Wa chlewska, Anna
A icle
The ail y o models, he new e a, o a o en wo ld o
consume s' inancial beha iou ?
Cen al Eu opean Economic Jou nal (CEEJ)
P o ided in Coope a ion wi h:
Facul y o Economic Sciences, Uni e si y o Wa saw
Sugges ed Ci a ion: Wa chlewska, Anna (2024) : The ail y o models, he new e a, o a o en wo ld
o consume s' inancial beha iou ?, Cen al Eu opean Economic Jou nal (CEEJ), ISSN 2543-6821,
Sciendo, Wa saw, Vol. 11, Iss. 58, pp. 159-177,
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To ci e his a icle
Wa chlewska, A. (2024). The F ail y o Models, he New E a, o a Ro en
Wo ld o Consume s‘ Financial Beha iou ? Cen al Eu opean Economic
Jou nal, 11(58), 159-177.
DOI: 10.2478/ceej-2024-0012
To link o his a icle: h ps://doi.o g/10.2478/ceej-2024-0012
The F ail y o Models, he
New E a, o a Ro en Wo ld o
Consume s‘ Financial Beha iou ?
Anna Wa chlewska
Open Access. © 2024 A. Wa chlewska, published by Sciendo.
This wo k is licensed unde he C ea i e Commons A ibu ion 4.0 In e na ional License.
Anna Wa chlewska
Poznań Uni e si y o Economics and Business, Ins i u e o Finance,
Al. Niepodległości 10, 61-875 Poznań, Poland
co esponding au ho : anna.wa [email protected]
The F ail y o Models, he New E a, o a Ro en Wo ld
o Consume s‘ Financial Beha iou ?
Abs ac
The aim o he a icle is o analyse he s uc u e o consume beha iou models and hei applica ions o inancial
beha iou . The pape is heo e ical in na u e, examining gene a ional b eakdowns and selec ed ends in consume
beha iou . An analysis o he ‚ ules‘ signi ican o ypes o consume beha iou is conduc ed. Despi e ecen ly
in ensi ied heo e ical and empi ical analysis o consume beha iou , a cohe en esea ch app oach ha in eg a es
he issue o consume beha iou wi h he speci ici ies o he inancial-se ices ma ke has no ye been de eloped.
Models emain ail, hei unc ionali y is s ill insu icien , and hei applicabili y is cons an ly being al e ed by
in luences on consume beha iou , including mac o and mic oeconomic ac o s and he in luence o scien i ic ields
such as economics, sociology, psychology, managemen and an h opology. This a icle a emp s o c ea e a model
ha akes in o accoun he gene al ac o s adop ed in models cons uc ed so a , along wi h he assump ion ha
economic, cul u al, social, pe sonal, expe iences, and o he ac o s play a ole in shaping and s imula ing a leas i e
a iables: ype o consume om a pa icula gene a ion (Cy); ype o inancial p oduc s and se ices (Xy); mo i a ion
(My); capaci y (Capy); and oppo uni ies (Oy).
Keywo ds
consume beha iou models | gene a ions | pe sonal inance | beha iou al ends
JEL Codes
A14, D10, G4
In oduc ion
The ongoing sys emic changes in he inancial-
se ices ma ke ha e no only led o in as uc u al
ans o ma ions, bu ha e also igge ed shi s in
consume beha iou . Consume s ha e e ol ed in o
independen pa icipan s in he ma ke game, wi h
choices cons ained by esou ces, knowledge, and skills
(Go ynia, 2019). Consume beha iou (in gene al) is he
combina ion o ac ions and pe cep ions cons i u ing
he p ocess o p epa ing o decisions abou goods
o se ices; making said decisions; and subsequen
consump ion.
The subjec i i y and p imacy o consume s in
ela ion o o he ma ke pa icipan s is c ucial in he
p esen ed models. The complexi y o hese models and
hei appa en lack o exempli ica ion may esul om
he widely a ying ypes o consume beha iou .
Consume beha iou models p ima ily aim o
o malize economic, sociocul u al, and psychological
ac o s ha in luence pu chasing decisions. Financial
beha iou s (as a subg oup o consume beha iou s)
should be de e mined by he same ac o s as gene al
beha iou s, plus some ac o s speci ic o he discipline.
Howe e , he models o inancial beha iou s can be
di icul o apply due o cons an ly changing condi ions
in his ield. Doub s ha e he e o e a isen abou how
jus i ied i is o assign pa e ns and models o ma ke
eali ies, and how uni e sal hey can be in he p esence
o mul iple a iables in he en i onmen .
The heo e ical conside a ions p esen ed in his
s udy se e as he ounda ion o unde s anding
why, despi e he in ensi ica ion o heo e ical and
empi ical analysis o consume beha iou , a cohesi e
esea ch app oach, connec ing consume beha iou
issues wi h he speci ici y o he inancial se ices
ma ke , has ye o be de eloped. I is challenging o
ind a one- o-one ma ch be ween model and inancial
beha iou s (Ko ne a and Lo ko, 2021), wi h only
one o hem (Gui dham’s model) aking in o accoun
ac o s speci ic o he inancial-se ices ma ke (a e
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 161
Smyczek, 2014). This model, howe e , is subjec o
se e al limi a ions and gene alisa ions s emming om
he p inciples adop ed du ing i s cons uc ion. The
models’ unc ionali y o he models is also nega i ely
in luenced by he wide spec um o de e minan s o
consume beha iou ha ha e been es ablished. This
makes he analysis o consume beha iou much mo e
di icul and he explana ion o i s speci ici ies mo e
complica ed.
The p ima y in luence o ac o s ela ed o
consume beha iou pa e ns (e.g., en i onmen ,
alues, needs) is iewed in he li e a u e o be socie al
and cul u al changes (Dolan e al., 2012). All o hese
ac o s con ibu e o he b oad ange o di e en
consume beha iou s, pa icula ly ac oss di e en
li e s ages. Despi e many de elopmen s in he ield
o consume beha iou s udies, a consis en esea ch
app oach, combining he issues o consume beha iou
wi h he speci ici y o inancial se ice ma ke s,
has no been es ablished o da e. Theo e ical models
should, by de ini ion, explain, o a leas a emp o
explain, consume beha iou in he ma ke , aking
in o accoun condi ioning ac o s. F om a heo e ical
pe spec i e, placing he consume on a imeline
(coho e ec o ime e ec ) should p o ide a be e
unde s anding o hei app oach o inancial decisions,
al hough his is no always he case.
The pape del es in o he gene a ional di ide’s
e ec s on selec ed ends in consume inancial
beha iou , as hese a eas o en e eal shi s in
consume beha iou ac oss di e en ma ke s
(Po ocki & Białowąs, 2022). The na u e o a pa icula
gene a ion is de e mined, among o he hings, by he
passage o ime, economic, social, and psychological
ac o s, echnological p og ess, and new ends – bu
also ashion. In he p esen wo k, analysis o he
signi ican ‘ ules’ o di e en ypes o consume
beha iou has been conduc ed. Inc easingly, wo
con empo a y in e wined consump ion ends o
excessi e and conscious consump ion can be obse ed,
whe e inancial beha iou s a e dependen on how
leisu e ime is spen , e ol ing needs, and o en, isions
o unlimi ed consump ion possibili ies.
Gi en he in e disciplina y na u e o his subjec ,
and he ac ha beha iou al economics and inancial
heo ies we e ini ially de eloped p ima ily h ough
expe imen al obse a ions and su ey esul s, he e
a e heo e ical doub s abou which heo e ical models
bes i inancial ma ke s and whe he hey can
a emp o explain consume inancial beha iou . The
social and ma e ial de e minan s o he o ma ion o
cogni i e and beha iou al pa e ns a e bo h a iable
and a e he e o e subjec o he dimension o ime.
This means ha consump ion pa e ns emain
cha ac e is ic o speci ic social sys ems and he
co esponding s ages o de elopmen o socie ies and
ci iliza ions (Senda, 1998).
The aim o he a icle is o analyse he s uc u e
o consume beha iou models and hei applica ions
in he a ea o inancial beha iou . The s uc u e
o he pape was o ganized wi h he esea ch
objec i e in mind and s a s wi h a b ie concep ual
amewo k o consume beha iou . Conside a ions
abou models o consume beha iou p o ide a basis
o concep ualizing a unc ional model in sec ion 2.
Sec ion 3 is a u he a emp o answe he ques ion
o whe he cycles, changes and ends among age
coho s and gene a ional g oups a ec consume
inancial beha iou . Sec ion 4 p esen s possible ules
o consume beha iou by g ouping ac o s ha may
in luence ma ke beha iou s and cha ac e izing
models in an a emp o explain consume inancial
beha iou s and diagnose he componen s o a
unc ional model o hem.
This a icle’s con ibu ion o he li e a u e is
an a emp o concep ualize a Consume Financial
Beha iou (CFB) Model, assuming ha economic (y1)
cul u al (y2); social (y3); pe sonal (y4); psychological
(y5); and o he s (y
η) ac o s play a ole in shaping
and s imula ing a leas i e a iables. These a e
concep ualized as ype o consume (Cy); ype o
inancial p oduc o se ice (Xy); mo i a ion (My);
capaci y (Capy); and oppo uni ies (Oy). This CFB
model inco po a es elemen s o Roszkowska (2001)’s
ule p oposal, Smyczek (2007)’s model and Xiao &
Kuma (2023)’s model. The inal wo sec ions discuss
he indings and conclude he a icle.
1. Theo e ical amewo ks o
consume beha iou
Va ious app oaches o consume beha iou ha e
eme ged o e he yea s. In his s udy, i has been
chosen o p esen only selec ed models and heo ies
o consump ion and ma ke consume beha iou ,
wi h a ocus on hose ha can explain consume
inancial beha iou s. Hansen (1972) de ines consume
beha iou as a combina ion o ac ions and pe cep ions
ha cons i u e he p ocess o p epa ing o he
decision o choose a good, making he choice, and
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 162
consump ion. Fabiunke e al. (1976) indica ed a
b oade pe spec i e on consume beha iou , belie ing
ha i a ises om an indi idual’s pe cep ion o hei
needs; i encompasses he en i e y o objec i ely and
subjec i ely de ined, a ional and emo ional, conscious
and unconscious ac ions du ing p epa a ions o
decision-making in he consume -goods ma ke , as
well as du ing consump ion.
The discussion on needs and hei hie a chy in
consume beha iou con inues wi h Szczepański
(1976) and Poho ille (1980)’s con ibu ions a ound
his opic. Con e sely, a mo e schema ic app oach was
p esen ed by Runyon and S ewa (1987), who de ined
consume beha iou as ac ions ela ed o planning,
acqui ing, and using ma ke goods and se ices. A
con inua ion o his ype o conside a ion can be seen
in Engel e al. (1993), whe e he au ho s cha ac e ized
beha iou as a se o ac ions ela ed o ob aining and
using p oduc s and se ices, as well as all ac i i ies
p eceding hei disposal. The mos comp ehensi e
de ini ion is p esen ed by An onides (2003; Ta de
[1903]: 2015), who de ines consume beha iou as
bo h psychological and physical ac ions encompassing
a wide ange o elemen s such as mo i es, easons,
pu chase and usage, and eelings o sa is ac ion and
well-being.
Wi hou del ing in o he speci ics o all hese
pa icula de ini ions, h ee gene al s ages o phases
can be dis inguished in all o hem: he eme gence
o a need, an acquisi ion s a egy, and pos -pu chase
beha iou s (Oszus & S ecko, 2020). Consume
beha iou s encompass he habi s, ac ions, and
decisions o cus ome s du ing he sea ch o , o de ing,
and pu chase o p oduc s and se ices (Wal e s, 1974;
Schi man & Kanuk, 1997), and a e o en associa ed
wi h an abs ac and challenging- o-iden i y ca ego y.
Assuming ha “beha iou s” consis o eac ions o
ex e nal and/o in e nal s imuli, hey could hen be
de ined as: (a) conscious eac ions o s imuli; (b) simple
ac s, e.g., impulsi e ac ions; and (c) complex ac s.
Many a emp s ha e been made o explain consume
beha iou s using classical economic concep s (B own,
1972; Williams, 1985; Ake lo & K an on, 2010a,
2010b). I was assumed ha people make a ional
decisions ( he no ion o “homo oeconomicus”) and
ca e ully calcula e he p o i s hey could achie e and
he losses hey could incu . F om his pe spec i e,
consume choice can p ima ily be explained by
economic and ma ke ing ac o s, such as p ice, p oduc
speci ics, and dis ibu ion (Ko le & A ms ong, 2008;
B is ow e al., 2002; Clemons, 2008).
Fac o s shaping consume beha iou can b oadly
be ca ego ized as dependen on he consume ;
in luenced by gene ics; o independen o he consume
and s emming om he en i onmen . To summa ize
he classi ica ion o he ac o s in he li e a u e, h ee
majo g oupings can be dis inguished o hem: (a)
in e nal/ex e nal; (b) endogenous/exogenous; (c) some
combina ion o economic, socio-cul u al, ma ke ing,
biological, demog aphic, psychosocial and o he ypes.
I is wo h no ing ha in Kieżel’s (2010) s udies, he
basis o classi ying ac o s is objec i i y (economic/
non-economic) and subjec i i y.
Financial beha iou s depend no only on le el
o inancial esou ces bu also on many social and
psychological ac o s, such as hei gene al app oach
o li e; le el o op imism; sense o con ol o e hei
des iny; a i ude owa d money; money managemen
s yle; and hei a i ude owa d inancial ins i u ions.
Rela ing he jus i ica ion o consume choices in he
li e a u e is ela ed o (i ) a ionali y (Ma kin, 1979) is
jus one way in which he concep o homo oeconomicus
has been c i icized, especially om a sociological
pe spec i e.
The ela ionship be ween spon aneous social
in e ac ions and social s uc u e was concep ualized
by Polanyi (1941) as he “dynamic o de ,” o in his la e
wo ks, “spon aneous o de ,” as popula ized in he
1960s and 1970s by Hayek. The belie ha sociology
possesses be e ools o explaining economic
phenomena was espoused by G ano e e (1985);
economic beha iou s canno be explained wi hou
conside ing he componen s o he social s uc u e,
embeddedness in social ela ionships, and hei
en i onmen (Cze nek, Ma szałek, 2015).
The classical and neoclassical concep o
homo oeconomicus, o en c i icized in ins i u ional,
beha iou al, and social economics, seems ou da ed and
insu icien in explaining phenomena ela ed o eal
ma ke choices made by indi idual decision-make s
in con empo a y economies (Galbács, 2017; Sza zec,
2014). Sen imen ali y, he emo ional aspec o human
beha iou , is con as ed wi h a ional, cool choices.
The na u e and speci ici y o consume beha iou
issues indica e hei in e disciplina y cha ac e (Bu le ,
2011). Conside a ions ega ding consume beha iou
can also be oo ed in disciplines such as psychology,
sociology, philosophy, o cul u al an h opology. I
is wo h emembe ing ha ea ly wo ks o classical
economics include nume ous e e ences o psychology,
e hics, and mo ali y, including Smi h’s e lec ions on
he p inciples o indi idual beha iou ([1759] ci e as
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 163
2010). Ben ham (1781/2000)’s ideology ad oca ed o
he measu emen o happiness and u ili y ha esul ed
om consump ion.
Al hough he discipline psychology la gely
disappea ed om economic discussions by he ea ly
20 h cen u y, economic psychology con inued o be
s udied, wi h he discou se being e isi ed a he end
o he cen u y. Tome (2007) a gues ha beha iou al
economics is no a homogeneous school, bu a collec ion
o di e en heo ies, including he Michigan School
(G. Ka ona); psychological economics (C.F. Came e ,
R. Thale , E. Feh ); beha iou al mac oeconomics (G.
Ake lo , R. K an on); e olu iona y economics (R.
Nilson, S. Win e ); beha iou al inance (R. Schille );
and expe imen al economics (Smi h). Despi e he
con e gence be ween economic analyses and he
na u al sciences, psychology has con inued o p o ide
insigh s, as e iden in he iews o J.S. Mill, F.
Edgewo h, V. Pa e o, I. Fishe , and J.M. Keynes.
The s onges scien i ic connec ions in he ield o
consume beha iou a e wi h psychology. Cu en ly,
he s eam ha combines economics and psychology is
e e ed o as beha iou al economics. The end in he
esea ch o conside ing he i a ionali y o consume
beha iou and cogni i e psychology can be obse ed
in he s udies o T e sky & Kahneman (1986), who
poin ou ha consume s do no always ollow a model-
like beha iou because hei decisions a e in luenced
by many subjec i e ac o s and may be made unde
condi ions o unce ain y. They may be guided by
impulses, imp essions, pe sonal eelings, and hus a e
o en based on limi ed a ionali y. Zackhause (1986)
also highligh ed clashes be ween a ionalis s and
p oponen s o beha iou al economics, concluding ha
i consume beha iou iola es a ionali y, i should
be ea ed as non-economic. In con as , Thale (1999)
a gued ha neoclassical economics assumes ha
people a e capable o pe o ming complex calcula ions,
de oid o emo ions, ne e lose sel -con ol, and a e
pu ely sel ish. Came e and Loewens ein (2004), on
he o he hand, ad oca ed o inco po a ing he social
ac o in o beha iou al economics o be e explain
phenomena, a guing ha beha iou al economics is an
a emp o make economic heo ies mo e p ac ically
use ul, p ima ily by inc easing hei capaci y o
explain and p edic consume beha iou in ligh o
ealis ic assump ions.
The ounda ion o psychology, pe sonali y, and
emo ions, o which he consume may o may no be
awa e, plays a signi ican ole in he decision-making
p ocess (Maison, 2013). Con inuing he esea ch
on consume awa eness and consume psychology,
Maison and S asiuk (2014a; 2014b) indica e whe e
knowledge abou consume beha iou can be ga he ed,
and hen de e mine he signi icance o undamen al
cogni i e, emo ional, and mo i a ional p ocesses
in consume decision-making. Fennis & Rucke
(2023) examined he psychological unde pinnings o
consump ion om he pe spec i e o i s impac on
well-being and heal h (2023).
Mains eam economics excels in i s abili y o
cons uc abs ac models, while sociology’s s eng h
lies in i s ocus on he complexi y o socio-economic
eali ies. Veblen (1899/1998) belie ed ha human
beings ac mo e on he basis o habi s and cus oms
han by op imizing all he ac ions hey ake. Veblen’s
hidden no ma i e poin o iew is embedded in his
idea o human ins inc s (Ishida, 2021). Sociological
heo ies demons a e an in e es in s udying ma ke s,
he a ionali y o ac o s, and he sys em o s imuli
gene a ed by he in e ac ion o ac o s. Acco ding o
he ield o sociology, a ional beha iou is one in
which he ac o is guided by a hie a chy o alues and
p e e ences ecognized wi hin a gi en social g oup
(Coleman, 1990). The mode n way o hinking is
much mo e libe a ed and indi idualized and glo i ies
he consume ’s ee choice. Some au ho s emphasize
he equi emen o discipline inhe en in such
consump ion, such as in Tu ne (2010)’s “disciplined
hedonism“, Jacyno (2007)’s “de elopmen o sel -
con ol”, o Sza uga (2021)’s “spon aneous o de “.
The in e disciplina y na u e o he discussed issue
is e iden om he many a emp s o link consume
beha iou wi h ields such as philosophy o cul u al
an h opology. These ields connec hese consume
beha iou s o adi ional alue sys ems, belie s, and
cus oms, which a e passed down om gene a ion o
gene a ion and a y widely ac oss di e en cul u es
and subcul u es (De Mooiji e al., 2011; Majeed, 2019).
2. F om simple o complex
models – app oaches o
modelling consume beha iou
Concep ualising a model o consume inancial
beha iou equi es embedding assump ions in o
exis ing models o consume beha iou in gene al.
Consume beha iou models a e o en mis akenly
equa ed wi h beha iou pa e ns. Despi e many
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 164
de elopmen s in he ield o consume beha iou
sciences, a cohe en esea ch app oach ha in eg a es
he issue o consume beha iou wi h he speci ici y
o he inancial-se ices ma ke s has no ye been
de eloped. Fo his eason, only selec ed models
whose assump ions i he cha ac e is ics o inancial
beha iou will be p esen ed in de ail.
As Smyczek (2007) inds, consume beha iou al
pa e ns in he ma ke should be de ined as e lec ing
cu en ly unc ioning egula i ies and egula i ies
in a holis ic manne . Beha iou s e lec sys ems
o p e e ences, whils pa e ns a e no cons an
and uni o m. Despi e hei limi a ions, models a e
help ul in unde s anding complex ela ionships,
consume -ma ke ela ionships, and he decision-
making p ocesses o consume s. As K zyżanowski
(1999) poin s ou , models se e se e al unc ions: (a)
desc ip i e-analy ical; (b) explana o y; (c) p edic i e;
and (d) u ili a ian. In he li e a u e, he e a e
many quan i a i e and quali a i e models aimed a
explaining consume beha iou (Zalega, 2012).
The e ha e also been e o s o explain beha iou
using he analysis o condi ioning de e minan s
(Rampl & Ebe ha d , 2012). Focus on beha iou al
aspec s in a ious ields is e iden in Roszkowska
(2001)’s classi ica ion, whe e he models c ea ed a e
mos o en used o explain pu chasing beha iou s
in ela ion o di e en g oups o p oduc s. The
classi ica ions o models p esen ed in Smyczek
(2007), Masion & S asiuk (2014a; 2014b), Ko ne a &
Lo ko (2021), and pa ially Moi ala (2007), despi e
es ablishing nume ous c i e ia and di isions, ocus
p ima ily on he complexi y simple and complex
models, due o he b oades -di ision c i e ion (Figu e
1). Mazu ek-Kusiak (2019) di ision u he classi ies
models in o beha iou al models, which, in he case o
he Fishbein and Ajzen, Be men, and Mowen models,
a e also pa o complex models. The amewo k o
u he analysis will be he di ision in o simple and
complex models.
Simple models, in a gene al sense, a emp o
explain and cha ac e ise consume beha iou . They
p esen one aspec o consume beha iou and do no
explain he ela ionships be ween indi idual ac o s.
The simples example o such a model is he s imulus-
esponse (SR) model (Phipps & Simmons, 1997) –
adi ionally illus a ed by Pa lo ’s expe imen , which
om he pe spec i e o consume beha iou would
indica e ha in o ma ion abou a p ice educ ion o a
p oduc o se ice would in luence i s pu chase.
A mo e complex model is he “black box” model,
which is based on he SR cons uc ion. A se o
ac o s (p ice, quali y, a ailabili y, e iews, image)
di ec ly in luences a consume o a gi en popula ion’s
decisions (Smyczek & Sowa, 2005). Ano he “black
box” model is Ko le ’s pu chase p ocess model (1994),
which iden i ies ac o s a he inpu and ou pu o
he p ocess. I e i ies a b oade ange o ac o s ha
s imula e pu chases and cause decision ou comes.
Since “black box” models ocus solely on he ac ion
o ex e nal ac o s, hey can be use ul ( om a
ma ke ing pe spec i e) only when in e nal ac o s
a e insigni ican o ha e only a mino ole in shaping
consume beha iou (Smyczek, 2007). In con as o
“black box” models, decision p ocess models depic
indi idual s ages in he consume decision-making
p ocess (P zybyłowski e al., 1998). These models
examine whe he consume s can make a ou able
decisions based on pas and new in o ma ion. The
model consis s o mul iple s ages: ecognizing a need;
sea ching o op ions; e alua ing op ions; making
a choice; and inally, aking ac ion. I does no ake
in o accoun ac o s in luencing consume decisions,
no does i speci y he alues o signi icance o a
consume ’s indi idual op ions.
Ko ne a & Lo ko (2021) iden i ied a hi d ca ego y
o models wi hin simple models, which a e hose
based on a pe son’s in e nal aspec s, such as hei
a i udes, needs, and mo i a ion. Among he mos
popula heo ies in his g oup o models a e Maslow’s
hie a chy o needs; McG ego ’s Theo y X and Theo y
Y; He zbe g’s wo- ac o heo y; McClelland’s
achie emen mo i a ion heo y; goal-se ing heo y;
and ein o cemen heo y. Wi hin he ca ego y
o simple models, one can iden i y a hyb id o wo
ypes o models: “pe sonal a iables“, which ocus on
p ocesses wi hin he indi idual (pe cep ion, a i udes,
mo i a ion), and “decision p ocess” models – Rice’s
Pe cei ed Value/Pe cei ed P obabili y o Sa is ac ion
(PV/PPS) model. The main p emise o he PV/PPS
model is o conside wo elemen s: he pe cei ed alue
o he p oduc o he consume , and hei pe cep ion o
hei p obabili y o achie ing sa is ac ion. The model
assumes he subjec i e u ili y (SU) o he consume ,
calcula ed h ough he alue a ached o he decision
ou comes (PV) and he pe cep ion o he p obabili y
o each ou come (PPS). Based on his model, i can be
concluded ha he g ea es bene i s a e achie ed o
he consume when he ou comes o hei choices
a e highly a ed by hem and a e also mo e sa is ying
(SU = PV x PPS). The a o emen ioned simple models
ocus on iden i ying s imuli in luencing consume s
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 165
and de e mining he esul s o hese ac o s; as
Smyczek (2007)’s conside a ions sugges , he decision
p ocess model and hyb id models p o ide he mos
comp ehensi e pic u e o consume beha iou ,
al hough hey s ill do no explain he easons behind
beha iou s.
Complex models conside a leas wo aspec s
ela ed o consume beha iou . Smyczek (2007)
ca ego izes models in o h ee g oups: s uc u al
models, s ochas ic models, and simula ion models.
Ko ne a & Lo ko (2021) p esen a sligh ly di e en
classi ica ion o complex models, di iding hem
in o s uc u al and simula ion models. Wi hin he
s uc u al ca ego y, hey u he di e en ia e hem
in o in eg a ed and empi ical models. Fo he pu poses
o his discussion, his pape adop s Ko ne a & Lo ko’s
classi ica ion as he basis o u he conside a ions.
In eg a ed-s uc u al models illus a e he
ela ionships and elucida e he psychological p ocesses
ha explain consume beha iou ou comes. The
mos popula models in his ca ego y a e he Nicosia
model (1966), he Howa d-She h model (1970), and he
Engel-Blackwell-Kolla (EBK 1968) model (Blackwell
e al. 2001; Engel e al., 1968).
The Nicosia model is he oldes one desc ibing
consume beha iou and ocuses on he ela ionships
• Consume Beha iou Theo ies in Economic Sciences
•Simple decision-making models
•Complex Consume Beha iou Models
•Beha iou al Models o Consume Beha iou
Di ision acco ding o Mazu ek-Kusiak (2019)
•Consume Decision-Making Model (EKB - Engel-Kolla -Blackwell)
•Fishbein and Ajzen's Mul i-A ibu e A i ude Model
•AIDA Model (A en ion, In e es , Desi e, Ac ion)
•DAGMAR Model (De ining Ad e ising Goals o Measu ed Ad e ising Resul s)
Di ision acco ding o Maison & S asiuk (2014)*
•Simple/complex
•Mac o/mic o Scale
•Theo e ical/empi ical
• Low-, medium-and high-le el
•Desc ip i e (his o ical and cu en )/no ma i e/p edic i e
• Dynamic/dicho omous
•Func ional/in ellec ual
•Beha iou al/s a is ical
•Quan i a i e/quali a i e
•Ma hema ical/sequen ial/ ypological
•Gene al/ad hoc
Di isions acco ding o Smyczek (2007)
•Quan i a i e
•Quali a i e
Di ision acco ding o Moi al (2007)**
•Economic (Ja oson, Mange , Wal as, Pa e o, Samualson
•Psychological (Pa lo )
•Mo i a ional (F aud, Maslo , Ha zbe g)
•Social (Veblen)
Di ision acco ding o Raszkowska (2001)***
Figu e 1. Selec ed models o consume beha iou
Sou ce: own elabo a ion, based on Mazu ek-Kusiak (2019); Maison & S asiuk (2014a; 2014b); Smyczek (2007); Moi al
(2007); and Raszkowska (2001). No es: *models a e based on he a ionali y o he decisions made;
**quan i a i e and quali a i e classi ica ion does no di e en ia e models well, as hyb id models canno be excluded.
Mo eo e , bo h e y simple and e y complex models a e included in one g oup;
*** hese models con i m he in e disciplina i y o he opic o consume beha iou , as hey embed beha iou in
di e en sciences bu do no combine elemen s o di e en disciplines.
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 166
be ween businesses and po en ial consume s. I
depic s he in e ac ions and connec ions be ween
he wo main pa icipan s in he ma ke game,
and ela es o ou a eas in he consume decision-
making p ocess: (a) consume a i udes based on
ma ke -de i ed in o ma ion; (b) cus ome p oduc
sea ch and e alua ion; (c) he ac o pu chase; and (d)
eedback, in he o m o expe ience acqui ed by bo h
he consume s and he business. I ’s wo h no ing
ha his model inds applica ions in iden i ying and
assessing consume esponses o s imuli.
In he Howa d-She h model, ou ypes o
a iables a e dis inguished: (a) inpu s; (b) pe pe ual
and lea ning cons uc s (psychological); (c) lea ning
cons uc s (ex e nal); (d) ou pu s. Inpu a iables
include sou ces o in o ma ion, s imuli, and he
en i onmen . A signi ican pa o he Howa d-She h
model assumes ha psychological ac o s de e mine
consume ac ions when making decisions, which
p esen a se ies o ou pu ac o s (such as he decision
o make a pu chase o abs ain om i , which may
e eal an indi idual’s in e es s and opinions). Ex e nal
a iables include he signi icance o he pu chase,
in en ions, pe sonali y ai s, ime p essu e, and he
consume ’s inancial s a us.
The mos comp ehensi e consume beha iou
model, which ocuses on bo h in o ma ion p ocessing
and pu chase decision-making, is he Engel-Blackwell-
Kolla (EBK) model. I se ed as a s a ing poin
o subsequen models: Engel-Blackwell-Minia d
(1993) and Andea sen, Hansen (ci ed by Schi man &
Kanuk, 1997). The EBK model based on a i e-s age
decision-making p ocess – (a) ecogni ion o he
p oblem/need; (b) in o ma ion sea ch; (c) e alua ion
o choice al e na i es; (d) decision/pu chase; and (e)
pos -pu chase consequences, which a e in luenced
by ex e nal ac o s. A cen al con ol uni plays a
c ucial ole, ecei ing ex e nal s imuli and e alua ing
hem. The EBK model mo e lexibly and consis en ly
illus a es consume beha iou han he Howa d-
She h model, and highligh s bo h posi i e and
nega i e shopping ou comes. Impo an ly, i akes in o
accoun he human in o ma ion p ocessing p ocess,
which is o e looked in o he models. The EBK model
comp ehensi ely explains consume beha iou s
and decision ou comes, making i po en ially he
mos use ul in p ac ice, e en hough i doesn’ ully
accoun o in o ma ion p ocessing and consume
in ol emen .
Among he undamen al empi ical-s uc u al
models, we can include he Fishbein and Ajzen model
(1974), Be man’s model (1979), and Pe e and Olon’s
model (2004). Re e ing o he p e iously desc ibed
connec ions be ween economics and o he sciences
wi h he subjec i i y o decisions, Fishbein and
Ajzen‘s (1982) concep o a i ude (also known as
he heo y o planned beha iou ) seems o combine
elemen s om a ious ields o s udy. The p ac ical
applica ions o his model a e con o e sial because
hey assume ha an indi idual’s a i ude owa ds
an objec /p oduc esul s om hei belie s abou
he a ibu es and e alua ion o he objec /p oduc ,
p o ided ha a gi en a ibu e is impo an o he
consume (Figu e 2).
This model is based on ex e nal a iables,
including pe sonali y, emo ions, expe iences, age,
gende , knowledge, educa ion, eligion, income,
belie s, a i udes, in en ion, beha iou , and ac ual
sense o con ol. I also assumes ha om a consume ’s
e alua ion o a gi en p oduc ’s cha ac e is ics, one
can calcula e hei o e all a i ude owa ds he
p oduc and make conclusions abou which p oduc
he indi idual has a mo e posi i e a i ude owa ds
(Maison & S asiuk, 2014a; 2014b).
Model A0 is c i icised by Salomon e al. (2006) o
i s complexi y and he mul i ude o ac o s i conside s
o be in luences upon consume beha iou , as well
as he model’s op imis ic assump ions. I is wo h
ag eeing wi h he la e c i icism; he assump ion o
a comp ehensi e hough p ocess, wi h he selec ion
o op imal solu ions, con adic s he no ion ha
consume s may make decisions based on emo ions,
habi s, o momen a y impulses, and ha a consume ’s
decision may esul om a di ec s imulus- esponse
a he han om an a i udinal assessmen .
Pe e & Olson’s model analyses how in o ma ion
om he en i onmen is p ocessed in consume
beha iou and he signi icance o knowledge, belie s,
and in en ions o he en i e p ocess. Acco ding o
hei assump ions, consume s in e p e in o ma ion
using wo ela ed cogni i e p ocesses: (a) a en ion
(iden i ying ele an and i ele an in o ma ion)
and (b) comp ehension (de e mining he meaning
o in o ma ion; in e p e a ion based on exis ing
knowledge, memo y, meanings, and belie s). The
esul o in eg a ing hese ou comes is he beha iou al
in en ion. As epo ed by Cenon & Ong (2012), Pe e
& Olson’s model has been used by esea che s in h ee
coun ies – Japan, Thailand, and he Philippines
– o esea ch he impac o a p oduc ’s coun y o
p oduc ion on consume pe cep ions o i s quali y and
p ice.
CEEJ • 11(58) • 2024 • pp. 159-177 • ISSN 2543-6821 • DOI: 10.2478/ceej-2024-0012 173
assuming ha inancial beha iou s a e in luenced
by economic ac o s, and o a ma ginal ex en , by
social o psychological ac o s, should be conside ed
insu icien and e en ques ionable, equi ing u he
esea ch and analysis.
E o s should hus be made o c ea e a model
ha explains consume inancial beha iou s. The
model should be cha ac e ised by simplici y while also
ha ing heu is ic powe . Such a cons uc ed model o
inancial consume beha iou s can ind applica ions
in many ma ke s, objec i es (paymen , sa ings,
in es men , c edi , insu ance, e i emen ) and in
s udying and o ecas ing beha iou s ha ha e been
poo ly desc ibed so a by models and ules.
Gene a ional changes and new ends gi e
easons o belie e ha he cons an e olu ion o
he en i onmen necessi a es he con inua ion o
esea ch on ules and models o consume inancial
beha iou s. The p oposed CFB model can se e as
a amewo k o u he modi ica ions depending
on ma ke needs. The au ho o he a icle is awa e
o he inexhaus ibili y o he opic, as he spec um
o heo ies, models, and componen s in luencing
consume inancial beha iou is as , and he dynamics
o he consume a e di icul o p edic . Selec ing he
mos impo an ones o highligh is a challenge ha
needs o be acknowledged.
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