Just like the law of demand, the theory of consumer choice takes many assumptions. The assumptions are:
Preferences are complete: The theory assumes that the customer is fully aware of his or her own preferences that allow him or her to make a clear comparison between any two preferred products that are presented.
Transitive preferences: If there are three goods, X, Y, and Z. The X is preferred to Y and Y is preferred to Z then it is assumed that X must be preferred to Z. This is the presumption of continuity this removes the likelihood of intersecting curves of indifference.
Reflexive preferences: The theory also makes an assumption that if two goods are similar and identical in nature, the consumer will be able to prefer one over the other.
Non-satiation preferences: If a consumer has a choice of two nearly identical packages P and R, and the R contains more of a particular product, then the consumer will choose R. It assumes that “more is always better” which aims to avoid the unnecessary complications in the mathematical models.
Goods are available in all quantities: The theory also makes an assumption that all goods are purchased based on the need and preference of the consumer. The main aim of this assumption is to provide a useful and less complicated simplification involved in consumer choice theory.
Limitations of the theory of consumer choice
There are a number of limitations and drawbacks of the theory of consumer choice as it just doesnâ€™t fit in the real world. The heavy criticisms of this theory have come from different branches of economics. Behavioral economics rejects the theory by arguing that people are not always rational and are often indifferent and unaware of the choices available to them. There are times when decisions are difficult to make because consumers are not familiar with the goods and services. Under such situations, the consumer ends up making the wrong decision and bears the opportunity cost. Also, it is argued that there is a presence of an emotional component in the decision-making process which isn’t likely captured in an economic function.
Not just this, the theory comes under heavy criticism because of its assumptions. It has been argued that the observations on which the assumptions are based may be valid in a perfect world. But in reality, there are a number of variables that show the process of simplifying spending habits as flawed.
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