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

100%

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.

Simulations and sensitivity analyses with a medium-sized macro model of the Hungarian economy

81%

Biro A., Elek P., Vincze J.

Kozgazdasagi Szemle (Economic Review)

2007

vol. 54

issue 9

774-799

This paper analyses the most important mechanisms of the Hungarian economy using a medium-sized quarterly macroeconomic model developed jointly by the Economic Policy Department of the Ministry of Finance and the Institute of Economics of the Hungarian Academy of Sciences. After introducing the fundamental principles of modelling and the building blocks of the model investigated, within a scenario analysis, the authors present the effects of the main factors behind the macroeconomic and budgetary processes. The sources of uncertainty - defined in a broad sense - are categorized in three groups: change in the external environment (e.g. the exchange rate), uncertainties in the behaviour of economic agents (e.g. in speed of wage adjustment or extent of consumption smoothing), and economic policy decisions (e.g. the increase in public sector wages). The macroeconomic consequences of these uncertainties are shown not to be independent of each other. For instance, the effects of an exchange rate shock are influenced by the speed of wage adjustment.

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2 Kozgazdasagi Szemle (Economic Review)

2 Vincze J.

1 Biro A.

1 Elek P.

1 Koltay G.

1 2009

1 2007

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

Simulations and sensitivity analyses with a medium-sized macro model of the Hungarian economy