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EU's competition policy v. USA's antitrust : key differences to know
Luňáčková, Petra ; Hrubý, Zdeněk (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
This thesis is a comparative study of European competition policy and American antitrust. It introduces both policies and focuses mostly on key differences between them, especially on the non-price vertical restraints and monopoly pricing. The economic theory is indecisive about the effects of vertical agreements on competition. The EU finds them often anticompetitive compared to the U.S. that believes in their procompetitive or neutral impact. The case studies illustrate how antitrust measures are applied and what consequences they might have in terms of market structure, innovation, motivation or deterrence. The findings are backed by law systems, historical development and in particular by economic discussion of antitrust efficiency. The analysis suggests that without a suitable economic theory that would explain the outcome of market interventions as well as corresponding welfare effects the differences are hard to overcome.
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Problémy regulace energetického sektoru jakožto přirozeného monopolu
Nováčková, Tereza ; Gapko, Petr (advisor) ; Luňáčková, Petra (referee)
UNIVERZITA KARLOVA V PRAZE FAKULTA SOCIÁLNÍCH VĚD Institut ekonomických studií Tereza Nováčková Problémy regulace energetického sektoru jakožto přirozeného monopolu Bakalářská práce Praha 2011 Abstract The thesis deals with the problems faced by the regulatory authority when monitoring natural monopolies. Three main objectives are set out within the work. Firstly, I will compare the theory of regulation with its practical application to the energy sector in the Czech Republic. The second objective covers a comparison of two methods of regulation and their impacts on a consumer and the regulated company. For this purpose prices set by regulatory authority have been compared with prices created by Price-cap method. The third objective is the analyses of electricity prices ranging from the initial operating of the regulatory authority in the Czech Republic. The outcome of the thesis is the description of the regulation of energy market in the Czech Republic focusing on the theories of regulation.
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EU's Competition Policy v. USA's Antitrust : Antitrust in Payoff Matrix
Luňáčková, Petra ; Hrubý, Zdeněk (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
EU's Competition Policy v. USA's Antitrust Antitrust in Payoff Matrix Abstract The thesis consists of two parts - comparative study and antitrust model. First part is dedicated to the comparison of European competition policy and American antitrust. It introduces both policies and focuses mostly on key differences between them, especially on the non-price vertical restraints and monopoly pricing. The economic theory is indecisive about the effects of vertical agreements on competition. The EU finds them often anticompetitive compared to the U.S. that believes in their procompetitive or neutral impact. Second part presents an antitrust model which describes the process of protecting competition and suggests optimal behavior for both enforcement officials and firms. In the game theory framework the payoff matrixes show the difference discussed in the first part and offer theoretical solution. Optimal strategies are derived for American, European and neutral policies and compared afterwards. The case study concludes the thesis and gives a real example of the difference between antitrust and competition policy. Key words: antitrust, competition policy, vertical mergers, game theory, payoff matrix, Article 101 and 102 of the TFEU, Sherman Act
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Pension Reforms in Latin America: Comparative Analysis of Reforms in Peru and Bolivia
Kučová, Petra ; Hedbávný, Petr (advisor) ; Luňáčková, Petra (referee)
During 1990s, pension reforms took place in 7 Latin American countries. This paper focuses on pension reforms in two countries of the region - namely Peru and Bolivia. Apart from describing reforms, the paper deals with indexation of pensions. Using data from Peru, it examines whether the consumer price index is an appropriate indicator for indexing pension benefits. Section I adumbrates economic and demographic situation in Latin America and history of local pension systems. Next section is devoted to the pension system in Peru, its reform and subsequent adjustments. The third section describes the reform and its modification in Bolivia. Section IV summarizes and compares examined reforms. Final section analyses costs of living of particular income groups in Peru. Results show that 55-60 % of pensioners faced lower inflation than was the overall inflation in the country during the period 1995-2003. Therefore, indexing pensions with consumer price index is advantageous for more than half of pensioners.
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Willingness to pay for mobile internet in the Czech Republic
Doskočilová, Kateřina ; Polák, Petr (advisor) ; Luňáčková, Petra (referee)
Willingness to pay for mobile internet in the Czech Republic Abstract The main focus of this thesis is to examine consumers' willingness to pay for mobile internet in the Czech Republic. The data for the estimation were collected via a self-developed online questionnaire. Using the logit model, the factors, which significantly influences the WTP, were identified. These include: the ownership of a smartphone, perceived importance of availability of the internet connection, having a monthly mobile tariff and the way of using mobile applications. Additionally, the price, that the consumers' would be willing to pay for their ideal tariff, is examined and it is shown, that the level of education has a significant negative effect on this price.
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Central Bank Transparency and Price Stability
Katuščáková, Dominika ; Horváth, Roman (advisor) ; Luňáčková, Petra (referee)
The thesis investigates the central bank transparency employing the Monetary Policy Transparency Index. The main objective is to investigate recent trends in the central bank transparency. First, the level of monetary policy transparency is investigated from various aspects, as, for instance, time or geographical aspect. In the next part, all the data are averaged and linear regression analysis is carried out to detect the determinants of the monetary policy which explain the variation among the individual central banks. Finally, panel regressions are conducted to explore the time variation in the monetary policy transparency in the countries. Throughout the text, all the results are compared with the results presented in the paper by Dincer & Eichengreen (2009). The data show that the overall time trend in the level of monetary transparency is increasing. It can be concluded that inflation targeters are generally more transparent than countries with other frameworks. The same applies to advanced countries and emerging and developing countries. The de facto exchange rate regime and all political variables used significantly determine the variation in the monetary policy transparency comparing individual countries. GDP per capita and financial depth significantly influence the time variation in the...
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Three Essays on Electricity Markets
Luňáčková, Petra ; Janda, Karel (advisor) ; Tashpulatov, Sherzod (referee) ; Knápek, Jaroslav (referee) ; Möst, Dominik (referee)
DISSERTATION - Abstract in English Three Essays on Electricity Markets Author: PhDr. Petra Luňáčková Academic Year: 2017/2018 This thesis consists of three papers that share the main theme - energy. The articles introduce characteristics and behavior of electricity focusing on its unique properties. The dissertation aims at the Czech electricity market and analyzes also highly discussed solar power plants. The first article studies long term memory properties of electricity spot prices through the detrended fluctuation analysis, as electricity prices are dominated by cycles. We conclude that Czech electricity prices are strongly mean reverting yet non-stationary. The second part of the dissertation investigates possible asymmetry in the gas - oil prices adjustment. Oil prices determine the price of electricity during the times of peak demand, as the reaction of power plants fueled by oil is quick but marginal costs are high. We chose the gasoline - crude oil relationship known as "rockets and feathers" effect and offer two new tests to analyze such type of relationship as we believe that error correction model is not the most suitable tool. Analyzing international dataset we do not find statistically significant asymmetry. The third study assesses the impact of renewable energy sources, solar plants in...
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The impact of renewable resources on price volatility in the European power markets
Líšková, Katarína ; Krištoufek, Ladislav (advisor) ; Luňáčková, Petra (referee)
Integration of renewable energy sources impacts electricity spot price and its variation. Remaining open question is, in which direction. Volatility fluctuations threaten secur- ity of electricity supply, influence trading strategies and create uncertainty in optimal installed capacity planning. In this thesis, drivers of price volatility in Czech and Ger- man day-ahead power market are analysed with an emphasis on penetration of renewable energy sources. To the best of our knowledge, this is the first study focused on this issue in Czech electricity market. We apply recently developed approach of quadratic variation theory with an adjustment for electricity prices. Realised volatility is divided into its continuous and jump component. The continuous part is modelled by three het- erogeneous autoregressive models, differing in complexity and inclusion of market-specific fundamental variables. Amendments to each model for the particular market are proposed and the models are evaluated both in-sample and out-of-sample. Addition of exogenous variables − commodity prices, weather conditions and seasonal variables − to simpler heterogeneous autoregressive model is found to improve volatility forecast accuracy. The results suggest higher continuous volatility due to increased penetration of power from wind...
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