Human Behaviors for Economic Models

Human Behaviors for Economic Models

There are certain human behaviors that economists ought to observe in designing and developing economic models. This is based on the fact that people tend to find solutions that are good enough but not the best solutions. The conventional economic model holds that consumers are rational, implying that any rational consumer would prefer more goods for less (Mankiw, 2021). The two twin issues have compounded the desire for economic to reflect on what human behaviors can help in creating a satisfactory economic model. For behaviorists economists to develop a satisfactory economic model to help the consumer achieve the best solutions for the insatiable appetite for goods and services offered in the market, they ought to understand in a deeper sense the aspects of the rational consumer.

Also understanding the psychosocial factors that influence consumer demand for goods and services. The psychosocial variables will be issues likes the consumers’ preferences based on tastes, fashion and availability of substitutes (Kanev, & Terziev, 2017. For, instance by observing the effects of consumer preference and taste for a particular product, the economists will better understand why the consumer picked that product among many available baskets of goods. This will help him to incorporate the aspects of benchmarking the preference and taste among different products from the same or different suppliers. The fashion trends will help the economists get deeper sense of the trend setters’ impact on goods being purchased rather than their pricing and answer the question of whether it’s the best alternative available in the market to meet consumer needs (Kanev, & Terziev, 2017). The availability of substitutes products or services that charge the same price in the market will eliminate the rational behavior of consumers since they will buy the same number of goods at the same price even though from different suppliers.


Kanev, D., & Terziev, V. (2017). Behavioral economics: development, condition, and perspectives. IJASOS-International E-Journal of Advances in Social Sciences3(8).

Mankiw, N. G. (2021). Principles of Economics (9th ed.). Cengage Learning, Inc

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