Are Decisions About Household Consumption Always Made With Perfect Knowledge?
DOI:
https://doi.org/10.54099/ijibmr.v5i2.1641Keywords:
Imperfect Knowledge, Logistic Regression, Positive Thinking, Bad ThinkingAbstract
Description – The economic concept explains that a person is considered to have perfect information and knowledge before or when consuming a product. However, there is no limit on how much information is known about the product.
Purpose – This study identifies individuals before or when making consumption decisions regarding a product.
Methodology – Using non-probability sampling and purposive sampling methods, sampling technique with mixed questionnaires (online and offline). Using a sample of 422 respondents spread across several regions and cities in Riau Province, using 44 indicators as a reference for product information answered by respondents.
Findings – Individual consumption decisions analyzed with the logit probability of reading, caring and knowing information about instant noodles were 0.7599 or 76 percent.
Originality/Novelty – This study shows that the information held by individuals in instant noodle consumption can be identified and its size and quantity.
Implications – On the other hand, consumption can occur when individuals do not have any information about a product, due to emergency conditions, individual negligence, or being deceived by producers, so individual caution and the role of the government are needed so that consumers are not harmed.
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