The consumer in the light of experimental economics from investigation to neuronal analysis

Abstract

Experimental economics has sparked a revolution against the neoclassical theory of microeconomic consumption by aiming to uncover the motivations driving consumer choice. Unlike the traditional approach, which portrays humans in a normative, abstract, and mechanistic manner, experimental economics leverages advancements in technology and methodology. These advancements enable researchers to subject human behavior to experimentation under adjustable and controlled conditions, thereby challenging the validity of the homo economicus postulates, most of which are found to be inaccurate. Furthermore, the progress in this field is propelled by neuroscience, which aids specialists in understanding behavior by correlating it with brain activities. The primary objective of this article is to trace the evolution toward modeling consumer behavior, illuminated by the insights of experimental economics.

Keywords: Experimental economics; investigation; neuroeconomics; behaviour ; consumer.

Classification JEL:  D12

Paper type: Theoretical Research