Revealed preferance buying.
by, 6th July 2012 at 01:19 PM (1229 Views)
The work done on this is confusing.
Seeing as how people swipe things on their credit card, or pay cash if poor, there should be a distinction between rich places to shop and poor places to shop. When someone purchases goods on thier cards, they do not put things back as they always have enough to pay for them. When a poor person buying cash sees they do not have enough, then they put things back.
This means that only in poor places does this really matter. If the preference of goods lies in 'keeping the week going', then the people will buy essential goods to keep the things working like they should be or have been for so long, discarding expensive things they thought were nice for a change.
The order of preference means that the consumer will avoid change as much as possible, as people fear change.0 Thanks, 0 Likes, 0 Dislikes
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