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Does the probability to herd decrease when decisions are of higher importance? Experimental Approach
Kočová, Alžběta ; Cingl, Lubomír (advisor) ; Maršál, Aleš (referee)
In this thesis I study the effect of decision importance on propensity to engage in herding behaviour and what is bounded rational, optimal, utility maximizing strategy for agents. In the beginning, prior literature on herding behaviour and decision importance is reviewed. The only research connecting these two issues was done in psychology. Therefore a comparison and critique of psychological research versus experimental economics is provided in the methodological part. The main part of this thesis is designing an experiment aimed at differentiation of the propensity to engage in herding behaviour with respect to the importance of the decisions being made. People decide in a cascade among two option according to signals obtained. Eight different treatments are run, each with different size of monetary reward as a motivation. Everyone gets two signals, one private and one public. In situations when these signals are contradictory and of the same informativeness, decisions are measured and compared among treatments. Main hypothesis is that people are less likely to be influenced by other people's decisions as the task importance rises. Also data analysis is outlined. JEL Classification C92 Keywords Herding behaviour, informational cascades, importance, experimental economics Author's e-mail...
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The contemporary relevance of Paul M. Sweezy's work
Král, Tomáš ; Baxa, Jaromír (advisor) ; Maršál, Aleš (referee)
This work is engaging in personality and opinions of an American neomarxistic economist Paul M. Sweezy. In the first part of my work, I am writing about the kinked demand curve, which was formulated for the first time by Paul Sweezy. Then I am dealing with Sweezy's evaluation of socialism and how he dealt with development of socialism in socialistic countries. I put the main emphasis on interpretation of economic crisis, which he considers as a normal state of capitalism. In the end I'll try to show, that Sweezy's work is relevant, when explaining the origin of some problems of today's economy.
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Procrastination under Cooperation
Procházka, Šimon ; Janotík, Tomáš (advisor) ; Maršál, Aleš (referee)
In this paper focusing on the subject of procrastination I have aimed on the pheno- menon I noticed during studies of microeconomics course at IES, when the finished homework papers were submitted usually two hours before deadline. And I would like to clarify, what role played procrastination and its expectation in submitting of the homeworks and what part played cooperation between students during soluting of these homeworks, this means how much is procrastination result of this common waiting game, where students are taking already completed parts of solution, and if this game is actually happening. This topic I am trying to answer with the tools of game theory. Keywords Procrastination Game theory Equilibrium refinement Cooperation Group dy- namics 1
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Perceived inflation in Slovakia during euro accession
Lacko, Branislav ; Dědek, Oldřich (advisor) ; Maršál, Aleš (referee)
This bachelor thesis deals with phenomenon of perceived inflation which is related to euro changeover. This phenomenon has become in most euro area countries issue, because people perceived inflation on the higher level as was actually measured. Based on previous studies, there are described not only method to receive both perceived and actual inflation, but also factors affecting the level and potential differences. Part of this work is also a comparison of these two types of inflation in Slovak republic, as sixteenth member of euro area, and the countries that adopted euro before Slovakia.
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Sustainability of public debt, deficits of public budgets and economic growth
Marečková, Jana ; Ivanková, Kristýna (advisor) ; Maršál, Aleš (referee)
Cílem práce je otestovat udržitelnost veřejného dluhu a vliv fiskální politiky na ekonomický růst ve vybraných zemích OECD (Belgie, Francie, Itálie, Ra- kousko a Velká Británie). První část práce je věnována historickému vývoji eko- nomických přístupů k tomuto tématu a teoretickým předpokladům modelů. V druhé části práce přistupujeme k ekonometrické analýze. Na základě výsledků se podařilo prokázat udržitelnost veřejného dluhu v Belgii a Rakousku. U Itálie a Velké Británie výsledky ukazují, že jejich primární přebytky reagují pozitivně na zvyšující se poměr dluhu vůči HDP. Nepodařilo se však ukázat, že vývoj je- jich veřejného dluhu je stacionární proces. U Francie převažoval negativní vztah primárních přebytků a poměru dluhu vůči HDP. Vliv fiskální politiky na ekonomický růst zkoumáme z pohledu rozdělení výdajů na produktivní a neproduktivní a přijmů vlády na distorční a nedistorční. Z důvodu omezené dostupnosti dat se podařilo prokázat pouze v případě Itálie, že zvýšení fiskálního deficitu o 1% snižuje o 1% ekonomický růst, zvýšení distorčních daní o 1% snižuje ekonomický růst o 1,2% a zvýšení produktivních výdajů zvyšuje ekonomický růst o 0,5%. Druhou analyzovanou...
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Veřejné zakázky ve zdravotnictví
Počarovský, Jiří ; Janský, Petr (advisor) ; Maršál, Aleš (referee)
This thesis is focused on public procurement issues. Competitive tendering provides great scope for inefficient allocation of resources. This work studies such scope theoretically. Transaction costs, pressure on price and quality of services, influence of competition on price and impact of for profit and not for profit status of the service providers are discussed. These aspects are then tested on empirical data. The data come from public contracts announced by 111 selected hospitals in the Czech Republic in 2006 - 2009. Ordinary least squares and least absolute deviations are employed. The results indicate that a higher number of bids implies a lower final price. The second conclusion is that the open tender procedure reduces the final price compared to other types of proceedings.
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Proměnlivost multiplikátorů vládních výdajů v čase: Evidence z dat z USA
Focht, Daniel ; Maršál, Aleš (advisor) ; Chytilová, Helena (referee)
This paper estimates the size of the government spending multiplier over different states of the economy. Previous research came with two contradictory conclusions. Part of the literature argues that the spending multiplier is larger during recession and zero-lower bound periods, while the second one concludes that it remains constant. First, a summary of the relevant literature is presented, outlining different types of used methodological approaches and estimated size of the multiplier. We build a model estimated using local projections by Jorda for the period 1889 to 2016 to estimate government spending multipliers over different states of the economy. Our results show that the spending multiplier remains constant over different states of the economy.
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Vliv fiskální politiky na výnosovou křivku
Vránová, Veronika ; Maršál, Aleš (advisor) ; Potužák, Pavel (referee)
The thesis analyzed the impacts of fiscal developments on the yield curve using quarterly data on the Czech economy over the period 2000:1 -- 2012:4. This thesis thoroughly reviewed the previous theoretical and empirical literature in order to sort out the rather inconclusive results of previous studies according to their main findings and implemented methodology. The empirical part consists of the estimation of the effects of budget deficits and government debt on the spread between the three-month and five-year interest rates, which closely reflects the effects of fiscal policy on the yield curve. The reduced-form equation was estimated by OLS. Since the estimated coefficients were not statistically significantly different from zero, this thesis did not confirm the conventional macroeconomic view of positive impacts on yields.
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What Central Banks Can Learn from It
Brázdik, František ; Hlaváček, Michal ; Maršál, Aleš
This survey gives insight into the ongoing research in financial frictions modeling. The recent financial turmoil has fueled interest in operationalizing financial frictions concepts and introducing them into tools for policy makers. The rapid growth of the literature on these issues is the motivation for our review of the presented approaches. The empirical facts that motivate the inclusion of financial frictions are surveyed.
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Svensson, Bernanke and Inflation Targeting in Central Europe
Maršál, Aleš ; Czesaný, Slavoj (advisor) ; Potužák, Pavel (referee)
This paper focuses on controversial issues of inflation targeting. The study is based on Svensson?s and Bernanke?s theory which is applied in case studies of Czech Republic, Poland and Hungary. Understanding of actual performing of inflation targeting allows us to interpret correctly econometric and statistics analysis. The object of the thesis is to decide if the central European countries should rather follow Bernanke?s or Svensson?s theoretical conclusions. Brief summary of historical development explains reasons for implementing of inflation targeting. Next, Bernanke?s and Svensson?s definition of inflation targeting is mentioned and the differences are further analyzed. In particular, the choice of price index, understanding of price stability, lags of monetary transmission mechanism, the choice between band and point target. The last part of the thesis deals with intermediate target examining the performance of central bank and market forecast.
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