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Irrational Behaviour
Vlach, Tomáš ; Koubek, Ivo (advisor) ; Kvaček, Jan (referee)
This thesis questions the notion of rationally behaving individuals as an as- sumption of microeconomic and macroeconomic models. Its goal is to show that foundations on which the modern economics is built are not so much solid. Selected topics are discussed theoretically and subsequently confirmed empir- ically by existing research studies. Afterwards, they are extended by related findings and potential implications for human behaviour. The thesis contains examples of irrational behaviour in which it is possible to behave rationally as well as examples in which it is very difficult to do so. The results imply that irrationality is present in many different domains. Because the assumption of rationality is repeatedly violated, economic models are not able to properly describe and predict human behaviour. Keywords Irrationality; opportunity costs; loss aversion; self-control; procrastination; cognitive illusions Author's e-mail tvlach92@seznam.cz Supervisor's e-mail koubek@fsv.cuni.cz
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Unemployment in the Czech Republic
Klečka, Michal ; Hlaváček, Michal (advisor) ; Kvaček, Jan (referee)
This paper is aimed at analysis of unemployment in the Czech regions. The key thing is the effort to create a simple model which determinates unemployment in regions. To this, three basic factors are used - inflation, outcome and criminality as they represent fiscal, monetary and social policies. Firstly, the effects of these factors are tested separately by OLS to find their mutual correlation. The average effects of dependence between factors and unemployment in regions are also established by using panel regression. Original and static Phillip's curves are used to measure the impact of level of unemployment on the inflation. The expanded model of Phillip's curve and the dynamic model of natural level of unemployment are used to estimate natural levels of unemployment in regions. The difference version of Okun's law is used to estimate the impact of economy outcome on the level of unemployment. Subsequently, the extended model of Okun's law is used to distinguish the effect of economic cycle on this impact. Correlation of level of unemployment with criminality is measured by simple model, where the change of the first variable is determined by the change of the second variable. All this knowledge is used to create the complex model, which explains the change of the level of unemployment in...
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Funding of long-term care for ageing population in the Czech Republic
Málek, Josef ; Hroboň, Pavel (advisor) ; Kvaček, Jan (referee)
This thesis focuses on sustainable funding of long-term care for ageing population in the Czech Republic. In Europe the population is constantly ageing and the health-care especially the long-term care is a constantly growing burden for the fiscal policy. The current status of funding of the long- term care in the Czech Republic is unsustainable. We work with predictions about the evolution of number of citizens in the Czech Republic in the middle-run perspective. Then we discuss long-term care systems across the European Union and OECD members. Further we propose a model based on German long-term care system and provide a framework for structural change of long-term care funding that would lead to sustainability of the system. We also discuss some amendments that should lead to higher efficiency of the system and less the burden.
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Willingness to pay for online content in the Czech Republic
Vala, Michal ; Polák, Petr (advisor) ; Kvaček, Jan (referee)
This thesis studies consumers' willingness to pay for online content in the Czech Republic. The study focuses on the newspaper industry in the online environ- ment. Data analysed in the study come from a self-conducted online survey. Using the logit estimation method, following variables were identified to signifi- cantly affect the probability of having paying intentions-Gender, Occupation, Internet usage, News usage, Past online payment, and Past newspaper pay- ment. Moreover, under no free newspapers scenario, a monthly subscription of printed newspapers was assigned with an average value of CZK 96.7, which is almost double when compared to the average of CZK 50.7 that would con- sumers pay for a monthly access to the digital edition of newspapers. JEL Classification D10, D12, L86 Keywords WTP, online content, newspapers, Czech Re- public Author's e-mail mic.vala@gmail.com Supervisor's e-mail polakpet@gmail.com
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The Impact of Judicial Verdicts Regarding Patent Litigation on Stock Prices
Vlčková, Kateřina ; Novák, Jiří (advisor) ; Kvaček, Jan (referee)
This thesis examines the impact of judicial verdicts on patent holders' stock prices. Our dataset contains 40 companies which were involved in a legal dispute concerning patent infringement or patent invalidity and which were judged by the England and Wales High Court (patent court). This work states three main hypotheses which are examined within the empirical part. To understand the impact of a judgement on the stock price of the patent holder we used an event study which measures the impact of economic events on stock prices. We divided the main hypothesis into two parts. The first part examines whether the stock price increases in case of a trial victory and the second part tests whether the stock price decreases in case of a trial defeat. Our empirical analysis refused an alternative hypothesis and so the first part was confirmed. Nevertheless our results did not confirm the second part of the first hypothesis and the stock price shows the positive abnormal return even in case of a trial defeat. On the basic of these results we conclude that judgements influence the stock price in some specific cases but they are not a dominant factor. However we confirm the next hypothesis that the stock price reacts more sensitively to the judgement's announcement in a trial concerning patent invalidity than...
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Irrational Behaviour
Vlach, Tomáš ; Koubek, Ivo (advisor) ; Kvaček, Jan (referee)
This thesis questions the notion of rationally behaving individuals as an as- sumption of microeconomic and macroeconomic models. Its goal is to show that foundations on which the modern economics is built are not so much solid. Selected topics are discussed theoretically and subsequently confirmed empir- ically by existing research studies. Afterwards, they are extended by related findings and potential implications for human behaviour. The thesis contains examples of irrational behaviour in which it is possible to behave rationally as well as examples in which it is very difficult to do so. The results imply that irrationality is present in many different domains. Because the assumption of rationality is repeatedly violated, economic models are not able to properly describe and predict human behaviour. Keywords Irrationality; opportunity costs; loss aversion; self-control; procrastination; cognitive illusions Author's e-mail tvlach92@seznam.cz Supervisor's e-mail koubek@fsv.cuni.cz
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Long-term financial sustainability of health care system in Czech republic
Lukešová, Zuzana ; Tulejová, Henrieta (advisor) ; Kvaček, Jan (referee)
1 Abstract The aim of diploma thesis is searching for solution of long-term sustainability for health care financing in Czech Republic with respect to future demographic development of Czech population and with respect to development of other factors influencing income and expenditure of health care system. After introduction there is the second chapter that describes evolution and current state of Czech health care system. The third chapter deals with historical progress of income and expenses on health care in Czech Republic and adds an international comparison. The chapter four identifies main motives for future change of Czech health system financing. The chapter five shows inspiring examples how health care financing works in Netherlands, Switzerland and Germany. The sixth chapter describes basic aspects, advantages and disadvantages of introducing nominal premium to Czech health insurance system. In chapter seven there is a summary of process of introducing nominal premium and results of model of future income from reformed health insurance for year of nominal premium introduction - 2015. The basic outcome of model is fact that nominal premium introduced in amount of 725 CZK per month per person can bring additional finance to health care system in amount of 31 505 bil. CZK in despite of replacing...
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The Commercial Real Estate Analysis for CEECs region
Pavlas, Michal ; Hlaváček, Michal (advisor) ; Kvaček, Jan (referee)
In this thesis we examine macroeconomic factors that influenced the office real estate market in CEE countries between years 2000 and 2012. First, we describe commercial real estate indicators. Next, we create several models for four cities - Prague, Budapest, Moscow and Istanbul. We make also panel data regression for all four cities. We conclude some key determinants that influence the prime yields of office buildings in each city and finally we compare and contrast the results across all cities. Our results suggest that prime yields are most influenced by vacancy rate, gross take-up, total office stock and unemployment rate.
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Genetically Modified Biofuels in the Context of Central Europe
Bláhová, Pavla ; Janda, Karel (advisor) ; Kvaček, Jan (referee)
1 Abstract Biofuels have been in the center of focus for many years. They are believed to be the solution to rising fossil fuel demand. This work links together cellulose based biofuels and genetical engineering. Biofuels consumption and production are encouraged all over the world. On the other hand genetical engineering faces harsh legislative obstacles. Our work examines the influence of GM corn on corn for silage yields, which can be used to produce cellulose based ethanol. Results of our model state that if 85% of corn sown area in the CZ was dedicated to GM corn, the yields of corn for silage would increase to 150%. Main drawback of our analysis is that estimates suffer from large uncertainty. Based on discovered significant positive effect, the work recommends liberalization of rigorous EU legislation concerning GM crops. The results of this work can indicate further focus of biofuel industry as well as development in genetical engineering. JEL Classification Q16, Q42, C23 Keywords biofuels, cellulose based ethanol, GM crops, GM corn Author's e-mail PBlahova@email.cz Supervisor's e-mail Karel-Janda@seznam.cz
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Unemployment in the Czech Republic
Klečka, Michal ; Hlaváček, Michal (advisor) ; Kvaček, Jan (referee)
This paper is aimed at analysis of unemployment in the Czech regions. The key thing is the effort to create a simple model which determinates unemployment in regions. To this, three basic factors are used - inflation, outcome and criminality as they represent fiscal, monetary and social policies. Firstly, the effects of these factors are tested separately by OLS to find their mutual correlation. The average effects of dependence between factors and unemployment in regions are also established by using panel regression. Original and static Phillip's curves are used to measure the impact of level of unemployment on the inflation. The expanded model of Phillip's curve and the dynamic model of natural level of unemployment are used to estimate natural levels of unemployment in regions. The difference version of Okun's law is used to estimate the impact of economy outcome on the level of unemployment. Subsequently, the extended model of Okun's law is used to distinguish the effect of economic cycle on this impact. Correlation of level of unemployment with criminality is measured by simple model, where the change of the first variable is determined by the change of the second variable. All this knowledge is used to create the complex model, which explains the change of the level of unemployment in...
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