Behavioral Economy Explains Consumer Behavior

Introduction It is difference between behavioral economy and traditional economic theory to explain consumer behavior. In my this book, topic includes reasons the kind of medicine products price is increased its demand is also increased, reasons new invention may excite consumer purchase desire, reasons consumer past purchase habit may influence whose purchase demand etc. I shall indicate different cases to explain why and how behavior economic theory to predict consumer behavior which is different to traditional economic theory and I also explain consumer behavior prediction why it is more accurate to apply behavioral economic theory to compare traditional economic theory to explain, due to behavioral economic theory concerns consumer psychology and economic environment to predict consumer behavior.Otherwise, traditional economic theory concerns only general economic environment changes, how it influences consumer behavior in demand and supply view.