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Analysis of education influence on the wage level in Czech Republic
Tománková, Martina ; Mirvald, Michal (advisor) ; Křítková, Soňa (referee)
The main objective of this thesis is to find out if and how education influence wage. Logical consideration and existing studies imply that there is a positive correlation in between achieved education and individual´s wage level. The studies, however, vary in size of influence and in the Czech Republic there are very few studies that deal with this topic. This master thesis is based on its own survey from which was obtained a total of 521 responses. The survey was conducted during the period of March to May 2015. Data were analysed and interval regression demonstrated positive correlation between achieved education and wage level. When reaching a bachelor´s degree, an individual´s wage increase on average by 8 % compared to individuals with secondary education with graduation. If an individual reaches master degree, his wage increases on average by 21.9 % compared to the wage of individual who achieved the secondary education with graduation. The analysis has also proven the existence of gender pay gap. According to the results, women in Czech Republic have lower wages by 21.3 % compared to men´s. The study also discusses the achievement of higher education for individuals older than 26 years. Regression analysis showed that obtaining bachelor education for this group has higher yield (14.4 %) than in the analysis of the whole data set. Conversely, obtaining master degree has for this group lower profitability (17.3 %). Part of this thesis was also to calculate the return on investment in higher education. Using the method of internal rate of return, it was found out that the return on investment is 8.3 %.
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Differences in price elasticity of diesel and petrol
Kačiaková, Petra ; Mirvald, Michal (advisor) ; Babin, Jan (referee)
This survey examines and compares differences in price elasticity of demand for diesel and gasoline. The data chosen for analysis were in the form of monthly time series obtained from particular petrol station in Slovakia. Other exogenous variables possess regional character and consist of average wage, HDP and rate of unemployment for region Žilina and Banská Bystrica. Time period covered by the survey begins by October 2008 and finishes by October 2013. The method chosen for analysis was ordinary least squares, both static and dynamic models. The results confirmed hypothesis that stated the price elasticity of diesel to be more elastic with average result from dynamic model -2,463 than price elasticity of demand for petrol with average result from dynamic model -0,36.
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Vliv OZE na spotovou cenu elektřiny
Albrechtová, Aneta ; Mirvald, Michal (advisor) ; Čermáková, Klára (referee)
This bachelor's thesis investigate how electricity from renewable energy sources changes the price of electricity on wholesale market. I used data from the Germany in the year 2013 and because of high correlation between the Czech and the German wholesale price of electricity. Therefore I assume that the same effect operate also in the Czech Republic. By using a regression analysis, I prove that an increase in the RES, precisely wind and photovoltaic, electricity production does significantly lowers the price of electricity on wholesale market. Results show that size of consumption, prise of gas and price of allowances have a significant impact on wholesale price.
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Price elasticity of demand for gold in the European market and its determinants
Černohorský, Vojtěch ; Rotschedl, Jiří (advisor) ; Mirvald, Michal (referee)
This paper examines the relationship between the gold price and quantity demanded of the commodity in the European market. The aim of the thesis was to estimate the price elasticity of demand for gold in the short and long term and identify its determinants on the European market using OLS. Both static and dynamic forms of model are used and tested. This paper uses extensive dataset in form of monthly time series and in form of quarterly time series for the period from October 1996 to December 2013, and for the period from first quarter of 1991 to first quarter of 2002 respectively. According to the models the price elasticity of demand for gold seems to be elastic.
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Luxury economics: Comparative study of conspicuous consumption among students of The University of Economics in Prague and Technical University of Liberec
Reichelt, Patrik ; Rod, Aleš (advisor) ; Mirvald, Michal (referee)
The aim of this thesis is connect to BA František Staněk (who analysed conspicuous consumption on students at The University of Economics in Prague) and verifying hypotheses on students of Technical University of Liberec. Thesis is extended to analysis of the impact of technical education. Main conclusions of this thesis were obtained by statistical and regression analysis of data from a survey. Each brand of consumer electronics are perceived very differently in terms of social status which they express. There is a strong relationship between price of a product and and its signaling value. Students of technical disciplines show a dependency between product functionality and its ability to indicate social status. Others have no correlation.
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How Does the Completion of the Prague Metro Stations Affect Prices of Adjacent Properties?
Chmelík, Jakub ; Komrska, Martin (advisor) ; Mirvald, Michal (referee)
This thesis analyzes the impact of the newly built Prague metro stations on prices of adjacent apartments. The completion of stations improves accessibility of the city center for many areas in Prague. Impact of the improved accessibility on property prices is estimated using a hedonic price model. The dataset was created in February 2015 and contains new apartments throughout the city. The result of the hedonic model is that each minute the journey to the city center takes longer, reduces prices of new apartments by 1,15%. The total increase in apartment prices then depends on the amount of minutes by which the journey time was shortened. This result confirms the main hypothesis that the new metro stations would increase prices of new apartments in affected areas. Based on the results of the model the so called bid rent function is constructed. The shape of the function confirms the assumption made in the theoretical part of the thesis that apartment prices decrease with distance from the city center.
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Pojetí peněžních iluzí a jeho vývoj v ekonomii
Košková, Dominika ; Potužák, Pavel (advisor) ; Mirvald, Michal (referee)
This thesis maps development of money illusion through the history of economic thought and analyzes relevance of the concept in these days. The story begins in 1928 with Irving Fisher, who saw money illusion as a failure to perceive changes in purchasing power of money. Different notion was developed by John Maynard Keynes when he proposed a non-homogeneous labor supply. In the 1970s, the success of rational expectations theory led to a dismissal of the original theories of money illusion and Tobin's critique revealed also an inconsistency of the Keynesian notion. Since then, money illusion lost its position in the mainstream economic science. The modern theories were, however, able to align money illusion with rational expectations and provided the phenomenon with a psychological framework. Money illusion became described as a tendency to think in nominal rather than real terms. While the concept was revived as a part of behavioral and New Keynesian economics, the question of its aggregate effects remains as the Keynes' inconsistency have not been resolved until these days.
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Determinants of Prague rental prices
Nesnídal, Daniel ; Koubek, Ivo (advisor) ; Mirvald, Michal (referee)
This bachelor thesis analyzes relationships between specific properties of realities and rental prices in the capital city region of Prague. The aforementioned analysis utilizes principles of hedonic pricing and draws on a dataset consisting of 2 357 observations collected in March 2013. Final results indicate that the most significant determinant of rental price may be the reality's affiliation with a specific city district. For example, results suggest that a rental price of reality in Prague 9 will be 16 percentage points lower than a rental price of identical reality in Prague 1. The findings also indicate that another influential factor may be whether the reality is newly constructed, in which case the rental price of such reality increases by 14,3 percentage points.
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An analysis of the determinants of sales decrease in spa Teplice nad Bečvou
Hošťálková, Tereza ; Melzochová, Jitka (advisor) ; Mirvald, Michal (referee)
This work deals with analysis of determinants affecting sales of spa facility of Teplice nad Bečvou between years 2008 and 2012 and determining how recommendations of patients for spa medical treatment affect its sales. Using logical reasoning we can assume that increase of recommendations will also cause increasing of sales. In the theoretical part, the reform of public health care and its expected influence on financing spa care is elaborated. Empirical analysis is based on dates, which contain 60 observations overall. Using regression, the crucial finding of this study is that increasing of recommendations of patients by a unit (=one suggested patient) leads to decreasing of sales by 0,051%. The amount of sales was applied to December and the result showed that the sales are higher throughout the year than in December, excluding January, where sales are lower.
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