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Household consumer behaviour and welfare in Hungary since the change of system

100%
Cseres-Gergely Z., Molnar G.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 2
107-135
EN
The outcome of the economic performance of individuals takes the form of consumption and consequent welfare. Despite this truism, there is relatively little economics-founded information available on household consumption habits in Hungary. The study sets out to fill the gap with an estimate based on the now-basic spending model. The authors apply the results of the estimate to verifying the robustness of the theoretical economic assumptions and then show how this theoretical framework can be used to quantify the effects of price changes. Within limits, the model proves applicable to the situation in Hungary. The results are comparable to those in international literature. The most instructive finding in practice is the one obtained from the examination of welfare; the model can correct significantly the results obtainable from a naive estimate of price changes that ignores adjustment by consumers. It can be concluded from the consumer-unit calculations that applying in Hungary the internationally customary equivalence scales may lead to overestimation of the relative income position of families with children, especially those with several children.
2

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

63%
Koltay G., Vincze J.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 5
495-525
EN
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.
3

DECLARED PREFERENCE AND RATIONALITY (Kinyilvanitott preferencia es racionalitas)

51%
Kovacs M.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 6
546-562
EN
The author sets out to present the most basic model of economic rationality (omitting uncertainty, strategic interaction and information shortage), along with its assumptions, the statements derivable from those assumptions, and the interpretations of these. This model captures the behaviour of economic decision-makers from the side of declared preference. After presenting the work and findings of Marcel K. Richter, the author examines what rationality precisely means, what can be understood by it and what not, for numerous errors and misunderstandings about the question of rationality are prone to appear in professional literature.
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