CONSUMER CHOICE BEYOND RATIONALITY: BEHAVIORAL FACTORS IN THE MODERN MARKET

Abstract

The article examines the behavioral factors of consumer choice in the modern market through an interdisciplinary approach that integrates the provisions of economic theory, behavioral economics, and economic psychology. It is substantiated that the traditional model of the rational consumer, based on assumptions of complete information, logical choice, and utility maximization, does not fully explain the actual mechanisms of decision-making in the process of purchasing goods and services. It is established that under conditions of uncertainty, information overload, and limited time, consumers often make decisions under the influence of psychological, social, and cognitive factors that cause systematic deviations from the rational choice model. The essence of the main behavioral mechanisms affecting the formation of consumer decisions is revealed, including the availability effect, anchoring effect, bandwagon effect, prestige consumption effect, loss aversion, and status quo bias.

It is shown that these factors shape the peculiarities of information perception, evaluation of prices, risks, and product utility, and also determine the degree of consumer loyalty to brands and majority behavior patterns. It is proved that consumers’ behavioral characteristics significantly affect the structure of demand, the dynamics of the competitive environment, and the nature of market interaction between enterprises. It is determined that taking behavioral factors into account enables firms to develop more effective price and non-price competitive strategies and to use instruments of marketing communications, branding, visual positioning, and social influence more efficiently. It is concluded that the study of consumer choice beyond the rational model is an important direction of modern economic science, as it provides a deeper understanding of the mechanisms of demand formation and competitive advantages in the market.

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