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@article{168857,
        author = {N.Subaraj and N.HanuKrushna},
        title = {Consumer Theory and its Implications for the Sri Lanka Education System},
        journal = {International Journal of Innovative Research in Technology},
        year = {2024},
        volume = {11},
        number = {5},
        pages = {2421-2426},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=168857},
        abstract = {This paper explores the application of consumer theory to the Sri Lankan education system, aiming to provide insights into the decision-making processes of students and parents and inform policy interventions to enhance access, quality, and equity in education. Consumer theory posits that individuals make rational decisions to maximize their satisfaction or utility within budgetary constraints. When applied to education, this theory suggests that students and parents act as consumers, evaluating and selecting educational options based on expected utility, considering factors such as budget constraints, the cost of education, and perceived quality. 
The Sri Lankan education system faces challenges that threaten its effectiveness and inclusivity, including overcrowded classrooms, inadequate resources, and a stark divide in educational opportunities between urban and rural regions. By analyzing how students and parents engage in utility maximization when making educational choices and the impact of budget constraints on their ability to access and choose quality education, this paper aims to address these challenges. 
The methodology employed combines theoretical analysis and empirical examination. A comprehensive review of academic literature establishes a theoretical foundation, followed by an in-depth analysis of the Sri Lankan education system. The findings reveal that students and parents engage in utility maximization but face significant budget constraints, limiting their access to quality education. The paper discusses the implications for policy and practice, emphasizing the need for policies that address socioeconomic disparities and enhance the quality of education.},
        keywords = {Consumer Behavior, Education System, Educational Outcomes, Economic Development, Social Mobility},
        month = {November},
        }