BASIC MICROECONOMIC THEORIES OF CONSUMER DEMAND

Introduction. The study of microeconomic theories of consumer demand is necessary for the formation of a balanced economic policy that will contribute to stable economic growth and increase the welfare of the population. This topic remains relevant for both scientists and practitioners, as it allows for a better understanding of economic processes and the development of effective strategies for managing economic activity. Materials and methods. Research materials are scientific works, monographs and articles of domestic and foreign scientists who work in the field of consumer demand research In the process of carrying out the research, methods of analysis, synthesis and expert evaluations were used. The purpose of the article is to analyze the main microeconomic theories of consumer demand and highlight their advantages and disadvantages in order to understand the fundamental principles of demand, which will help companies adapt to changes and make informed decisions. The task of the article: to determine the historical development of theories of consumer demand and their evolution in the context of the modern economy; analyze the key provisions of each of the main theories of consumer demand; identify the main advantages and disadvantages of each theory, in particular their applicability in modern conditions. Analysis of recent research and publications. A significant contribution to the research and analysis of key theories of consumer demand and the identification of their advantages and disadvantages was made by a significant number of modern domestic and foreign scientists, among whom it is appropriate to single out: Yu. Miryasova, [1]; Kaleta M. [2]; Ostapiuk A. [3]; Morelli da Silva F. [4], Gromova V. B. [24], Lunyov T. S. [25]. At the same time, the research of George J. Stigler and Gary S. Becker [15], Blaug M. [14], 16. Kelvin J. Lancaster [16], Pierre Bourdieu [18], Richard T. [20] has not lost its relevance.] etc.. The results. The main advantages and disadvantages of the key neoclassical theories of consumer demand, namely the theories of L. Walras, A. Marshall, J. Hicks, M. Friedman, G. Becker, K. Lancaster, and the theory of revealed preferences, are indicated. In this context, in particular, it is shown that: a) the emergence of L. Walras' theory of demand was an important step towards overcoming the simplified view, according to which the amount of demand for a certain consumer good is a function of only one factor — the price of this good; b) there was a gradual departure from the use of the theory of marginal utility for the construction of the theory of consumer behavior; c) for the realization of most purposes of microeconomic analysis of consumer demand, the traditional interpretation of the Marshallian demand curve is more suitable than the one proposed by M. Friedman; d) the possibilities of using the advantages of the theory of discovered advantages and the theories of H. Becker and K. Lancaster are limited. The main content of the two most famous behavioral theories of consumer demand is revealed: a) the theory of H. Simon, which was based on the hypothesis of bounded rationality, which is not about the specific interpretation of rationality by economists, related to maximization, but about the broader everyday meaning of this concept; b) the theory of J. Katona, who believed that the consumer's decision, made after careful weighing of alternative options, is an exception rather than a rule. Prospects for further research. A promising direction for further research is the search for opportunities to integrate modern economic models and analysis tools, such as behavioral economics and neuroeconomics, to improve the understanding of consumer demand. And also, the development of new models that take into account the impact of technological innovations and changes in consumer preferences.