Behavioral Economics: Understanding the Term via a Comparative Study and Economic Analysis of Impact of Various Factors on Consumption Expenditure Done by Students

A survey of students in three colleges has been conducted testing their consumption patterns, which helped us in formulating a hypothesis regarding the impact of social, geographical, intellectual, developmental, biological, etc. factors on behaviour of students.

The paper shows the details of consumption expenditure done by the students studying in a particular college on different food items, accessories, stationery, medical services and clothing. The expenditure pattern of each of the above mentioned institutes will then be linked to the existing social, environmental, intellectual, cultural, developmental, biological and various other variables through tabular and graphical analysis. The results obtained from the above methodology will further be compared for the three colleges highlighting the impact of above mentioned factors on the choice and preferences of students.

The paper attempted to seek the above information through well planned questionnaire which was uploaded on the internet by means of Google doc to be answered by various students of the above mentioned institutes. The responses were recorded and deeply analysed in order to draw the conclusions and build concrete results. The paper aimed to incorporate the responses of as many as possible but the study was constrained by the limited no. of responses which we received.