ABSTRACT
What do consumers maximize when choosing among products, services, or brands? A common assumption in marketing and economic sciences is that consumers have individual preferences and that their choices reflect such preferences. According to this view, consumers’ maximizing behavior would derive from their obtaining the goods or services they prefer at the lowest possible prices. Taking this approach, one might be able to predict consumers’ choices, as long as information concerning their preferences was available. For instance, knowing that someone prefers margarine over butter, one can predict that, if prices are the same, the person would maximize utility by choosing margarine over butter.
