Can you suggest any conceptual or theoretical framework?

Question

Im planning to conduct a study regarding students consumption behavior. Can you suggest any conceptual or theoretical framework in economics that i can use? thanks...

Answer 1

Yes, prospect theory.

Answer 2

It depends on precisely what aspect of their behavior you are trying to explain.

If it is a mainstream study where you assume rational consumers then the alternative is the neoclassical consumer theory found in most textbooks.

However, if you are trying to explain the behavioral aspects of consumption then you have a whole different set of alternatives: prospect theory, context-dependent preferences, interdependent preferences...

And all these are preference-based approaches. You can also employ the revealed preference approach, which is more adequate for applied work.

It just depends on what exactly you are trying to observe and making sure the assumptions you are making match the assumptions of the theory.