Among the most fundamental assumptions made in economics are utility maximization and the separability of the arguments in the representative consumer's utility function. These assumptions are ...

Von Neumann-Morgenstern utility theory is a promising method to measure and model consumer preference. Its theoretical foundations provide explicit risk measures and testable behavioral conditions for ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. In economics, demand is the consumer's ...

Retailers best serve customers when they can identify their needs and proactively meet them. That’s why accurately predicting consumer behavior is so important. It might not always be easy — Walmart’s ...