Type space on a purely measurable parameter space

Several game theoretical topics require the analysis of hierarchical beliefs, particularly in incomplete information situations. For the problem of incomplete information, Hars´anyi suggested the concept of the type space. Later Mertens & Zamir gave a construction of such a type space under topological assumptions imposed on the parameter space. The topological assumptions were weakened by Heifetz, and by Brandenburger & Dekel. In this paper we show that at very natural assumptions upon the structure of the beliefs, the universal type space does exist. We construct a universal type space, which employs purely a measurable parameter space structure.

Bizalom és kockázat a kapcsolatokban – egy kísérlet eredményei = Relationship between trust and risk - results of an experiment

Műhelytanulmányunkban a diadikus kapcsolatokat állítjuk az elemzés középpontjába. A Budapesti Corvinus Egyetem másodéves, gazdálkodástudományi alapszakjaira járó hallgatóiból véletlenszerűen alakított kétoldalú kapcsolatokban a felek egymás iránt érzett bizalmi szintje és különböző szintű kockázat melletti konkrét cselekvése közötti kapcsolatot vizsgáltuk. Előzetes várakozásaink szerint a felek egymás iránt érzett bizalmi szintje befolyásolja, hogy különböző kockázati szintek mellett hogyan fognak a kapcsolatban szereplő egyének viselkedni. Empirikus elemzésünk során a közgazdaságtanban is elfogadott kísérlet eszközét választottuk, s konkrét adatainkat, megfigyeléseinket e módszertannal gyűjtöttük össze. Az így kapott mintát a Magyarországon a gazdálkodás-, illetve közgazdaságtudományban tudomásunk szerint eddig még nem használt diadikus adatelemzés speciális statisztikai módszertanát alkalmazva vizsgáltuk. Műhelytanulmányunk célja volt ezért az is, hogy ennek a hálózati gazdaság építőkövének, a kapcsolatnak a vizsgálatára alkalmas elemzési módszertannak az ismertetését is megtegyük. _______ In the working paper we have focused on the analysis of trust in dyadic relationships. We have assumed that trust is a kind of coordinating mechanism in these relationships, the existence of which influences interaction between dyadic partners. We carried out an experiment with the help of bachelor students studying at the Budapest Corvinus University. Our hypothesis was that medium and high level of trust will influence the willingness to take more risky decisions. These experiments have been realized in concrete personal dyads; therefore the applied statistical analysis was the dyadic analysis that is a new analytical method developed for analyzing such dyadic problem settings.

The economic approach of advertising and the problem of allocating advertising budgets during a recession

The importance of advertising has changed in many aspects in the last decade, and mainly during the last years of the economic crisis. Economics traditionally did not find advertising a valuable factor until empirical studies demonstrated that advertisement affects consumer perception by means of indicating the quality of the underlying product. Consequently, products that are advertised more frequently, are more likely to be associated with a higher quality. Nevertheless, advertising is a strong tool in competition, which statement is confirmed by the recognition that increasing consumer knowledge contributes to the diffusion of innovation and to the reduction of research and development (R&D) costs. This contribution can be achieved nowadays by consumer interactivity, where companies deliberately rely on the involvement of their consumers. Recently, when companies were confronted to the global economic crisis, brand managers realized that allocating advertising budgets in a recession (considering the actual state of the economic conditions) is a highly important decision factor beside competition, consumer behaviour, trends or industrial conditions. Companies have to realize that their communication budgets are planned substantially in a different way in times of crisis than during an upsurge. Moreover, should a company make the best of maintaining their advertising budgets in recession times, it will indicate more trust towards their consumers and show a more favorable image towards their investors. This study assembles different approaches from the economics of advertising to draw conclusions for the subsequent analyses of advertising in times of a crisis. The main objective with the literature review is to show, that pro-cyclical actions (reducing advertising budgets in times of crisis and overspending during upsurge) of companies can lead to problems of profitability, consumer trust and competitiveness in the long run.

Bizalom az üzleti kapcsolatokban. A diadikus adatelemzés egy alkalmazása = Trust in business relations - an application of dyadic data analysis

A tanulmány arra a feltevésre épül, hogy minél erősebb a bizalomra méltóság szintje egy adott üzleti kapcsolatban, annál inkább igaz, hogy nagy kockázatú tevékenységek mennek végbe benne. Ilyen esetekben a bizalomra méltóság a kapcsolatban zajló események, cselekvések irányítási eszközévé válik, és az üzleti kapcsolatban megjelenik a cselekvési hajlandóságként értelmezett bizalom. A tanulmány felhívja a figyelmet a bizalom és a bizalomra méltóság fogalmai közötti különbségre, szisztematikus különválasztásuk fontosságára. Bemutatja az úgynevezett diadikus adatelemzés gazdálkodástudományi alkalmazását. Empirikus eredményei is igazolják, hogy ezzel a módszerrel az üzleti kapcsolatok társas jellemzőinek (köztük a bizalomnak) és a közöttük lévő kapcsolatoknak mélyebb elemzésére nyílik lehetőség. ____ The paper rests on the behavioral interpretation of trust, making a clear distinction between trustworthiness (honesty) and trust interpreted as willingness to engage in risky situations with specific partners. The hypothesis tested is that in a business relation marked by high levels of trustworthiness as perceived by the opposite parties, willingness to be involved in risky situations is higher than it is in relations where actors do not believe their partners to be highly trustworthy. Testing this hypothesis clearly calls for dyadic operationalization, measurement, and analysis. The authors present the first economic application of a newly developed statistical technique called dyadic data analysis, which has already been applied in social psychology. It clearly overcomes the problem of single-ended research in business relations analysis and allows a deeper understanding of any dyadic phenomenon, including trust/trustworthiness as a governance mechanism.