Synonyms
Definition
Consumer choice is a term developed in economics to reflect preferences/tastes to consumer demand curves. In the same respect, the term utility is also used broadly in economics to describe the satisfaction or enjoyment derived from the consumption of a good or service. Indifference curves are being employed to reflect consumers’ tastes, highest possible levels of satisfaction or total utility, and the impact of income or prices change on consumer behavior.
Description
The basic economic behavior hypothesis is that a rational consumer always chooses a most preferred bundle of commodities (goods and/or services) from the set of feasible alternatives.
Given that a location can be described by a vector of characteristics, z, specifying the quality of life of the location, we conclude that the quality of lifethat a consumer enjoys depends on his location decisions, that is, on the places he chooses to live and work. The elements of vector z...
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Giannias, D., Sfakianaki, E. (2014). Consumer Choice. In: Michalos, A.C. (eds) Encyclopedia of Quality of Life and Well-Being Research. Springer, Dordrecht. https://doi.org/10.1007/978-94-007-0753-5_541
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DOI: https://doi.org/10.1007/978-94-007-0753-5_541
Publisher Name: Springer, Dordrecht
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