INSTITUTIONAL APPROACH AND THE EVOLUTION OF DEMAND THEORIES

The evolution of demand theories, spanning several centuries, has developed in the direction of increasing the role of consumption as the important stage of the reproduction process in the process of forming a market price, expanding the list of factors determining the size and structure of effective demand, and recognizing the importance of institutional factors in implementing consumer choice along with the price factor. The features of the modern stage of development of demand theories are the comprehensive consideration of the factor of transaction costs, buyer tolerance to price, and the deepening of the differentiated approach in analyzing and forecasting demand for goods and services. The desire of the buyer to minimize transaction costs affects the change in the ratio of trade formats in the retail trade network.