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Methods and Tools for Modelling of Multi-Comodity Markets
Janeček, Vítězslav ; Janoušek, Vladimír (referee) ; Hrubý, Martin (advisor)
This study investigates Game theory including economic theories related to agricultural production. Model creation simulating economical system is built upon theoretic starting points. Commodity production is simulated using game theory with searching for Nash equilibria. Commodity demand function is grounded on concept of Cournot game. System includes land trading based on sealed-bid auctions with second-price. This model is using external Gambit software which is freeware library for game theory computations. Model evaluation is located in Experiments section where model structure and truthfulness is tested.
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Renewable energy sources support yesterday, today and tomorrow
Měsícová, Gabriela ; Pokorný, Jiří (advisor) ; Franková, Martina (referee)
Renewable energy sources support yesterday, today and tomorrow Abstract The diploma thesis deals with the issue of amendment to the Act on Supported Energy Sources 165/2012 Coll. It specifically focuses on the topic of auction mechanisms used as a tool for determining state aid. Over the past few years, these mechanisms have been successfully replacing the existing European renewable energy sources (RES) support systems and are also recommended by the European Commission, which considers them best option for the internal market. The thesis maps the historical development of RES support in Europe and consequently also in the national context, taking into account international commitments, and revealing the motivation for the reform of the existing system. It also focuses on the principles of auction mechanisms in theory, using in particular foreign literature, and monitors in particular approaches to providing pre-contractual certainty for both investors and the state, the way in which auctions are affected by the volumes of energy demanded or the lack of competition, as well as considering the advantages and disadvantages of each auction pricing approach. Consequently, the thesis follows the practical implementation of auctions in Germany and Poland, noting the specific mechanisms that these neighboring...
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Analysis and Aspects of Art as an Alternative Investment and its Price Determinants
Mozolikova, Alica ; Benáček, Vladimír (advisor) ; Moravcová, Hana (referee)
The purpose of this thesis is to examine the potential of art as an alternative investment. To do this, we start with a brief history of art market that is followed by an analysis of art market structure. We cover numerous risks affecting the behavior in the market subject to information asymmetry. As far as the feasibility of art as an investment is concerned, we identify different types of alternative investment and compare their potential. Despite high opacity of the art market, more data are being made available giving us an opportunity to present a clearer explanation of the current state of the art market. A question has to be asked, does the value of art solely depend on the subjectivity of human taste or on an opportunity to speculate? The subject of the detailed discussion are, both, internal and external factors, which influence the value of artworks, and hence the sale price. Using econometric analysis of auction records, we aim to uncover objective factors, which determine the sale price. The analyses lead to a conclusion that the price determinants, the most notable of which are auction houses and auction location, affect the sale price to a different extent. Yet, regardless the price, our subjective personal pleasure from a particular art piece might be crucial. JEL Classification Key...
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Price Determinants of Art Photography at Auctions
Habalová, Veronika ; Šopov, Boril (advisor) ; Bauer, Michal (referee)
In the recent years, prices of art have repeatedly broken records, and the interest in investing in fine art photography has been growing. Although there is plenty of research dedicated to studying prices of paintings, fine art photography has been largely overlooked. This thesis aims to shed light on identifying price determinants for this particular medium. A new data set is collected from sold lot archives of Sotheby's and Phillips auction houses, which also provide images of some of the sold items. These images are then used to create new variables describing visual attributes of the artworks. In order to inspect the effect of color-related predictors on price, four different methods are discussed. Color is found to be significant in OLS model, but the effect diminishes when model averaging is applied. Machine learning al- gorithms - regression trees and random forests - suggest that the importance of color is relatively low. The thesis also shows that expert estimates can improved by incorporating available information and using random forests for prediction. The fact that the expert estimates are not very accurate sug- gest that they either do not use all the available information or they do not process it efficiently. 1
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Analysis of Price Determinants in the Art Market
Mizeráková, Elena ; Šopov, Boril (advisor) ; Moravcová, Hana (referee)
1 Abstract What qualities make the best-selling artworks worth so much? Does the in- terest of the general public influence the probability that the art will be sold in auction? The art market research focuses on various aspects that affect the potential of art as an investment. The boom of big data offers a unique op- portunity to utilize its global impact and improve the present models with a novel measure. Into the econometric analysis of auction results the thesis im- plements a change in the Internet searching volume provided by Google Trends as a reflection of the taste and the state of mind of society. The subject of the detailed discussion are not only the price determinants, but also the factors that affect the selling probability. The findings lead to a conclusion that the proposed measure based on Google Trends is significant for determining both, the odds of selling the artwork and its price. Beside that, an important effect on the price and the probability have auction houses, the personal brand of the artist or the medium of artwork. JEL Classification D44, C25, F23, Z10, Z11 Keywords art market, auctions, Google Trends, prices, price determinants, odds of selling Author's e-mail elena.mizerakova@gmail.com Supervisor's e-mail boril.sopov@gmail.com
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Spectrum Auctions in Telecommunications
Wolfová, Veronika ; Vacek, Pavel (advisor) ; Korbel, Václav (referee)
Telecommunication sector is one of the most developing in last 20 years. The speed of the progress in inventing new technologies has to be balanced by proper radio spectrum management since radio spectrum is a scarce resource. The methods of assignment used in past such as beauty contests or lotteries are no longer those that rule the sector. To keep pace with new technologies, spectrum auctions were presented as a new method that ensures the best results for state. Since the companies are competing for the licenses, final price is getting higher and thereby higher revenues go to the state treasury. In this thesis the behavior of final price in the spectrum auctions was examined. In the end of the work, recommendations to NRAs were presented to conclude the results of the empirical examination. Powered by TCPDF (www.tcpdf.org)
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Seller Strategies for Virtual Auctions Using Real Currencies
Brown, Waheed ; Gregor, Martin (advisor) ; Turnovec, František (referee)
This thesis focuses on finding Bayesian equilibria for sellers in virtual auctions using real currencies. Existing literature for real-world auctions is examined from the perspective of economic theory, game theory, and pricing strategies. Next, computer science theory is reviewed to identify applications of real-world auction models in video games. Finally, the video game Diablo 3, the first to have a real currency auction house for virtual goods, will be examined as a case study. This thesis contributes to the known literature by analyzing the Diablo 3 real currency auction house and identifying seller strategies to be applied in future virtual auction houses and economies using real currencies. JEL Classification C73, D44, D58 Keywords repeated games, auctions, general equilibrium Author's e-mail waheedbrown@hotmail.com Supervisor's e-mail gregor@fsv.cuni.cz Abstrakt Tato práce se zameruje na hledání Bayesovské rovnováhy pro prodejce ve virtuálních aukcích, které používají skutecné peníze. Na úvod se prozkoumá existující literatura o aukcích z hlediska ekonomické teorie, teorie her tvorby a cenové strategie. Dále budou analyzovány príspevky z informatiky, které povedou k zjištení zpusobu aplikace aukcních modelu ve videohrách. Hlavním príspevkem bude analýza video...
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Specifika prodeje nemovitostí formou dražby
JIRKA, Marek
Firstly, this thesis contains an overview of basic concepts that we can meet on the real estate market. In the theoretical part of the thesis, the issues of auctions and their requirements are dealt with. Secondly, the practical part describes the specific real estate auction made in the area of Liberec Heights-Stary Harcov and there is further prepared by statistics dealing with the difference of the estimated price of the apartments, which were sold at auction, with prices of involuntary, which these flats were actually auctioned for. The work also includes its own estimate of one of these flats with an explanation of why the assessed prices differ from the prices at which the apartments are auctioned
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Object-oriented analysis and design of an experimental auction portal
HEJPLÍK, Václav
The main topic of the present work was to analyze the course of the auction on the Internet auction portal and to design how the system should be evolved. The theoretical part was focused on the description of the conduction of an auction, auction rules and language for object-oriented programming. Moreover, the creation of United Modeling Language (UML) and its components has been reported. The practical part was focused on the analysis and design of the experimental auction portal. The modules and diagrams, which are important for the development system, has been described with presentation of procedures for working users and system administrators. The UML 2.0 and MSSQL database system was used for analysis and for the design the diagrams. The actual auction portal was created by using Visual Studio, 2012.
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Methods and Tools for Modelling of Multi-Comodity Markets
Janeček, Vítězslav ; Janoušek, Vladimír (referee) ; Hrubý, Martin (advisor)
This study investigates Game theory including economic theories related to agricultural production. Model creation simulating economical system is built upon theoretic starting points. Commodity production is simulated using game theory with searching for Nash equilibria. Commodity demand function is grounded on concept of Cournot game. System includes land trading based on sealed-bid auctions with second-price. This model is using external Gambit software which is freeware library for game theory computations. Model evaluation is located in Experiments section where model structure and truthfulness is tested.
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