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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
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.
2

INVESTIČNÉ SPRÁVANIE SLOVÁKOV A JEHO MODELOVANIE POMOCOU ŠTRUKTURÁLNYCH ROVNÍC

80%
Baláž V.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 2
109-125
EN
This paper examines investment behaviour by Slovak investors. Data provided by the Slovak Survey of Investor Behaviour are analysed via structural equation modelling. Two major sub-samples of the Survey (standard population sample and sophisticated investors) account for similar determinants of investor behaviour. Risk tolerance, emotions and life-cycle factors explain significant proportion of variance in investment decisions.
3

Contemporary Economic Theory - Continuation or the Search for a New Paradigm?

80%
Wojtyna A.
Ekonomista
|
2008
|
issue 1
9-32
EN
The article aims to discuss the recent turmoil in economic theory and the way it responds to criticisms. The author argues that this response takes two parallel forms. On the one hand, advances in behavioral economics lead to a deep reconstruction of assumptions underlying the concept of 'homo oeconomicus'. On the other hand, research carried out in the loosely defined area of 'complexity economics' questions the traditional way of understanding the equilibrium and dynamics of economic systems. Due to article's size limits other interesting developments in institutional economics, political economics, as well as those related to law and sociology economics have not been addressed. The analysis leads to the conclusion that the mainstream economics significantly extends its subject matter, but at the same time strongly defends its methodology. This process suggests that in the near future one can expect its further opening to those strands in behavioral economics that apply a similar methodology. Given the entangled and transdisciplinary character of 'complexity economics', the early stage of the paradigm shift is likely to be a fairly long-lasting process. However, both developments discussed in the paper will proceed in a mutually reinforcing manner as the research program of behavioral economics constitutes a part of 'complexity economics'.
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