Life Cost,Heterogeneous Income and the Foundation of a New Consumption Behavior Theory

In this research,the rationality of micro-foundation of all previous consumption function theories based on homogeneous income hypothesis is questioned,and key heterogeneous fact that different consumers need to pay different life costs for same income,which affects deeply consumption decisions,is put forward.Based on these,two new theory fulcrums in consumer behavior theory are constructed.Firstly,a new consumption equilibrium theory about consistency of production-consumption decision is founded based on life cost hypothesis,and consumption equilibrium based on life cost hypothesis and consistency of production-consumption decision is considered to be more foundational and important than one of pure consumption based on homogeneous income hypothesis,and impact macro-consumption behavior more directly and profoundly than later,and is the first equilibrium.Secondly,based on consumption equilibrium theory about consistency of production-consumption decision,the life cost consumption function theory is constructed and empirically validated.According this research,the previous consumption function theory,which explains consumer behavior from income perspective,have cognitive limitations,and insists reinterpreting consumer behavior from life philosophy and human life cost perspectives.The results of this research maintain that consumption equilibrium theory of pure consumer based on homogeneous income hypothesis,which is essential theory of microeconomics,should be improved into new consumption equilibrium one about consistency of production-consumption decision,and consumer equilibrium and consumption function theory,that are part of microeconomics and part of macroeconomics respectively,are coupled into consumer behavior theory system.This paper means more deeply to establish a new consumption behavior theoretical system,and to provide new theoretical basis for economic theoretical system with more consistently macro and micro respects.