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CONSUMER DECISIONS FROM THE ANGLE OF BEHAVIOURAL ECONOMICS (Fogyasztoi dontesek a viselkedesi kozgazdasagtan szemszogebol)

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Koltay G., Vincze J.

Kozgazdasagi Szemle (Economic Review)

2009

vol. 56

issue 5

495-525

Through reviewing the literature, the article examines how the means of behavioural economics can be used to analyse consumer decisions. Some of the essential conclusions are these: 1. As with non-standard preferences, asymmetrical information prevents a Pareto efficiency developing even with free competition. 2. The empirical findings point to the conclusion that the role of communal preferences is negligible in well-operating short-term market exchange relations. 3. 'Sense and sensibility' are often indistinguishable in consumer decision-making, at least partial exploitation of which may explain the gain companies make from advertising and marketing. 4. It is not enough to examine average behaviour: special attention needs paying in regulatory decisions to the situation of consumers most likely to make mistakes. 5. When any market intervention is planned, the theoretical considerations must always be complemented by specific, empirical investigations.

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1 Kozgazdasagi Szemle (Economic Review)

1 2009

1 Koltay G.

1 Vincze J.

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CONSUMER DECISIONS FROM THE ANGLE OF BEHAVIOURAL ECONOMICS (Fogyasztoi dontesek a viselkedesi kozgazdasagtan szemszogebol)