Meta-analysis of scientific concepts of consumer behavior in crisis periods

About the authors:

Gulnara F. Romashkina, Dr. Sci. (Soc.), Professor, Department of Economic Security, System Analysis and Control, University of Tyumen, Tyumen, Russia, g.f.romashkina@utmn.ru, https://orcid.org/0000-0002-7764-5566, Scopus Author ID: 16437113600, WoS ResearcherID: O-7221-2017

Maxim R. Zanchuk, Postgraduate Student, Economic Sociology, University of Tyumen, Tyumen, Russia; zanchuk2001@mail.ru

Abstract:

Periods of instability disrupt the normal course of economic development, forcing economic agents to modify their usual behavioral patterns and adapt to new social conditions. The increasing frequency of crisis highlights the need to study consumer with a focus on crisis-specific factors. The dynamics of consumer behavior during crisis must account for rapidly shifting trends and the evolving actions of economic agents. In addition, it remains unclear which indicators and factors of consumer behavior may serve as precursors or consequences of crisis phenomena. The purpose of the study is to systematize theoretical and methodological approaches to analyzing consumer behavior during crises. The applied methodology includes meta-analysis of scientific publications (178 authors) and a synthesis of perspectives from economic theory, management, psychology, and sociology. The main theoretical approaches of economic theory are examined, including classical political economy, marginalism, Keynesianism and its derivatives, monetarism, and institutionalism. In addition, the study explores the interaction between goods and consumers, trade optimization, the role of irrationality and cognitive biases, the impact of economic conditions on mental states, the influence of social norms and attitudes, the concept of consumer society, and social structures as behavioral determinants. The article highlights the importance of an interdisciplinary approach to studying crisis-driven consumer behavior, integrating economic, psychological, and sociological theories. Keynesianism and behavioral economics are identified as the most relevant frameworks for such research.

References:

Avtonomov, V. S. (1998). The model of man in economic theory and other social sciences. In Origins: Issues of economic history and the history of economic thought. HSE Publishing House. https://www.hse.ru/data/2012/09/17/1244929616/02.pdf [In Russian]

Ariely, D. (2024). Predictably irrational (Rev. ed.). Al’pina Publisher. (Original work published 2008) [In Russian]

Bagozzi, R. P., Gürhan-Canli, Z., & Priester, J. R. (2008). The social psychology of consumer behavior. Akademiya. (Original work published 2002) [In Russian]

Belekhova, G. V. (2018). Economic behavior of the population: Conceptualizing the category. Problems of territory’s development, 5(97), 68–83. [In Russian]

Blackwell, R. D., Miniard, P. W., & Engel, J. F. (2007). Consumer behavior (10th ed.). Piter. (Original work published 2006) [In Russian]

Veblen, T. (2022). The theory of the leisure class (S. Sorokina, Trans.). Azbuka. (Original work published 1899) [In Russian]

Voronina, L. A., & Shaposhnikov, A. M. (2019). Scientific approaches and the genesis of behavioral economics methodology. Economics: Theory and Practice, 3(55), 3–13. [In Russian]

Gayday, T. V. (2011). Institutionalism and modern Keynesianism: Methodological interaction. Journal of Institutional Studies, 3(3), 10–18. [In Russian]

Galperin, V. M. (Ed.). (2000). Landmarks of economic thought: Consumer behavior and demand theory (Vol. 1). Ekonomicheskaya shkola. [In Russian]

Galbraith, J. K. (2008). The new industrial society: Selected works. Eksmo. [In Russian]

Demchenko, O. S., Suslova, Yu. Yu., Demchenko, S. K., et al. (2021). Modeling the influence of institutions on aggregate demand. Tomsk State University Journal of Economics, 53, 279–293. https://doi.org/10.17223/19988648/53/19 [In Russian]

Dorokhova, Yu. V. (2010). Research approaches to consumer behavior in socio-economic systems. Central Russian Herald of Social Sciences, 4(17), 50–56. [In Russian]

Zhuravlev, A. L., & Poznyakov, V. P. (2004). Economic psychology: Theoretical problems and empirical research directions. Psychology. Journal of the Higher School of Economics, 3, 37–63. [In Russian]

Zuyenok, T. V. (2010). Consumer behavior theory: Institutional analysis. Belarusian National Technical University. [In Russian]

Ilinykh, S. A. (2011). Key concepts of consumer society: A sociological perspective. Journal of Sociology and Social Antropology, 14(5), 29–40. [In Russian]

Kozlova, M. A. (2016). J. M. Keynes’ contribution to the analysis of psychological motives in economic behavior. MGIMO Review of International Relations, 3(48), 188–195. [In Russian]

Mamedli, M. O. (2015). The permanent income hypothesis, myopic consumption, and liquidity constraints in Russia. Journal of economic theory, 4, 49–57. [In Russian]

Manakhova, I. V. (2022). Humans in the 21st century: Behavioral economics’ new perspective. Scientific Works of the Free Economic Society of Russia, 235(3), 249–258. https://doi.org/10.38197/2072-2060-2022-235-3-249-258 [In Russian]

Marshall, A. (1984). Principles of political economy. Progress. [In Russian]

Miklashevskaya, N. A., Antipina, O. N., & Nikiforov, A. A. (2018). Behavioral macroeconomics before and after the Great Recession. Economics of Contemporary Russia, 1, 33–48. [In Russian]

Mityaeva, N. V., & Fedorova, Yu. V. (2015). Imbalance in the “consumption-saving” system of Russian households. Industry: Economics, management, technologies, 5(59), 33–37. [In Russian]

North, D. (1997). Institutions, institutional change, and economic performance (A. N. Nesterenko, Trans.). Nachala. [In Russian]

Ovsyannikov, A. A. (2011). Consumer society in Russia: Systemic and total crisis. MGIMO Review of International Relations, 3(18), 222–235. [In Russian]

Pokul, V. O. (2018). Consumer behavior as an interdisciplinary research subject: A review of scientific views. South-Russian Journal of Social Sciences, 1. https://cyberleninka.ru/article/n/povedenie-potrebiteley-kak-obekt-mezhdistsiplinarnyh-issledovaniy-obzor-nauchnyh-vzglyadov-i-kontseptsiy [In Russian]

Radaev, V. V. (2005). Sociology of consumption: Key approaches. Sotsiologicheskie issledovaniya, 1(249), 5–18. [In Russian]

Rozmainsky, I. V. (2003). Post-Keynesianism + traditional institutionalism = a holistic realistic economic theory for the 21st century. Vestnik of Rostov State University of Economics, 1(3), 28–35. [In Russian]

Rozmainsky, I. V. (2009). Post-Keynesian analysis of human behavior under macroeconomic, technological, and institutional changes. Journal of Institutional Studies, 1(1), 43–56. [In Russian]

Ryzhkova, M. V. (2006). Analysis of methodological approaches in consumer behavior theory. Bulletin of the Tomsk Polytechnic University, 309(4), 207–212. [In Russian]

Samuelson, P. A., & Nordhaus, W. D. (1997). Economics. BINOM. [In Russian]

Williamson, O. (1996). The economic institutions of capitalism (V. S. Katkalo, Ed.). Lenizdat. [In Russian]

Folomeeva, T. V. (2012). Socio-psychological approach to consumer behavior research. Moscow University Hearld. Series 14. Psychology, 1, 145–154. [In Russian]

Churbanov, S. G., & Rozmainsky, I. V. (2022). Empirical analysis of the permanent income hypothesis using post-Soviet Russia data. Journal of the new economic association, 2(54), 76–93. https://doi.org/10.31737/2221-2264-2022-54-2-4 [In Russian]

Abric, J.-C. (2001). A structural approach to social representations. In K. Deaux & G. Philogène (Eds.), Representations of the social (pp. 42–47). Blackwell.

Alvarez-Cuadrado, F., & Van Long, N. (2008). A permanent income version of the relative income hypothesis. CESifo Working Paper No. 2361.

Campbell, J. Y., & Mankiw, N. G. (1990). Permanent income, current income, and consumption. Journal of Business & Economic Statistics, 8(3), 265–279.

De Grauwe, P. (2012). Lectures on behavioral macroeconomics. Princeton University Press.

Dillard, D. (1980). A monetary theory of production: Keynes and the institutionalists. Journal of Economic Issues, 14(2), 255–273.

Duesenberry, J. S. (1949). Income, saving and the theory of consumer behavior. Harvard University Press.

Falk, A., & Knell, M. (2004). Choosing the Joneses: Endogenous goals and reference standards. IZA Discussion Paper No. 1152.

Friedman, M. (1957). A theory of the consumption function. Princeton University Press.

Fuhrer, J. C. (2000). Habit formation in consumption and its implications for monetary policy models. American Economic Review, 90(3), 367–390.

Fusaro, M. A., & Dutkowsky, D. H. (2011). What explains consumption in the very short-run? Evidence from checking account data. Journal of Macroeconomics, 33(4), 542–552.

Gourinchas, P. O., & Parker, J. A. (2001). The empirical importance of precautionary saving (NBER Working Paper No. w8107). National Bureau of Economic Research.

Kahneman, D. (2011). Thinking, fast and slow. Farrar, Straus and Giroux.

Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 361–374.

Modigliani, F., & Ando, A. (1963). The “life cycle” hypothesis of saving: Aggregate implications and tests. American Economic Review, 53(1), 55–84.

Peterson, W. C. (1977). Institutionalism, Keynes, and the real world. Journal of Economic Issues, 11(2), 201–221.

Richins, M. L. (1997). Measuring emotions in the consumption experience. Journal of Consumer Research, 24(2), 127–146.

Simon, H. A. (1957). Models of man: Social and rational. Wiley.

Simon, H. A. (1978). Rationality as process and as product of thought. American Economic Review, 68(2), 1–16.

Stiglitz, J., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71(3), 393–410.

Thaler, R. H. (1985). Mental accounting and consumer choice. Marketing Science, 4(1), 199–214.