Vliv Duesenberryho hypotézy relativního příjmu na výslednou spotřební funkci

Abstract

This study deals with the question, whether the generally accepted theory of household consumption (life cycle - permanent income hypothesis), whitch hasn't been significantly changed for almost 60 years, is really an entirely correct and complete theory, whether one of the major determinants of general consumption function could be omitted. If so, then one of the possible candidates for the addition and improvement of the mainstream approach to household consumption could be Duesenberry's hypothesis, which has been, apparently wrongfully, ignored by professional economic communities for many years. The aim of this work is to describe the principles of the theory of relative income, to empirically verify its validity in an economy, that has undergone a complete economic transformation, but especially to revive the idea of inclusion Duesenberry's model into the final form of an entirely correct and complete theory of household consumption. The main contribution of this paper is then the outline of the possible form of synthesis of the permanent income theory and the relative income hypothesis.