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Car demand modelling in the Czech Republic
Rückl, Adam ; Pertold-Gebicka, Barbara (advisor) ; Čech, František (referee)
The main purpose of this thesis is to construct a model of passenger cars demand and estimate it using data on new car registrations from the Czech Republic. The constructed model takes into account factors affecting not only the demand, but also the supply, as both of these variables form a simultaneous equations system. In order to estimate the model consistently, the econometric theory of simultaneous equations model is presented. At first the basic notations are introduced, the inconsistency of ordinary least squares estimates is proved and consistent methods of estimation are described, notably the two stage least squares and the indirect least squares methods. Observation of the data suggests that new passenger cars registrations in the Czech Republic were influenced by a specific taxation policy, which up to April 2009 did not allow the value added tax deduction in case of passenger cars. A large proportion of passenger cars were therefore registered as light utility vehicles. This fact has to be taken into account when studying the passenger cars demand. Results of the estimation by the two stage least squares method showed that the demand for new passenger in the Czech Republic is elastic in price and income. Significant sensitivity of the demand was observed also with respect to used cars...
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Car demand modelling in the Czech Republic
Rückl, Adam ; Pertold-Gebicka, Barbara (advisor) ; Čech, František (referee)
The main purpose of this thesis is to construct a model of passenger cars demand and estimate it using data on new car registrations from the Czech Republic. The constructed model takes into account factors affecting not only the demand, but also the supply, as both of these variables form a simultaneous equations system. In order to estimate the model consistently, the econometric theory of simultaneous equations model is presented. At first the basic notations are introduced, the inconsistency of ordinary least squares estimates is proved and consistent methods of estimation are described, notably the two stage least squares and the indirect least squares methods. Observation of the data suggests that new passenger cars registrations in the Czech Republic were influenced by a specific taxation policy, which up to April 2009 did not allow the value added tax deduction in case of passenger cars. A large proportion of passenger cars were therefore registered as light utility vehicles. This fact has to be taken into account when studying the passenger cars demand. Results of the estimation by the two stage least squares method showed that the demand for new passenger in the Czech Republic is elastic in price and income. Significant sensitivity of the demand was observed also with respect to used cars...
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The supplementary pension savings scheme in the Czech Republic: Microeconomic evidence of the 2013 policy change
Rückl, Adam ; Janský, Petr (advisor) ; Soudek, Jan (referee)
The thesis investigates determinants of participation in the supplementary pension savings scheme in the Czech Republic and estimates their change with respect to the policy intervention realized in 2013. Using the time series of cross-sectional microeconomic data provided by the Statistics on Income and Living Conditions, the probability of participation and the level of contributions are estimated separately by probit and multiple linear regressions, respectively. The estimated coefficients of both models are tested for structural differences caused by the policy change, employing the pooled dataset of multiple years with additional coefficients to treat the compared period. The analysis confirms that income, age, education and economic activity have a positive effect on both the probability of participation and expected level of contributions. Whereas gender differences for the level of contributions have not been detected, single women on average show, ceteris paribus, 4.6 percentage points higher probability of participation than single men. Unexpectedly high level of activity was observed in case of retired individuals, who in 2014 represented approximately 15% of all participants and collected 20% of the credited direct state subsidy. With respect to the 2013 policy change, no evidence of a...
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