Consumer Choice: What are the necessary conditions?
Are consumers always rational? Is what we consider a deviation from rationality really irrational? Economic research that was well underway by the 1980s centered on consumer behavior that deviated from the classical notions of economic rationality sought to explain why consumers behaved as they did. Indeed, humans often behave differently from the way they are described by economists. I think that a necessary condition is the Knowledge of the different opportunities to choose.