Strong growth in disposable income has inflated consumption to unprecedented, but not sustainable levels. In this process consumer behavior has been changing. To explain the driving forces of this development, the paper introduces a theory of evolving consumer preferences that is molded in an...

Sustainability tends to become in the new millennium the most important characteristic of economic and social development. The possibility to ensure economic development in the context of a reasonable use of raw materials, energy and natural resources in general and to decrease the impact of all...

That institutions matter is widely accepted among economists and so are social norms as an important category of informal institutions. Social norms matter in many economic situations, but in particular for markets. The economic literature has studied the interrelation between markets and social...

We propose a representation of individual preferences with a subsistence requirement in consumption, and examine its implications for substitutability and sustainability. Specifically, we generalize the standard constant-elasticity-of-substitution (CES) utility specification for manufactured...

Strong growth in disposable income has driven, and is still driving, consumption to unprecedented, but not sustainable levels. To explain the dynamic interplay of needs, need satisfaction, and innovation underlying that growth a behavioral theory of consumption is suggested and discussed with...

The aim of this article is to investigate strategies and practices of bioeconomy implemented by hotels in Romania in the context of increasing area and scale of corporate social responsibility initiatives worldwide. After presenting the conceptual framework necessary for the present...

This chapter shows how economic theory and public policy analysis can illuminate decision-making relating to cultural heritage. We argue that from an economic viewpoint the appropriate conceptualisation of heritage is as a capital asset. Regarding heritage as cultural capital invites...

The concept of a circular economy has instilled substantial hopes that it will help forging patterns of resource use compatible with Planetary Boundaries. Many countries are implementing circularity policies to reduce wastes and emissions, while also fostering economic growth. Research and...