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Co může ekonomie říct o prokrastinaci
Fibiger, Ivo ; Janíčko, Martin (advisor) ; Špecián, Petr (referee)
The thesis analyzes the measure of academic procrastination among students and the measure of general procrastination among working population with a university degree. The thesis includes 3 studies. In study 1 an experiment was conducted on 33 students of the University of Economics in Prague. The results show, that students achieve better academic results given external, evenly distributed deadlines compared to when they are allowed to set the deadlines themselves. The second study analyses long-term data about 1909 students of the University of Economics and their academic results. The results show that procrastination can influence as much as 8% of the final grade. Study 3 analyzes information about 2487 subjects and their tax-return forms. It puts into context the dates of submission of the tax returns and personal characteristics of the submitters. The results show that procrastination declines with age. Methods on how to fight procrastination are suggested at the end of the thesis.
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Are people effective with gift gifting?
Kuklová, Andrea ; Janíčko, Martin (advisor) ; Máslo, Lukáš (referee)
The aim of this thesis is to analyze people s effectiveness when gift giving based on various demographic factors and also on individual perception of each form of gift gifting. The key idea of this work is taken from analysis done by Joel Waldfogel (1993) who, based on data from a survey, proved that when giving material gifts the deadweight loss is created. As we do not know precise preferences of the gift recipient, if we disregard emotional value etc., the most effective gift is money. First, I am comparing already existent research in this area done by many recognized economists, then continuing with theory of expected value and expected utility. Ineffectiveness when giving material gifts is created because a donor picks a gift by its expected value for a receiver which is not equal to maximum expected utility. Next I am dealing with the deadweight loss, not only from the economic theory point of view but also with an overlap to the game theory. Based on my own questionnaire survey I proved that people are ineffective when gift-gifting. Significant factors are for instance specialization, education and importantly also personal preferences of a person in the role of a donor or a recipient. Respondents mainly prefer the ineffective form of gifts (material gifts or gift vouchers) rather than the effective form (money or gift cards). It was also confirmed that people are by 12 % more willing to accept money as a gift than give it to someone as a gift. Furthermore the survey proved that in case of gifting the deadweight loss is really created, and it is in the amount of 14 to 21 %.
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Determinism, Path-depedence and Uncertainty: A Post-Keynesian Perspective
Máslo, Lukáš ; Chytil, Zdeněk (advisor) ; Janíčko, Martin (referee) ; Pastoráková, Erika (referee)
The thesis deals with analysis of conceptual-methodological issues examined in the framework of post-keynesian economics. The author´s goal is to supply a solution to the problem of a definition of determinism/non-determinism for both deterministic and stochastic systems and also to the problem of the prevailing confusion which surrounds the notion of reversibility/irreversibility in both path-dependent and traditional-equilibrist systems. The author regards the determinism/non-determinism problem as essentially linked to the problem of a definition of fundamental uncertainty. The key issues are being identified in the "problem of a generator of endogenous shocks" and the "selection - creation problem". Finding solutions to these enables us to take a stand on the validity/invalidity of the classical dichotomy, in the eyes of the author. Davidson´s interpretation of ergodicity and O´Donnell´s critique of this are being presented and, drawing on the latter, along with Álvarez-Ehnts´ critique, the author rejects a simplifying pattern of Davidson´s, according to which neoclassical economics is based on the ergodic axiom. The author suggests a solution to the "selection - creation problem" consisting in distinguishing epistemological determinism from ontological determinism on the one hand, and epistemological determinism from epistemological non-determinism on the other hand. While selection is a characteristic feature of epistemological determinism and, in effect, the realm of "fundamental certainty", creation is referred to by the author as a characteristic feature of epistemological non-determinism, i. e., in effect, the realm of fundamental uncertainty. The author regards the "problem of a generator of endogenous shocks" a self-contradictory notion, based on the principle of causality and the law of non-contradiction, and suggests a solution to the problem consisting in rejection of the concept of shock endogeneity. At the same time, the author rejects Davidson´s "fundamental neoclassical article of faith" rhetoric, based on the first cause argument implied by the principle of causality. In opposition to Davidson, the author regards fundamental uncertainty being of a basically epistemological nature, consisting in our ignorance of the "ultimate law of change", the "Devine formula". Unlike O´Donnell, however, who puts stress on the element of epistemological uncertainty in his epistemological approach to uncertainty, the author also puts stress on the element of ontological certainty, consisting in our knowledge of the existence of the "Devine formula", apart from our epistemological uncertainty.
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Empirical testing of hybrid NKPC for the Czech Republic and the Slovakia
Řehůřek, Tomáš ; Slaný, Martin (advisor) ; Janíčko, Martin (referee)
This thesis testing hybrid NKPC for the Czech Republic and the Slovakia. Analysis made by Generalized Method of Moments (GMM) and complementary Two Stage Least Squares (TSLS) demonstrated that given concept, representing short-run relationship between inflation, inflation expectations and marginal cost/output gap, is relevant for the Slovakia and irrelevant for the Czech Republic. And NKPC is relevant for both countries. Thesis also shows the development of the Phillips curve (from its original version up to the modern version) and its derivation. In this thesis is also introduced so called the triangle model. This thesis also presents several (similar) researches which testing (hybrid) NKPC and their results are compared with the results of this thesis.
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Ekonomické dopady stárnutí populace na makroekonomické agregáty
Orlická, Eliška ; Rotschedl, Jiří (advisor) ; Janíčko, Martin (referee)
This thesis examines the effect of population ageing on macroeconomic aggregates. The author´s objective is to verify, whether there exists any relationship of the population ageing factors and the GDP growth rate, social expenditures growth rate and the consumption growth rate. Econometric models are based on theoretical specifications of Faruqee´s life-cycle model and Prettner´s R&D model with overlapping generations. The degree of economic development is also taken into account. Furthermore, the author modified the R&D model by incorporation of the poverty indicator and its application on available datasets. The research is focused on five European countries in 1995 - 2013. The Ordinary Least Squares method is used to gain estimated results in regression analyses. The author managed to prove an existing relationship between the old age dependency ratio and the social expenditures in all countries except Switzerland. The impact of the population ageing factor on the consumption growth rate turned out to be significant in all of those countries. Substantial fluctuations are shown only in Bulgaria and in the Czech Republic. The GDP growth rate seems to be influenced by ageing factor in the Czech Republic and in the Ukraine alone. The research has also shown that developing countries respond more dramatically to changes in the population structure distribution, while the poverty indicator plays an important role only in the Ukraine.
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The Post - Lehman Brothers development of wages
Krutina, Michael ; Chytilová, Helena (advisor) ; Janíčko, Martin (referee)
I have targeted to analyze the patterns of wage development in the changing macroeconomic conditions. According to the expectations the evolution of nominal and real wages is inter alia positively affected by the changes in labor productivity and negatively influenced by the deviation of unemployment rate from NAIRU. The evidence of procyclical behavior of real wages is not very robust as there was not found significant correlation in the time of decreasing real GDP. The most of results of the models applied on post Lehman Brothers period are consistent with the regressions based on complete data set. The chosen data proved to be not very suitable to show the extent of wage rigidity. The significant negative relationship between the development of real wages and changes in inflation rate implies the visibility of symptoms of wage rigidities even when we work with average macroeconomic variables.
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Analysis of regulatory out-of-pocket fees implementation on Czech healthcare system
Běgeřová, Michaela ; Janíčko, Martin (advisor) ; Čermáková, Klára (referee)
This bachelor theses analyses impact of regulative out-of-pocket payments that have been introduced in January, 2008 as a part of a Czech healthcare reform. It summarizes specific characteristics of healthcare economy, compares main healthcare-financing models and describes development and current layout of the Czech healthcare system. Out-of-pocket payments were implemented mainly to prevent over-using the healthcare system and also to bring additional financial means to the healthcare budget. Conducted econometric analysis revealed that an obligation to pay the fee reduces quarterly number of outpatient doctor visits by 0,198.
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Přeshraniční dopady fiskálních politik
Maleček, Petr ; Kadeřábková, Božena (advisor) ; Janíčko, Martin (referee) ; Beck, Jiří (referee)
This study seeks to analyse and quantify cross-border effects of discretionary fiscal policies from two major points of view. The aggregate approach rests on the use of the structural vector autoregression model (SVAR) and its extension, the global vector autoregression model (GVAR). The discretionary fiscal impulse itself is then defined as a change in cyclically adjusted balance of the government sector, calculated at quarterly frequencies. This section is then complemented by a case study of a single measure: the German car scrapping scheme during 2009 and its effects on the Czech economy. It was found that cross-border effects of discretionary fiscal policies may be indeed present, in case certain conditions are met. Importantly, a fiscal impulse has to originate from a sufficiently large economy and there needs to be a tight trade linkage between examined countries. In most cases, cross-border effects have also been found of lesser magnitude than direct impacts of fiscal policies on the domestic country. Finally, as demonstrated on the German-Czech case, even a single fiscal measure can trigger substantial cross-border spillovers. It was estimated that this measure positively contributed to real GDP growth in 2009 in the Czech Republic by 0.44 pp.
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The Economic Crisis of Newborns
Matějček, Štěpán ; Janíčko, Martin (advisor) ; Koubek, Ivo (referee)
The thesis examines the determinants of decision making of child conception. The estimation of fixed effect model of panel data from 14 districts of the Czech Republic shows pro-cyclical development of the count of born children. According to the model, in the economic recession the demand for children declines, because the decision making is influenced by uncertainty that emerges from the labor market instability. The results are in consent with contemporary scientific literature which have shown the pro-cyclical development of fertility in developed countries since the 1980s. The model's dependent variable is the modified birth rate which allows to examine the impact of change in unemployment and other control variables on the decision making of child conception. The empirical results show that economic insecurity in the shape of unemployment have a significant negative impact on birth rate. Apart from the main outcome the paper presents other interesting results, the impact of changes in economic and demographic variables on the modified birth rate of boys and girls, marital status and education of mother and father.
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Testování kvality predikcí: vyhodnocení modelu g3
Tkáčik, Marcel ; Vozárová, Pavla (advisor) ; Janíčko, Martin (referee)
Recent developments of New Keynesian models attracted many central banks to develop their own DSGE models for policy analysis and forecasting. The aim of this study is to evaluate the quality of the predictions made by the Czech National Bank which developed its own DSGE model and use it as the core forecasting model from July 2008. The quality of the predictions has been evaluted by comparing it with the Ministry of Finance of the Czech Republic and two commercial banks (Česká spořitelna and Komerční banka). Using the econometrical tests for the structural break and time series analysis, it has been concluded that the Czech National Bank experienced significant improvement in its prediction quality when employing the DSGE model, and surpassed the other three institutions. This study suggests that a well-specified DSGE model may enhance the prediction quality of key macroeconomic indicators compared to non-structural models and expert judgment.
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