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Utility theory: analysis of consumer behavior in terms of risk

Journal: Economics Bulletin of The National Mining University (Vol.52, No. 52)

Publication Date:

Authors : ;

Page : 64-71

Keywords : utility theory; risk and uncertainty; decision making; subjective expected utility theory; behavioral economics; deviant behavior; coalition-like models; tax evasion;

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Consumer behavior under risk is analyzed from the utility theory point of view. The problems occurring in the sphere of business entities’ economic behavior modelling are pointed out, in particular, concealment of income and tax evasion. The situation of normative-descriptive dualism is outlined, which is manifested in the contradictions of theoretical predictions with revealed empirical facts. Potential ways to overcome the inconsistency are identified.

Last modified: 2016-04-19 21:49:08