Consumer’s Bounded Rationality: Implications of Behavioral Economics on Pricing Using the Example of Apple Inc.

  • The neoclassical theory of consumer choice is based on the assumption of the rational, calculative and utility-maximizing homo oeconomicus. Behavioral economists question these strong assumptions and aim at providing economics with psychological insights that help to understand the anomalies of standard economic theory. Especially in the context of price perception, consumers tend to rely on heuristics and make systematical mistakes. The purpose of the thesis is to examine the implications of behavioal economics on pricing in order to understand actual human decision behavior. The behavioral concepts will be tested within a real-life context by conducting a case study on Apple Inc. As a result, since it provides valuable insights into consumer price perceptions and actual decision processes, companies as well as consumers are advised to addressing themselves to the study of behavioral economics.

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Metadaten
Author:Anja Ludwig
URN:urn:nbn:de:kobv:b721-opus4-740
Document Type:Bachelor Thesis
Language:English
Date of Publication (online):2013/11/22
Publishing Institution:Hochschulbibliothek HWR Berlin
Granting Institution:Hochschule für Wirtschaft und Recht Berlin
Date of final exam:2013/07/15
Release Date:2013/11/22
Page Number:60
Institutes:FB I - Wirtschaftswissenschaften