BUSINESS AND ECONOMICS RESEARCH JOURNAL

ISSN: 1309-2448
DOI: 10.5281/zenodo.16760075

BOUNDED RATIONALITY AND CONSUMER PURCHASE INTENTIONS: A STUDY ON

GREEN BRAND PREFERENCES

Prajnya Paramita Pradhan,

Research Scholar, School of Management, KIIT University, Bhubaneswar
prajnyapradhan11@[Link]
Biswajit Das,
Professor, School of Management, KIIT University, Bhubaneswar
biswajit@[Link]
Bhubaneswari Bisoyi,
Assistant Professor, School of Law, KIIT University, Bhubaneswar
[Link]@[Link]

ABSTRACT

As global environmental degradation becomes an alarming issue, interest in green and eco-friendly products has
significantly increased among consumers. However, even with growing awareness, consumers often fail to act upon
their pro-environmental intentions at the point of purchase. This behavioral discrepancy can be attributed to the
bounded rationality theory — a theory acknowledging the cognitive, informational, as well as time constraints
experienced by consumers in decision-making. This research examines the impact of bounded rationality on consumer
purchase intentions for green brands. Based on a quantitative analysis of 200 urban consumers, the research examines
the interplay between environmental consciousness, heuristic processing, price sensitivity, and green brand familiarity.
The findings indicate that although consumers are guided by green values, their actual choices are influenced more by
simplified thinking habits, brand cues, and cost factors. This study provides implications for policymakers and
marketers to improve the efficiency of green branding and to promote sustainable consumption.

keywords: bounded rationality, purchase intention, green brand, decision making, brand familiarity, price
sensitivity

25
Volume 14 issue 2
INTRODUCTION

With increased recognition of environmental degradation, consumer demand for sustainable and
environmentally friendly products has increased. Yet, while they have favorable attitudes toward
the environment, most consumers do not necessarily act on their beliefs when they make
purchasing decisions. This phenomenon can be partly attributed to bounded rationality, which was
coined by Herbert Simon, referring to the cognitive constraints that limit a person's capacity to
make perfectly rational decisions.

Consumers tend to work under time pressures, restricted information, and cognitive overload,
which cause them to employ reduced decision-making procedures, or heuristics. For green
products, these limitations can influence how consumers interpret brand claims, analyze product
benefits, and finally decide to purchase. This paper explores the interaction between bounded
rationality and consumer purchase intentions, in particular in the domain of green brand
preferences.

Green brand preferences are the tendency or preference by consumers for brands they feel have
environmental friendliness. Such brands are normally linked to the practice of using
environmentally friendly materials, minimizing carbon footprints, or practicing ethical production
methods. Consumers who place a high value on environmental issues, like cutting pollution or
conserving natural resources, tend to opt for these green brands. Basically, green brands appeal to
those consumers concerned with the impact on the environment and sustainability within the
products bought by them.

BOUNDED RATIONALITY

Bounded Rationality was a term developed by economist Herbert Simon, stating that in the process
of making decisions, human beings are bound by several conditions including restricted
information, cognitive bias, and a time limit (Simon, 1955). That is to say, humans are not always
rational in deciding because they lack the ability to digest all information provided or exhaust all
options available. Rather, they apply truncated decision-making schemes and tend to accept a
"good enough" solution instead of the best solution.

26
Volume 14 issue 2
When applied to consumer decision-making, bounded rationality indicates that consumers are not
always making completely informed, rational choices in selecting products. Rather, they tend to
use heuristics (mental shortcuts) and are subject to factors like limited information or time,
particularly when making choices such as buying a product. On the green brand preference front,
this translates to that consumers might be attracted to specific green brands due to streamlined
decision-making or because they find them to be the most convenient or trustworthy eco-friendly
option, even though they lack comprehensive information on all green brand options.

Research on bounded rationality and consumer buying intentions toward green brand preferences
would investigate how environmental concerns among consumers shape their intentions to
purchase green products. It may explore how constraints in consumer choice (like lack of
information or time constraints to assess alternatives) influence their green brand preferences. In
essence, it would examine how bounded rationality influences the consumers who are concerned
with sustainability but may not possess the complete information or ability to survey all the
environmentally friendly brands prior to their decision.

LITERATURE REVIEW

In this particular framework, an expanding multitude of individuals are manifesting a predilection

for sustainable and environmentally aware options, particularly in connection with their
procurement determinations. Within the specific context of green brands, the concept of "Bounded
Rationality" offers valuable insights into how consumers navigate the complex landscape.
Bounded rationality concedes individuals' intrinsic constraints regarding information processing
and decision-making. In today's society, people struggle to comprehend the environmental impact
of certain products. Assessing a brand's environmental credentials and dealing with the prevalence
of greenwashing present significant challenges for consumers who aim to make informed and
sustainable choices. Simplification becomes a key strategy within the framework of bounded
rationality. Consumers who face cognitive constraints often rely on heuristics and streamlined
decision-making processes. Trust in familiar brands, reliance on recognizable symbols of eco-
friendliness, and word-of-mouth recommendations become crucial factors in consumers' journey
toward choosing green products. As a result, bounded rationality sheds light on the practical and
satisfactory behavior of consumers who seek solutions that are sufficient rather than exhaustive

27
Volume 14 issue 2
assessments. The role of AI can emphasizes the need of transitions towards sustainable
development and AI, when applied responsibly, can significantly contribute to achievement of the
SDGs (Pradhan et al., 2023).

GREEN BRAND

Green brand preferences are the customer tendency to buy eco-products or favor brands that focus
on sustainability and ethical behavior. They have been increasing in value in recent years since
consumers become more sensitive to environmental concerns like climate change, natural resource
exhaustion, and pollution (Peattie & Crane, 2005).

A number of research studies have found that consumers pay a premium price for green products,
but that these attitudes differ based on levels of consumer information and awareness concerning
environmental matters, product certification, and greenwashing That said, given that consumers
generally have to confront numerous options within the marketplace, it is vital to investigate the
extent to which their choice behavior is influenced by bounded rationality, particularly where
green brand choice is concerned. (Delmas & Burbano, 2011).

PRICE STRATEGY

A pricing strategy for a company in which customers can only base their joining decisions on their
previous experiences and anecdotal evidence and logic. The limited reasoning of customers who
are willing to go through an unpleasant service experience in the short term in order to reap greater
rewards in the long term. They take into account the pricing and scheduling decisions that a
company makes in such a system and assess the desirability of usage costs as opposed to
subscription prices in a variety of different circumstances (Huang & Chen, 2015).

The consequences of using bounded perception can be quite different depending on the cost
structure. Because the behaviour of consumers is completely predetermined for any given set of
quality and prices, these companies are not strategic actors in the market: As is typical in research
on behavioral industrial Organisation, the competition is only between the companies themselves.
Therefore, the different outcomes in the two parts can be attributed to the varying degrees of
success that each company has had in capitalizing on restricted perception (Webb, 2017).

28
Volume 14 issue 2
The Green Marketing Mix influences the purchasing intentions of BPC products among
Generation Y and Z in the Indian subcontinent. The sustainable products recognized as
environmentally friendly, along with related promotional campaigns and activities, have positively
influenced the purchasing decisions for beauty and personal care items. The understanding and
mental processes related to sustainable green products, along with attitudes towards tenable
products, have a positive influence on green purchasing decisions (Seal et al., 2024).The
relationship between environmentally friendly marketing strategies and the purchasing intentions
of consumers in a developing economy. The emphasis is on the purchasing intentions of
millennials regarding eco-friendly personal care products and how green marketing strategies
influence these intentions. The influence of environmentally friendly products, sustainable
environments, and eco-conscious promotional strategies on purchasing intentions is substantial.
The moderating role of environmental attitude yielded intriguing findings. The relationship
between income and education significantly influences the green buying intentions of various
customers. Marketers can clearly identify the key areas of their strengths and the direction in which
their efforts should be focused in future initiatives (Kaur et al., 2022).

The unique characteristics of social commerce and the inclusion of social interactions impact the
intentions of online shopping in Pakistan during the COVID-19 outbreak. Gathering quantitative
data from respondents in Pakistan. The majority of the hypotheses were validated, signifying a
favorable reaction from Pakistani customers who have encountered social commerce, thus
assisting researchers and executives in comprehending the attitudes of Pakistani consumers
(Rashid et al., 2022).

The intention of customers to make repeat purchases in online group buying is influenced by
various variables, which were investigated using the expectation-confirmation model. A total of
246 respondents participated in the data collection process, and subsequent model testing was
conducted. The findings suggest that trust and satisfaction play a substantial role in shaping the
intention to make repeat purchases, with satisfaction being particularly influential in developing
trust (Hsu et al., 2015).

The diverse factors that influence the inclination to acquire organic sustenance in Tanzania and
Kenya, by integrated with the theory of planned behavior, health consciousness, and knowledge

29
Volume 14 issue 2
as moderating variables. Use surveys, factor analysis, and modeling as research methods. The
organic purchase intention is predicted by subjective norms, personal attitudes, and health
consciousness, with knowledge serving to enhance these relationships (Lim et al., 2016). The
relationship between subjective norms, perceived usefulness, purchase intention, and online
purchasing behavior among Malaysia Perlis University students. A comprehensive study was
undertaken, encompassing a total of 662 students. Subjective norms and perceived usefulness
influence buy intention, which drives online shopping behavior. Subjective norm influences
purchasing behavior negatively (Teng & Wang, 2015).

Bounded rationality presumes that consumers cannot review all alternatives or even have the
capacity to process information at times when decisions are being made. (Tversky & Kahneman,
1974).

The function of bounded rationality as a determinant of green product purchase intentions has been
examined in various studies. According to research, the purchase process for green products tends
to be guided by heuristics and not pure rationality. Consumers, for instance, can employ eco-labels
or certifications as a heuristic to determine the environmental goodness of a product without
necessarily knowing what criteria led to those labels or the brand's environmental footprint
(Grankvist & Biel, 2007). The religious knowledge affects brand association and purchase
intention of luxury cars, specifically in the Indonesian context and with the Lexus brand. It uses a
quantitative research approach with Muslim consumers in Java province, Indonesia. The findings
suggest that brand association positively impacts Muslim consumers' attitudes toward luxury cars,
but the level of religious knowledge weakens the influence of attitudes on purchase intention
(Ratnasari et al., 2023).

Bounded rationality pertains to the constrained cognitive capacities possessed by individuals for
the purpose of information processing and decision-making. It posits that consumers might not
invariably engage in completely rational decision-making processes in relation to their purchasing
inclinations (Xu et al., 2022). The positive perceptions of fashion influencers have a beneficial
influence on brand perception and intention to purchase, with elements such as credibility, trust,
and expertise also impacting perceptions of influencers The aforementioned discoveries offer

30
Volume 14 issue 2
valuable insights for marketers who have a vested interest in incorporating influencer marketing
tactics within the realm of the fashion industry (Chetioui et al., 2020).

The product characteristics of the LES (Limited Edition Shoes) were thoroughly analyzed and the
researchers verified the existing structural connection between perceived value, brand trust, and
purchase intention. The findings revealed that the diverse attributes of the LES exhibit a close
association with uniqueness, self-expression, and investment. The aforementioned attributes have
a discernible effect on the appraisal of worth, trust in the brand, and the inclination to engage in a
transaction (Chae et al., 2020).

PRICE

The high complexity in selecting green products (given different kinds of certifications,
contradictory claims, or overwhelming numbers of products), consumers are prone to simplify
their decisions. They might prefer brands with better environmental credibility or products with a
clearer environmental message, even if they are not necessarily the most sustainable options
(Jansson et al., 2010). The individuals or entities engaged in the act of selling goods or services.
The impact of homogeneous choices on product comparability can be observed in the competition
between different price offers and price frames, which refer to the various methods used to present
price information. The selection of framing options has an impact on the ability to compare price
offers, potentially leading to consumer confusion and reduced sensitivity to price. In the state of
equilibrium, firms engage in the practise of randomising their frame choices with the intention of
obscuring price comparisons and maintaining favourable levels of profitability. The nature of the
equilibrium is contingent upon whether the phenomenon of frame differentiation or frame
complexity elicits greater perplexity. Furthermore, the presence of additional competitors prompts
firms to place greater emphasis on frame complexity, which has the potential to enhance industry
profits and decrease consumer surplus (Chioveanu & Zhou, 2013).

The effects of add-on pricing when firms are horizontally and vertically differentiated and a
segment of boundedly rational consumers are uninformed of the costs at purchase. When there is
a disparity in quality limited to base goods and consumers who are boundedly rational,
implementing add-on pricing can result in reduced profits for a firm offering higher quality and
increased profits for a lower quality firm (a lose-win scenario), compared to situations where add-
31
Volume 14 issue 2
on pricing is not allowed or practical. In cases of quality differences concerning base items and
add-ons with consumers who are not boundedly rational, the outcome shifts to a win-lose scenario.
The presence of quality disparities for both base items and add-ons, along with boundedly rational
consumers, can lead to various outcomes—win-win, win-lose, or lose-win—depending on how
significant the quality differentiation is (Shulman & Geng, 2013).

Price dispersion and positive markup for homogenous items that are resilient to an increase in the
number of sellers can be caused by any one of these three issues: insufficient search,
misunderstanding when comparing prices, and excessive inertia. There is noise in the active
decision-making process as a result of limited search and confused choice, which is uncorrelated
across customers. This is analogous to an artificial type of pr distinction, which provides
companies with market strength and the capacity to maintain price markups. In contrast,
overconfidence and other forms of prejudice cause customers to consistently misweight the
relationship between product price and quality in the buying process. Because of this, businesses
are compelled to manipulate prices in order to take advantage of consumers' inherent biases, even
though doing so does not always result in an increase in markups or a spread in prices (Grubb,
2015).

To participate in critical thinking and the rational decision-making process, as opposed to the
bounded rationality decision-making process. Considering the cultural, social, personal, and
psychological aspects, and making a choice based on the given information, while taking on the
perspectives of Tip and Pon (cognitive versus emotional decision-making, optimizing versus
satisfying decision-making, compensatory versus non-compensatory decision-making, etc.), along
with other relevant factors (Ackaradejruangsri, 2015).

PURCHASE INTENTION

The concepts of green buying intention refers to an individual's propensity and desire to prefer
products with environmentally friendly characteristics. Consumer motivation to participate in
purchasing activities includes their own intents and behavioral attitudes around purchases. Green
purchasing intent refers to the extent to which a consumer values environmentally friendly items,
actively endorses them, and intends to acquire them (Lee et al., 2014). A comprehensive cross-
cultural research study conducted in China and the United States reveals that individuals with a
32
Volume 14 issue 2
strong commitment to a specific environmentally friendly product are significantly more likely to
engage in purchasing behavior. An individual's pronounced inclination towards acquiring green
products influences their purpose to engage in environmentally friendly purchases, and their
perception of these items may substantially affect their purchasing decisions.

Consumers who have an unhealthy level of self-confidence may display either overoptimism or
over precision, or both. Overoptimism is when a person overestimates their own capabilities or
prospects, either in absolute or relative terms. This can be a positive or negative trait. Individuals
routinely make the mistake of selecting the incorrect calling plan, which results in them being
subjected to significant overage fees for going above and beyond their allotted usage. A primary
reason for this is over precision (Grubb & Osborne, 2015). Consumer knowledge and participation
are key to encouraging eco-friendly choices. This study tests an integrated conceptual model to
examine how personal concern, other pro-environmental behaviors, greenwashing beliefs,
consumer innovativeness, and personal predisposition to seeking information affect circular
packaging purchases. The results emphasize the need of seeking knowledge to influence circular
economy-friendly consumption choices. Our article proposes to managers that packaging
influences purchase decisions and that customers utilize information to find congruence between
personal beliefs, other pro-environmental behaviors, and packaging's circular features (Testa et al.,
2020).

RESEARCH OBJECTIVES

● To explore how bounded rationality affects consumer behavior towards green brands.

● To investigate the influence of environmental awareness, brand familiarity, and price

sensitivity on purchase intentions.

● To offer insights for marketers and businesses to position green products more effectively
in the market.

33
Volume 14 issue 2
RESEARCH DESIGN

The research design for this study takes a descriptive and analytical research approach with a
quantitative methodology. The main aim is to examine the interrelations between different
variables, including environmental awareness, indicators of bounded rationality, and consumer
purchase intentions. The study aims to find out how these variables interact and affect consumers'
decisions to buy green brands.

The research suggests four fundamental hypotheses:

H1 argues that environmental awareness has a positive effect on green purchase intentions, that
consumers who are highly aware of the environment are in turn more likely to buy environmentally
friendly products.

H2 investigates how bounded rationality, specifically the application of heuristics, moderates the
effect between awareness of the environment and purchasing behavior, that easy decision-making
can affect the strength of the relationship between awareness and purchasing intention.

H3 states that green brand intention is harmed by price sensitivity, or that consumers will be
dissuaded from purchasing green brands if they have the perception that they are more costly.
Lastly,

H4 posits that brand familiarity enhances green brand preference, stating that consumers would
prefer environmentally friendly brands that they know.

Target group for this study are urban consumers between 18 and 45 years, covering a cross-section
of people by age, profession, and lifestyle. The sample is comprised of 200 people, who are chosen
through stratified random sampling to represent each demographic segment such as students,
professionals, and homemakers. The study's data are collected using a formal questionnaire
comprising demographic data, Likert-scale questions for the measurement of environmental
awareness, perception of the brand, and consumption behavior, along with scenarios that enable
the determination of heuristic decision-making and price sensitivity. Using this broad strategy
enables the detailed collection of consumer attitude and decision-making data.

34
Volume 14 issue 2
To analyze data, descriptive statistics (mean, median, and standard deviation) will be used to report
the demographic and variable data, correlation analysis will be used to examine the inter-
relationships among variables, and regression analysis will be used to measure the influence of
independent variables (e.g., environmental awareness and bounded rationality) on the dependent
variable (green purchase intention). Statistical tests will be conducted using SPSS v26, which
offers the facilities to test the hypotheses developed and make sound conclusions from the data.

DATA ANALYSIS

Table 1

Variables Purchase Environmental Price Brand

Intention Awareness Sensitivity Familiarity

Purchase
Intention 1 0.64 -0.56 0.71

Environmental
Awareness 0.64 1 -0.41 0.58

Price
Sensitivity -0.56 -0.41 1 -0.35

Brand
Familiarity 0.71 0.58 -0.35 1

35
Volume 14 issue 2
The correlation matrix also identifies a number of interesting relationships between the variables.
Purchase Intention and Brand Familiarity are strongly positively correlated (0.71), suggesting that
the more familiar consumers are with a brand, the more likely they are to intend to buy from that
brand. Likewise, there is a moderate positive correlation (0.64) between Purchase Intention and
Environmental Awareness, indicating that as consumers become more environmentally conscious,
their purchase intention increases. Conversely, there is a moderate negative correlation (-0.56)
between Purchase Intention and Price Sensitivity, indicating that as consumers are more price
sensitive, their purchase intention decreases.

With regard to the correlation between Environmental Awareness and the other variables, a
moderate negative correlation (-0.41) exists with Price Sensitivity, which means that individuals
who are more environmentally aware are less concerned about price. There is also a moderate
positive relationship (0.58) between Environmental Awareness and Brand Familiarity, implying
that consumers who are environmentally more aware tend to be more familiar with those brands
that promote environmental responsibility. Finally, the weak negative relationship (-0.35) between
Brand Familiarity and Price Sensitivity means that consumers who are more familiar with a brand
are less sensitive to its price.

36
Volume 14 issue 2
In general, the results indicate that environmental consciousness and brand recognition are major
drivers of purchase intention, whereas price sensitivity has a negative impact on purchase behavior.

Table 2

Variable Beta (β) t-value Significance

Environmental
Awareness 0.33 4.1 0.001

Brand Familiarity 0.42 5.25 0

Price Sensitivity -0.28 -3.6 0.003

The regression analysis indicates that Environmental Awareness, Brand Familiarity, and Price
Sensitivity all significantly influence the dependent variable. Environmental Awareness positively
influences the dependent variable, with a beta of 0.33, indicating that for every unit increase in
environmental awareness, the dependent variable is expected to rise by 0.33 units. The t-value of
4.1 and significance level of 0.001 show that this relationship is statistically significant, implying
that environmental awareness is a key factor in determining the outcome. Likewise, Brand
37
Volume 14 issue 2
Familiarity has a stronger positive effect, with a beta of 0.42, which means that as brand familiarity
rises, the dependent variable rises by 0.42 units. The t-value of 5.25 and significance level of 0
(which is very low) validate that this effect is statistically significant. On the other hand, Price
Sensitivity negatively affects the dependent variable, with a beta of -0.28, meaning that with the
increase in price sensitivity, the dependent variable falls by 0.28 units. The t-value of -3.6 and
significance level of 0.003 signify that this negative effect is also statistically significant. Overall,
both Environmental Awareness and Brand Familiarity have a positive effect on the outcome, while
that of Price Sensitivity is significant in the negative direction. All the variables are significant,
with very low p-values, which highlights the robustness of these findings.

CONCLUSION

This research illuminates the complex interrelationship between bounded rationality and green
brand purchase intention. The evidence indicates that whereas consumers report high levels of
concern and awareness towards the environment, their purchasing practices are frequently
restricted by cognitive bounds, price responsiveness, and application of heuristics—focal aspects
of bounded rationality.

Statistical analysis identified that brand recognition and environmental consciousness are
positively related to green purchase intentions, whereas price consciousness has a negative effect
on consumers' inclination to choose sustainable products. These findings confirm that rational
choice is usually undermined by limited information processing, time pressure, and dependence
on mental shortcuts, which largely influence consumer behavior in the green market segment.
Additionally, the research highlights the attitude-behavior gap, where buyers' expressed preference
is not necessarily replicated in their behavior because of bounded rationality. This aspect is vital
for marketers and policymakers to effectively promote green products. It necessitates reducing the
complexity in green product communication, establishing brand recognition by repeated eco-
branding, and developing pricing concepts without discouraging eco-friendly options. Although
there is a desire to promote sustainable actions among contemporary consumers, they are guided
by bounded rationality in their actual behavior. Overcoming this gap would involve concerted
action on the part of marketers, educators, and regulators to develop green consumerism that is
based on information and reason. Future studies may compare cross-cultural differences or use

38
Volume 14 issue 2
qualitative procedures in order to learn more about consumer thinking and action towards green
brands.

REFERENCE

1. Ackaradejruangsri, P. (2015). Insights on GrabTaxi: An alternative ride service in

Thailand. Review of Integrative Business and Economics Research, 4(3), 49.

2. Chae, H., Kim, S., Lee, J., & Park, K. (2020). Impact of product characteristics of limited
edition shoes on perceived value, brand trust, and purchase intention; focused on the
scarcity message frequency. Journal of Business Research, 120, 398-406.

3. Chetioui, Y., Benlafqih, H., & Lebdaoui, H. (2020). How fashion influencers contribute to
consumers' purchase intention. Journal of Fashion Marketing and Management: An
International Journal, 24(3), 361-380.

4. Chioveanu, I., & Zhou, J. (2013). Price competition with consumer confusion.
Management Science, 59(11), 2450-2469.

5. Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California

management review, 54(1), 64-87.

6. Grankvist, G., & Biel, A. (2007). Predictors of purchase of eco-labelled food products: A
panel study. Food quality and preference, 18(4), 701-708.

7. Grubb, M. D. (2015). Overconfident consumers in the marketplace. Journal of Economic

Perspectives, 29(4), 9-36.

8. Grubb, M. D., & Osborne, M. (2015). Cellular service demand: Biased beliefs, learning,
and bill shock. American Economic Review, 105(1), 234-271.

9. Hsu, M. H., Chang, C. M., & Chuang, L. W. (2015). Understanding the determinants of
online repeat purchase intention and moderating role of habit: The case of online group-
buying in Taiwan. International Journal of Information Management, 35(1), 45-56.

39
Volume 14 issue 2
 10. Huang, T., & Chen, Y. J. (2015). Service systems with experience‐based anecdotal
reasoning customers. Production and Operations Management, 24(5), 778-790.

11. Jansson, J., Marell, A., & Nordlund, A. (2010). Green consumer behavior: determinants of
curtailment and eco‐innovation adoption. Journal of consumer marketing, 27(4), 358-370.

12. Kaur, B., Gangwar, V. P., & Dash, G. (2022). Green marketing strategies, environmental
attitude, and green buying intention: A multi-group analysis in an emerging economy
context. Sustainability, 14(10), 6107.

13. Lee, Y. K., Kim, S., Kim, M. S., & Choi, J. G. (2014). Antecedents and interrelationships
of three types of pro-environmental behavior. Journal of Business Research, 67(10), 2097-
2105.

14. Lim, Y. J., Osman, A., Salahuddin, S. N., Romle, A. R., & Abdullah, S. (2016). Factors
influencing online shopping behavior: the mediating role of purchase intention. Procedia
economics and finance, 35, 401-410.

15. Peattie, K., & Crane, A. (2005). Green marketing: legend, myth, farce or prophesy?.
Qualitative market research: an international journal, 8(4), 357-370.

16. Pradhan, P. P., Malia, A., Das, B., Bisoyi, B., & Satpathy, I. (2023). Greener Economy for
Sustainable Development Through AI Intervention: Demystifying Critical Factors. In
Handbook of Research on Sustainable Consumption and Production for Greener
Economies (pp. 327-343). IGI Global.

17. Rashid, R. M., Pitafi, A. H., Qureshi, M. A., & Sharma, A. (2022). Role of social commerce
constructs and social presence as moderator on consumers' buying intentions during
COVID-19. Frontiers in Psychology, 13, 772028.

18. Seal, D. B., Bag, S., & Mandal, K. (2024). Exploring buying intention and brand loyalty
of millennials and Gen Z toward sustainable beauty and personal care products using a
green mix approach. In Sustainability in marketing practice (pp. 207-227). Apple
Academic Press.

40
Volume 14 issue 2
 19. Simon, H. A. (1955). A behavioral model of rational choice. The quarterly journal of
economics, 99-118.

20. Shulman, J. D., & Geng, X. (2013). Add-on pricing by asymmetric firms. Management
Science, 59(4), 899-917.

21. Teng, C. C., & Wang, Y. M. (2015). Decisional factors driving organic food consumption:
Generation of consumer purchase intentions. British food journal, 117(3), 1066-1081.

22. Webb, E. J. (2017). If it’s all the same to you: blurred consumer perception and market
structure. Review of Industrial Organization, 50(1), 1-25.

23. Testa, F., Iovino, R., & Iraldo, F. (2020). The circular economy and consumer behaviour:
The mediating role of information seeking in buying circular packaging. Business Strategy
and the Environment, 29(8), 3435-3448.

24. Tversky, A., & Kahneman, D. (1974). Judgment under Uncertainty: Heuristics and Biases:
Biases in judgments reveal some heuristics of thinking under uncertainty. science,
185(4157), 1124-1131.

41
Volume 14 issue 2