What is it about?
Mainstream economics treats preferences as given. It is not interested in seeking to understand the impact of societal and religious values on preferences. This study provides evidence which confirms that values matter in consumer preferences and thus impact choices.
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Why is it important?
If consumers form preferences through social and religious values and if social norms and social learning play a key role in shaping preferences, then much of the social problems can be solved through right form of social learning and norms rather than believing in the survival of the fittest view.
Perspectives
This study collects investigate whether preferences are amenable and whether preferences take account of effects on others. The evidence supports that preferences are amenable; and using non-parametric tests of independence, we also establish that the respondents’ values are independent of income and age.
Dr Salman Ahmed Shaikh
Islamic Economics Project
Read the Original
This page is a summary of: Values in consumer choice: do they matter?, International Journal of Pluralism and Economics Education, January 2017, Inderscience Publishers,
DOI: 10.1504/ijpee.2017.10006436.
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