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Abstract

Schwartz created a circle of values reflecting people’s individual systems of goals and motivations. These values can be grouped into different dimensions: self-protection versus self-growth and concentration on others versus concentration on self. In the present study, we analysed how these dimensions are related to hedonic and eudaimonic well-being; N=747 participants, representative of the general Polish population, completed the Portraits Value Questionnaire, Satisfaction with Life Scale and Questionnaire for Eudaimonic Well-being (online study). A series of models were tested using structural equation modelling. We found that concern for self and self-protection values were related to higher hedonic well-being, whereas concern for others and growth values were related to its lower levels. However, growth and concern for others were positively linked to eudaimonic well-being, but they may also positively and indirectly impact hedonic well-being (suppression effect). These results suggest that some values are associated with a feeling of self-realisation at the cost of current hedonic well-being.

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Authors and Affiliations

Agnieszka Bojanowska
Agnieszka Czerw
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Abstract

This paper studies the long-run relationship between consumption, labour income and asset wealth in Poland. Within cointegrated VAR model dynamic responses of the variables in the system to shocks are studied. In addition, series are decomposed into permanent and transitory components on the basis of the cointegrating relation found in the system.

Main conclusion of this paper is that deviations of the three variables from their estimated long-run relationship are better explained with uctuations of labour income than assets. A tentative explanation of this nding is presented. Additionally, the magnitude of the asset wealth eect in Poland is calculated and compared with other studies for European countries and for the U.S.

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Authors and Affiliations

Magdalena Zachłod-Jelec
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Abstract

The study attempts to link the descriptive economics with the
theoretical model of permanent income and life cycle hypothesis (PILCH)
to shed some light on a low private savings rate for Polish households.
These may be explained by the households' belief that the public pension
are a collateral to borrow against, which could discourage the buffer
stock effect. The study comprises two research fields: 1) the estimation
of so called augmented wealth, and, 2) the marginal propensity to
consume (MPC) out of different types of wealth with the permanent income
model. The mean augmented wealth (i.e. net wealth plus public pension
wealth) per household in PLN amounted to 705 thousands, consisting of
public pension wealth of 388 thousands and net wealth of 415 thousands.
The model perfectly matches the augmented wealth Lorenz curve. The
average MPC out of all types of wealth reaches 10% on average, ranging
6-20%, with a negative MPC to wealth correlation, and 60% of
hand-to-mouth households. The explanation for this perfect match may
stem from a high wage growth (also public pension contributions wedge)
that that builds the public pension wealth. The Ricardian-type
households may then mentally account the future pensions as a collateral
(fiduciary money) for current high MPC, which may implicate crowding out
their propensity to save for retirement privately.
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Authors and Affiliations

Janusz Jabłonowski
1

  1. SGH Warsaw School of Economics, Warsaw, Poland
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Abstract

25 years after the political transformation in Poland the time has come to assess the reforms and attitudes of entrepreneurs . The role of business leaders turns out to be particularly important in the creation of common good, inclusive of workplaces created by them and an active fight against poverty. On the basis of the most recent social documents of the Catholic Church, the author of the article considers an influence of the globalization and financialisation on the conditions in which Polish entrepreneurs function. For Christian business leaders particularly important are those fundamental and practical principles of business which emerge from the human dignity, common good as well as from such principles as justice and subsidiarity. In the current context knowledge should be combined with spirituality so that those principles can be put into practice. The spirituality of St . Ignatius has always been open to this. The author then points to the activity of those young Christian business leaders in Poland who search for an inspiration in the books of Chris Lowney.

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Authors and Affiliations

Ks. Ireneusz Mroczkowski
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Abstract

This paper defines the concept of simple strategy and introduces three kinds of simple strategies: wealth-invariant, scale-invariant and "wealthier-accept more". For three commonly used utility function families: CARA, CRRA and DARA equivalent characterizations are obtained in terms of the corresponding simple strategy, in terms of the buying and selling price properties, and in terms of the utility function properties as expressed by Cauchy functional equations. Moreover, an extension of famous Pratt (1964) theorem is proved which involves buying price for a lottery as an alternative measure of comparative risk aversion. Additionally a number of propositions on both selling and buying price for a lottery and CRRA utility class are proved.

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Authors and Affiliations

Michał Lewandowski

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