian Economics

Explaining the product range effect in purchase data

Responsible business practices: Aspects influencing decision-making in small, medium and micro-sized enterprises

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