Consumer theory in microeconomics and marketing research; an area for interdisciplinary integration

The traditional economic theory of choice suggests that consumer behaviour is sufficiently explained in terms of monetary factors only, such as prices, quantities and incomes, and every other factor occurring is considered and treated as exogenous. The current research study suggests that the assumptions that the economic models are based on, lack realism, and as a result, they fail in explaining, predicting and even understanding the consumer’s choice. There is need for a broader interdisciplinary approach with more consumer centric subjects, such as Marketing and Consumer Behaviour Research, in order to consolidate both, quantitative and qualitative elements occurring during the decision-making process. In Consumer Behaviour research, the consumer is put in the heart of the analysis striving to provide answers regarding what really motivate them to proceed with a purchase, how the monetary factors are perceived and how the external stimuli are interpreted in mind. The relevance of these motives and their impact on consumer behaviour are tested in a large scale empirical study. The results illustrate that personal preferences play a key role on judgment and investigating how these are formed and affected throughout the decision-making process can provide useful insights and give more accurate answers.