Fin concept

Hi As we all know that economics law is true if the consumer behaves rationally. Hence the foundation of all economics law is rationality in consumer behavior. Rationality means behavior of consumer using proper reasoning process in any given situation.  Let's first understand the concept of Rationality: Despite some misconceptions, consumer rationality is a property of the researcher rather than the consumer. Consumers become more rational as we are better able to predict their behavior or other important outcomes influenced by their behavior. Perfect rationality results when we achieve accurate predictions. Consequently, at least for many Marketing Science articles, consumers are becoming more rational as we find better ways to predict. However, some experimental consumer behavior articles find the opposite. The difference between experimental and statistical controls explains the divergence in conclusions. Experimental controls test rationality based on whether ...