Welfare Effects of Consumer Behavior Based on the Principles of Family Values in Islam: With an Emphasis on Time-Preference Adjustment

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IZADKHASTI HOJJAT

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Paper Information

Journal: JOURNAL OF ISLAMIC ECONOMIC STUDIES Year:2019 | Volume:11 | Issue:2 (22) Page(s): 193-216

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Title

Welfare Effects of Consumer Behavior Based on the Principles of Family Values in Islam: With an Emphasis on Time-Preference Adjustment

Author(s)

IZADKHASTI HOJJAT | Issue Writer Certificate

Keywords

Consumer BehaviorQ2

Islamic EthicsQ2

FamilyQ1

WelfareQ2

Abstract

In the literature on Consumer Behavior, environmental factors such as Family and culture of consumer and internal factors such as beliefs and convictions influence on lifestyle and Consumer Behavior. The system that is based on Islamic principles, analyzing the Consumer Behavior of Family and rationality governing it, beyond Consumer Behavior based on instrumental rationality in the West. Therefore, the formation of the Family based on foundations of Islamic Ethics is one of the platforms and centers for institutional in society towards human excellence, that through institutionalization of positive moral attributes such as altruism, patience and dedication to drawing economic man in all three dimensions, material, spiritual and otherworldly. Accordingly, the institutionalization of altruism, patience and dedication through reducing positive time preference rate can lead to increased social Welfare. In the framework of general equilibrium model, results show that expanding the Family institution based on ethical grounds, through adjustment of positive time preference rate increase capital per capita, GDP per capita, consumption per capita and ultimately increase household Welfare in the steady state.

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APA: Copy

IZADKHASTI, HOJJAT. (2019). Welfare Effects of Consumer Behavior Based on the Principles of Family Values in Islam: With an Emphasis on Time-Preference Adjustment. JOURNAL OF ISLAMIC ECONOMIC STUDIES, 11(2 (22) ), 193-216. SID. https://sid.ir/paper/220842/en

Vancouver: Copy

IZADKHASTI HOJJAT. Welfare Effects of Consumer Behavior Based on the Principles of Family Values in Islam: With an Emphasis on Time-Preference Adjustment. JOURNAL OF ISLAMIC ECONOMIC STUDIES[Internet]. 2019;11(2 (22) ):193-216. Available from: https://sid.ir/paper/220842/en

IEEE: Copy

HOJJAT IZADKHASTI, “Welfare Effects of Consumer Behavior Based on the Principles of Family Values in Islam: With an Emphasis on Time-Preference Adjustment,” JOURNAL OF ISLAMIC ECONOMIC STUDIES, vol. 11, no. 2 (22) , pp. 193–216, 2019, [Online]. Available: https://sid.ir/paper/220842/en

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