|
|
Psychology and the theory of choice
Racek, Martin ; Štika, Pavel (advisor) ; Baxa, Jaromír (referee)
The aim of my thesis is to give the reader the most comprehensive look at the parallel development of psychology and economics, to point out the possibilities, such information may be obtained in psychological experiments used for the enrichment of theoretical economics. The rst chapter deals with a historical development of economic concepts and the role that the human psychology plays there. The second chapter is devoted to behavioral economics and its approach to the relations in society. The third section summarizes the results of a range of experiments that brought behavioral economics (and other disciplines) since the 1970's to the present. The fourth chapter summarizes the possibilities how can be the experiments interpreted and suggest directions, which could (behavioral) economics take in it's further development.
|
|
|
The importance of income on subjective well-being
Sedlář, Jan ; Baxa, Jaromír (advisor) ; Skuhrovec, Jiří (referee)
1 Abstract My Bachelor thesis deals in a comprehensive way with the discussion unleashed by the publication of the Easterlin's article which called attention to more complex relations between the absolute level of income and the subjective well-being than the economic theory would ever assume . There is the literature shown which finds the explanation why the relation - the absolute level of income and the subjective well-being - does not hold without exceptions. A special attention is devoted to the human behaviour: comparison of the individual's situation with the situation of his reference group, comparison of the individual's situation with the situation he was accustomed to in the past, the individual's adaptation to the new situation and change of his aspiration and on the overvaluation of the benefits from the achieved goal. The first characteristic is tested experimentally with use of the analogy: the income as the evaluation of the job performance, the mark as the evaluation of the student. The experiment did not prove that the comparison of the student with his reference group would have the influence on his own performance. The second part of my thesis is focused on the description of the relationship between the gross national income per capita and the satisfaction of the inhabitants from the...
|
|
|
Subjective well-being and trust in countries of European Union
Bělostíková, Pavla ; Baxa, Jaromír (advisor) ; Gutiérrez Chvalkovská, Jana (referee)
Subjective well-being and trust in countries of European Union Pavla Bělostíková 2011 Abstract This paper analyzes the relationship between an individual's capacity to trust and their overall satisfaction with life in countries of European Union. It concretely focused on four countries selected Denmark, as the most satisfied country in the world, Spain, Czech Republic and Bulgaria as the less satisfied in European Union. Two kinds of trust were examined: general trust referring to interpersonal trust and institutional trust referring to trust in parliament. The trust in people was concluded as more significant for the overall satisfaction of an individual satisfaction than trust in parliament. For example, higher trust in people makes the general public more satisfied. Furthermore, in Denmark and Spain considered to be wealthier countries with higher reported level of satisfaction and trust, the interpersonal trust as well as institutional have less influence on satisfaction than in the average of EU countries. Key words: happiness, subjective well-being, satisfaction, interpersonal trust, trust in institutions, relative income, Easterlin paradox, aspiration level Consultant: PhDr. Jaromír Baxa
|
|
|
Can Bayesian econometric methods outperform traditional econometrics in inflation forecasting?
Stráský, Josef ; Baxa, Jaromír (advisor) ; Netuka, Martin (referee)
Forecasting of inflation has become crucial for both policy makers and private agents who try to understand and react to Central Bank decisions because many Central Banks implemented inflation targeting rules instead of control of monetary aggregates. Inflation forecasting is considered to be very complicated issue because univariate regression models and structural macroeconomic models are usually outperformed by naive random walk model. This work is intended for forecasting inflation in the Czech Republic by employing Bayesian econometric method (namely Bayesian vector autoregression - BVAR). Bayesian methods proved to be useful in inflation forecasting in developed countries (Fabio Canova: G-7 Inflation Forecasts: Random Walk, Phillips Curve or What Else?, 2007). Bayesian econometrics is one of the fast developing fields of econometrics for past two decades. In the centre of the approach is Bayesian probabilistic theory based on conditional probabilities. This probabilistic approach is, however, computationally demanding. Fast computer evolution enables wide applications of Bayesian models. Model estimations are based on combining information from some prior beliefs and from the data. Many different sorts of models have their Bayesian variants (e.g. OLS) but the emphasis in this work is on Bayesian...
|
|
|
Rule-of-thumb consumers in the New Keynesian framework
Adam, Tomáš ; Baxa, Jaromír (advisor) ; Čech, Jan (referee)
iv Abstract This thesis investigates the effects of government spend- ing on aggregate economic variables in the Czech Republic. The standard RBC and New Keynesian models assume only forward-looking households despite the evidence of a sig- nificant fraction of non-optimizing households. These mod- els do not provide reasonable predictions for the response of consumption: both models predict its fall following a gov- ernment spending shock. Therefore, a variant of the New Keynesian model, where rule-of-thumb households coexist with optimizing households, is used for the analysis. We have found that fiscal policy has a positive impact on output, although government spending multiplier does not exceed one. Also, the impact on consumption is positive for several periods following a fiscal spending shock, which is consistent with the evidence. JEL Classification: C32, E32, E62 Keywords: fiscal policy, fiscal multipliers, fiscal VAR, rule- of-thumb consumers
|
|
|
Customer Lifetime Value - Application to Banking Sector
Lajksnerová, Zuzana ; Krištoufek, Ladislav (advisor) ; Baxa, Jaromír (referee)
Master Thesis: Customer Lifetime Value - Application to Banking Sector Author: Zuzana Lajksnerová Abstract This thesis deals with the calculation of the customer life value for clients of second largest Czech commercial banks - Československá obchodní banka a.s.. The aim is to estimate the revenue each individual brings to the bank within the first year, two, four since creating a profile but also during the whole time he or she remains in their customer base. The first, theoretical part contains of structured overview of the modeling approach from available literature. In the second part, we develop two different models, which are subsequently applied on client data of 2.7 million ČSOB customers. The prediction takes into account both revenues from each product and probability that customer will use this product. For estimation of the two models we use several different econometric methods, thus linear regression, bootstrap, probit and multinomial logit. The results show that demographic data such as age and gender, as well as product related variables, greatly inuence the final level of value of customer. It is also shown that higher potential earnings are associated with men, people of working age and loyal customers.
|
|
|
Can Bayesian econometric methods outperform traditional econometrics in inflation forecasting?
Stráský, Josef ; Netuka, Martin (referee) ; Baxa, Jaromír (advisor)
Forecasting of inflation rates has become crucial for both policy makers and private agents who try to understand and react to Central Bank decisions since many Central Banks implemented inflation targeting rules instead of control of monetary aggregates. Inflation forecasting is considered to be very complicated issue because univariate regression models and structural macroeconomic models are usually outperformed by naive random walk model. This work is intended for forecasting inflation in the Czech Republic by employing Bayesian econometric method (namely Bayesian Vector autoregression - BVAR). Bayesian methods proved to be useful in inflation forecasting in developed countries (Fabio Canova: G-7 Inflation Forecasts: Random Walk, Phillips Curve or What Else?, 2007). Bayesian econometrics is one of the most developing fields of econometrics for past two decades. In the centre of the approach is Bayesian probabilistic theory based on conditional probabilities. This probabilistic approach is, however, computationally demanding. Fast computer evolution enables wide applications of Bayesian models. Model estimations are based on combining information from some prior beliefs and from the data. Many different sorts of models have their Bayesian variants (e.g. OLS) but the emphasis in this work is on Bayesian...
|
|
|
Microeconomic models of centrally planned economies
Svoboda, Svatopluk ; Hlaváček, Jiří (advisor) ; Baxa, Jaromír (referee)
Bachelor thesis deals with centrally planned economies and with methods of modelling of these economic systems. In its first part it generally describes problems of trying to model the centrally planned economy itself and it formally desrcibes situation in which a comunist producer finds himself. Ii also presents a model of producer behavior that is particular for economies with central planning, encountered widely in practice and confirmed by empirical studies. In the next part, various ways available for planning centre to motivate/demotivate producers into passing true information concerning their production possibilietes are presented. The final part tries to find answers to the question if it is possible to reform economic system in diraction to economic efectivity of society, but with preserved framework of central planning. Powered by TCPDF (www.tcpdf.org)
|
|
|
Portfolio investment for individual investors : (portfolio recommendations for three case studies)
Žigraiová, Diana ; Baxa, Jaromír (referee) ; Pečená, Magda (advisor)
The thesis focuses on the portfolio investment area with respect to individual investors. It discusses their investment possibilities and behavioural aspects that may be the cause of deviations in investors' behaviour from rationality and which as well have the impact on forming their investment objectives. On the three investor case studies two qualitatitive methods of asset allocation are studied, eventually dividing the content of their investment portfolios between stocks and bonds. Additionally, the extension to the traditional stock and bond allocation is performed by means of real estate, commodities and art and antiques and its appropriateness is analyzed for each case study investor. At the very end of the thesis a quantitative mean-variance optimization method of asset allocation is mentioned.
|
|
|
The Macro-finance Model of the Czech Economy
Urbánková, Jana ; Baxa, Jaromír (advisor) ; Cahlík, Tomáš (referee)
The thesis introduces the macro-finance model of the Czecheconomy by setting the VAR model, which includes components representing theyield curve estimatedwithin theNelson-Siegel framework. The thesis contributes to the current streamof researchby including both the policy interest rateand the interbank interest rateas endogeneous variables in the VAR model, which allows for differentiation between monetarypolicy shocks and shocks to interbank rates. The above-mentioned model then serves as a frameworkfor analyzing interactions betweenfinancial and macroeconomicvariables in the period from 2000 to 2015. The thesis pays special attention to theperiod 2008-2013 and shows that the introduction of the FX commitment in November 2013 had a significant positive effect on GDP and inflation within 12 months after the introduction of the FX commitment. The thesis concludes that exchangeratemovements affectedalmost uniformly short-term and long-terminterest rates, and thus the yield curve slope stayed largelyunaffected by exchangeratemovements.
|
guest ::
RSS feed.