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The purpose of this article is to review the literature on three prominent theories in consumer financial behavior. The theories are the life-cycle theory, prospect theory, and theory of consumer socialization. The review of literature is interdisciplinary in nature (e.g. papers are reviewed from family and consumer science, economics, business, and other related disciplines). Each theory is explained and the major applications of each theory are described. Suggestions for future research are proposed.
Xiao et al. (Fri,) studied this question.
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