| Abstract: | A model for the analysis and prediction of consumer behavior is described, based on an extension of marginal utility principles with preference employed in the place of utility and the principle of maximization of preference extended to qualitative degrees as well as quantities of commodities. In an exploratory test using food preference data, the average prices of appetizers, entrees, and desserts ordered, for a fixed-cost meal, by 263 Ss, were predicted with a mean error of six cents. Attention is called to economic implications of preference measurements of a form commonly collected in consumer studies. (PsycINFO Database Record (c) 2010 APA, all rights reserved) |
