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Price Level Targeting with Imperfect Rationality: A Heuristic Approach
Molnár, Vojtěch ; Holub, Tomáš (advisor) ; Horváth, Roman (referee)
Price Level Targeting with Imperfect Rationality: A Heuristic Approach Vojtěch Molnár Abstract The thesis compares price level targeting and inflation targeting regimes in a New Keynesian model without rational expectations hypothesis. Economic agents instead form their expectations using heuristics-they choose between a few simple rules based on their past forecasting performance. Two main specifications of the price level targeting model are examined-the agents form expectations either about price level or about inflation, which is ex ante not equivalent because of sequential nature of the model. In addition, several formulations of the forecasting rules are considered. According to the results, price level targeting is preferred in the case with expectations created about price level under the baseline calibration; but it is sensitive to some model parameters. Furthermore, when expectations are created about inflation, price level targeting over time loses credibility and leads to divergence of the economy. On the other hand, inflation targeting model functions stably. Therefore, while potential benefits of price level targeting have been confirmed under certain assumptions, the results suggest that inflation targeting constitutes significantly more robust choice for monetary policy.
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Complex Waste Collection Models
Nevrlý, Vlastimír ; Šenkeřík, Roman (referee) ; Procházka,, Vít (referee) ; Stehlík, Petr (advisor)
The subject of this doctoral thesis is the solution of logistics systems in the context of waste management. The work begins with an extensive research in the field of modelling various situations from the waste transportation chain. There are presented multiple types of practical tasks in the area of operation research applicable to waste management. Their possibilities of extension and modification are analysed for use by investors, technical services or waste collection service providers. An essential part of the work is the identification of critical parameters in the waste collection at the level of municipalities and micro-regions. Based on practical requirements, challenges related to the improvement of decision-making and planning systems are defined. The available techniques proved to be insufficient for practical problems. For the area of changes and designs of collection systems (design and modification of routes, choice of the vehicle fleet, collection plan, etc.) there are no procedures that would include a whole range of operating conditions and parameters. The boundary conditions of the task affecting fundamental requirements are highly variable. The thesis presents a comprehensive approach, which is divided into several phases. The preparation and analysis of input data focused mainly on the creation of transport infrastructure, allocation of waste collection containers and their pairing to the network, which also reduces the size of the task. Furthermore, a procedure for compliance with the rules of the road was designed using a penalty function, and an algorithm for defining imaginary edges was implemented, which will allow distinguishing the frequency of collection on selected network segments. To reduce the size of the task, a segment clustering algorithm was also designed, which will enable the calculation of the collection even for larger areas. Input parameters related to operating time and fullness of collection containers are elaborated in greater detail, as they most influence the results of the task. A great benefit is also the algorithm generating the initialization solution from historical routes. As part of the related publishing activities, environmental criteria were defined to evaluate global and local impacts of waste transportation and treatment. The outputs of the thesis are used primarily for the analysis of collection systems, to support the deployment of waste containers, planning collection routes, time schedules and dimensioning the size of the vehicle fleet. The proposed algorithms were tested in several case studies, which proved the broad applicability of a comprehensive tool in the field of waste logistics. Although the thesis is focused on modelling the collection of municipal waste, the usability of the implemented procedures is possible in other areas of waste management or other sectors.
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Model of Generation Y Customer on the Market of Banking and Other Financial Products in the Context of Behavioral Economics
Fojtů, Kateřina ; Dohnalová, Zuzana (referee) ; Rozmahel, Petr (referee) ; Vochozka, Marek (referee) ; Škapa, Stanislav (advisor)
The dissertation focuses on identifying a typical generation Y representative on the financial products market and, on the basis of these characteristics, creates a model of generation Y customer on the financial products market in the context of behavioral economics. Based on the literature research, the terms "generation Y" and "selected knowledge of behavioral economics" were defined. The literature research also led to creating a questionnaire that was used to obtain primary research data. Secondary research has characterized consumers on the financial products market. Secondary research focused on the form of payment; relationship to technologies; cash and cashless payments; relation to cryptocurrencies; relation to savings; digital banking transformation; financial behavior of Czech households. Primary research has focused on obtaining information in the field of behavioral economics, specifically the prejudices of the Czech generation Y; and on what financial market products the Czech generation Y uses and generation’s relationship to risks, provided information and satisfaction with products. Primary research data was used as input data for structural equation modeling. Because of this method, mutual relationships between selected products have been found; customer characteristics and heuristics. The benefit of this work lies in the characteristics of customers in the selected market. It is a sector that is slowly entering the digitalization period, and understanding the young generation, which now accounts for a third of its customers, is crucial for companies. If companies are not able to respond to the changing needs of the younger generations, they can lose their customers and hence revenue.
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Heuristics for paths in maps
Kudláčková, Lada ; Mareš, Martin (advisor) ; Kratochvíl, Miroslav (referee)
The content of the thesis is a description of heuristic procedures, which are used to find the shortest paths in the graphs and verify their effec- tiveness on the actual data. It deals with heuristics for Dijkstra's algorithm, especially the A* algorithm, which uses a lower distance-to-target estimate. Heuristics are implemented and tested on the road network of the Czech Re- public. 1
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Priming as a tool for triggering prosocial behavior
Tížková, Tereza ; Polák, Petr (advisor) ; Godar, Sarah (referee)
Priming is a cognitive bias influencing, in various forms, daily life of people. This paper examines the effect of priming in economics, where subjects are often forced to make decisions under uncertainty. The empirical part of this paper introduces the experiment, where subjects were manipulated towards or against prosocial behaviour with verbal priming techniques. The experiment results show that priming to specific concepts correlated with a tendency to act prosocially actually increases the subsequent degree of prosocial behaviour, although the same evidence has not been found with the opposite case.
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Artificial Bee Colony
Jukl, Jan ; Pangrác, Ondřej (advisor) ; Hušek, Radek (referee)
The minimum vertex cover (MVC) problem is a well-known NP-hard prob- lem. This thesis presents the Artificial Bee Colony (ABC) algorithm and two genetic algorithm approaches to solve this problem. The ABC algorithm is an optimization algorithm based on the intelligent behaviour of a honey bee swarm. It was first proposed for unconstrained optimization problems and showed that it is superior in performance on these kinds of problems. In this thesis, the ABC algorithm has been extended to solving the minimum vertex cover problem and applied to DIMACS and BHOSLIB benchmarks. The results produced by the ABC, the binary decision diagram based genetic algorithm and the MVC-aware genetic algorithm have been compared.
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Influence of omission neglect phenomenon on perception of product and brand
Chovancová, Michaela ; Vranka, Marek (advisor) ; Báča, Ladislav (referee)
This bachelor thesis, titled Influence of Omission Neglect Phenomenon on Perception of Product and Brand, deals with the modern and quite unfamiliar issue of omission neglect phenomenon in the Czech Republic. Omission neglect (ON) refers to lack of sensitivity to missing or unmentioned information. The main focus of the thesis is to summarize the existing complex knowledge about the phenomenon and to confirm whether the effect of ON is present in consumer behaviour of Czech customers. The thesis is divided into a theoretical and a practical part. In the theoretical part, I investigate the topic of consumer behaviour and decision-making in relation to the ON phenomenon. Next, I deal with the topic of heuristics and cognitive biases the ON is part of. Then, I offer a definition of the term, describe its historical background, the influence it has on the decision-making process, and factors which have the tendency to decrease the impact of omission neglect. In the last part of the theoretical section, I summarize the most important studies on the ON effect. In the practical part, I replicate a study from 2014 which deals with different intensity of the ON effect on respondents with high and low contextual cognitive level in a specific product category. The purpose of my study was to confirm the influence of...
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Analysis of a Behavioral New Keynesian Model
Křížková, Šárka ; Kukačka, Jiří (advisor) ; Hlaváček, Michal (referee)
The thesis focuses on the analysis of a Behavioral New Keynesian DSGE model. In particular, various specifications of the model are collected from the existing literature and their combinations are simulated. The specifications include heuristics for forecasting output gap, sets of estimated or calibrated parameters and model structures. The resulting simulated output and inflation gap series are compared with the macroeconomic stylized facts and real world data from the US and Euro area based on their distributional characteristics and autocorrelation structures. In addition, a comparison of various simulated model specifications is performed based on the level of correlation between fractions of agents following a specific heuristic and the resulting output and inflation gap values. The distributional characteristics of the US output gap seem to be matched the best by the specifications with unbiased and extrapolative output gap heuristics generating series with higher levels of variance and kurtosis. Contrarily, the Euro output gap is best matched by specifications with optimistic, pessimistic and unbi- ased heuristics producing series with lower levels of variance and kurtosis. Second, the autocorrelation structure of the simulated series tends to mirror the stylized facts as opposed to the...
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Ant colony optimization
Kovács, Peter ; Pangrác, Ondřej (advisor) ; Balko, Martin (referee)
The aim of this work was to compare metaheuristic Ant Colony with other metaheuristics like Simulated Annealing, Tabu Search or Greedy algo- rithms. Metaheuristics were compared on three different NP-hard problems. Specificaly, Traveling Salesman Problem, Graph Coloring Problem and Set Covering Problem. Detailed description of implementation of metaheuristics in particular problems can be found in this work. Metaheuristics were com- pared based on cost function and execution time. However, this work tries to identify instances, in which Ant Colony was the best choice. Ant Colony is reliable metaheuristic on large Traveling Salesman or Set Covering problems.
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A behavioral analysis of market failures
Urbanová, Aneta ; Sieber, Martina (advisor) ; Vlček, Josef (referee)
The thesis deals with a contemporary stream of the behavioral economics at the labour market in connection with a divergence to the neoclassical theory based on explicit assumption of rationality. The existing theoretical approaches and the examples of experiments are introduced in the theoretical part. The irrational impacts on labour market is defined by the amount of wage, unemployment, education, but on the other hand also by motivation, loss aversion, prejudices and other cognitive biases in human decision making process. The practical part is based on the standardized questionnaire survey in which the respondents were given some simplified decision making dilemmas in context of the labour market. The aim of the thesis is to observe their tendency to choose not always the most effective option and to validate the impact of irrational factors on decision making according to the theoretical approaches. Key words: Behavioral economics, limited rationality, market failures, labour market, prospect theory, heuristics, biases
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