Current Issue : January-March Volume : 2024 Issue Number : 1 Articles : 5 Articles
Revealed preference is a powerful tool within the realm of consumer theory and behavioral economics used to determine consumer proclivity towards goods and services which maximize their individual utilities in scenarios where the alternatives would have only suppressed utility, first coined by American economist Paul Samuelson in 1938. The consumer then prefers the good or service from which this maximation stems. Using a cross-sectional dataset from Carvana Co. on used automobile sales from January to September 2022, this study uses the Weak Axiom of Revealed Preference (WARP) and binary relation to show consumer preference amongst three bundles (brands and prices). All examined brands were compared in the quantity of units moved across sixty identical price points, so price is considered a controlled variable for the terms of this research. We then represent our finding graphically and in terms of WARP as well as construct an ordinal utility function to prove maximization is achieved amongst the examined brands....
The COVID-19 pandemic has significantly impacted the behavior of consumers of agri-food products. Consumers have developed new consumption and purchasing habits. These behavioral changes were driven by the fear of disease and death, as well as the government-imposed regulations. Naturally, factors such as gender, age, and living environment have also influenced changes in consumer behavior. This analysis is based on a survey conducted in Romania during the period of isolation imposed in the context of COVID-19. The survey provides valuable insights into how consumers of agri-food products behaved during the mandated isolation period. The findings are discussed in the results and conclusions sections. These findings can help inform the emergence and future development of new strategies to address consumer demands for agri-food products during crises similar to COVID-19. These strategies should prioritize the assurance of high-quality agri-food products while considering the consumers' living environment, gender, age, and frequency of purchase, placing the well-being and health of individuals at the forefront....
Today’s digital disruption is a transformation that embraces novel models and forms, which greatly impact numerous industries. Hegemony rises through digital transformation and networking with information. The marketing procedure has many inferences. One has been the endurance of inclusivity based on conversation. The conversation system is one of confinement for the consumer to rely on the hegemony of the dominant marketing procedure. Consumers have become marketing mediators for their atmosphere and are references to future consumer behaviour trends. The paper mainly aims at exploring literature on how consumer hegemony modulates through social media in a disruptive era. This systematic review focuses on factors contributing to consumer hegemony, its positive and negative implications, and how organisations rectify the effects of consumer hegemony. The inclusion of the bibliometric analysis in the field of consumer hegemony and social media disruption was performed based on a scientific search strategy. Hence limitations related to such studies are applicable. The findings of the paper emphasize factors contributing to consumer perceptions through social media disruption of cynicism, consciousness, and prior experience. The paper review through the literature that there has been a hegemony over consumers in this era of disruption, which is adept through the domination of marketers through social media. The marketing of many industries has encountered disruption through disruptive minds and disruption society on marketing agents which initiate sales, network, and use applications....
The paper seeks to establish whether Maslowian theory of hierarchy of human needs, in concert with other factors, could be a valid explanation for the observed poor insurance buying behaviour of most Nigerians. Relying mainly on literature evidence it was observed that, given the poverty level in the country, an average Nigerian would be concerned more with his existential needs than bother about security needs, to which insurance buying decision relates. Therefore the paper contends that Maslowian theory, might have partly explained the observed apathy towards insurance products. Furthermore, the study noted that the fatalistic attitude of the adherents of the country’s dominant faiths, Islam and Christianity, together with the autochthonous age-long quasi-insurance institutions in the country jointly undermine insurance-appetite of the insuring public. The paper therefore concludes that stimulating demand for insurance will not come easily just by increased legislations as has been done hitherto by the regulatory body. Rather, this would require a mix of strategies including, improving the image of insurance companies in public consciousness via prompt settlement of all genuine claims, creatively aligning the local insurance institutions into the mainstream insurance system and finally putting in place an effective public policy framework that not only reduces governance-induced corruption but also would encourage income redistribution to the poor....
The Nigerian economy heavily relies on crude oil exports as a major source of revenue, and fluctuations in crude oil prices. This study aims to examine the relationship between crude oil prices and production on the performance of Nigerian Gross Domestic Product. The conceptual review was used as the methodology for this study which involves a thorough review of relevant literature on the impact of crude oil prices and production on the Nigerian economy. This conceptual review examines the effect of crude oil prices and production on the performance of Nigerian Gross Domestic Product (GDP) from economic, social, and environmental perspectives. The impact on foreign exchange earnings, trade balances, and fiscal balances are some of the economic dimensions that can be observed. In terms of social dimensions, the oil industry provides direct and indirect employment opportunities for millions of people in Nigeria. Therefore, fluctuations in crude oil prices and production can affect employment opportunities and living standards. The environmental dimension is also reviewed, and the negative impacts of crude oil exploration, production, and transportation activities on the environment are considered. This framework suggests that understanding the effect of crude oil prices and production on the performance of Nigerian GDP is crucial for policymakers and investors to make informed decisions and ensure sustainable development in Nigeria....
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