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Consumer Decision-Making in Conditions of Risk
Cetlová, Tereza ; Svobodová, Kateřina (referee) ; Škapa, Stanislav (advisor)
The aim of the thesis is to afford a complex perspective of a parallel development of psychology and economics to the readers. It is suggested, how psychological experiments could be used for the overall enrichment of the classical theory of economics. In the thesis, readers are introduced to the development of economic theories over time, and also to what role a human takes as a personality. Including the thesis is the part engaging in consumer decision process.
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Utility function in the decision-making process
MARÝŠKA, Patrik
This diploma thesis deals with the process of creating an application with appropriate alghoritms and mechanisms for constructing utility function for money for a given decision maker. Related theoretical topics from the decision theory, utility theory and especially the process of construction of the utility function for money are explained. Application randomly generates questions in given intervals for the decision maker. After the process of the generating question is finished, alghorithm for finding optimal starting values is applied. This alghoritm gradually compares SSE in the calculated interval. Nonlinear regression is used to fit the data gathered in previous steps. The graph of the found utility function is drawn and found parameters of the utility function are displayed together with the corresponding data. The paper goes on to evaluate the functionality of the application by solving model examples (St.Petersburg paradox, Powerball lottery and Cube lottery) for two different decision makers. These decision makers used designed application for constructing their utility functions for money. These two utility functions are utilized for calculating certainty equivalents for both decision makers and the results are compared. Application is implemented in Python and PyQt5.
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Pensions from the point of view of utility theory
Kudlík, Michal ; Cipra, Tomáš (advisor) ; Zichová, Jitka (referee)
This work deals with pensions from the perspective of utility theory. We list several basic principles, characteristics of pensions and their classification. Part of the work is also the utility theory from the ordinal point of view of utility theory as well as in terms of cardinal utility functions. Afterwards, we formulate the tasks for the selected utility functions, which we will try to optimize by using utility functions. We transfer the task of maximizing objective function to the task with extreme bound corresponding to various annuity markets which we will solve by theory of Lagrange multipliers. Final result of the work should be calculation of annuity equivalent wealth per common utility function Constant relative risk aversion (CRRA) using different relative risk aversions and showing the optimum consumption strategy for pensioners calculated based on mortality tables for Czech republic from 2012. 1
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Artificial player for Dota 2
Kočur, Jan ; Gemrot, Jakub (advisor) ; Parízek, Pavel (referee)
Dota 2 is one of the most popular strategic computer games of the Multiplayer Online Battle Arena (MOBA) genre. MOBA games are based on teamwork and tactical thinking. That makes them an interesting platform for the artificial intelligence (AI) research, that aims to create artificial agents capable of playing the game. However, there does not exist any framework, that would allow the development of complex agents. First, we developed a framework that allows the creation of agents for Dota 2 in Java. Second, we implemented an agent above the framework, that is capable of playing the game.We have divided the work into two parts. First, we have analyzed requirements for our framework and described its architecture. Second, we have analyzed Dota 2 from the AI perspective and implemented agents above our framework. Our agents were capable of playing the game. The framework can be used for further research.
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Pensions from the point of view of utility theory
Kudlík, Michal ; Cipra, Tomáš (advisor) ; Zichová, Jitka (referee)
This work deals with pensions from the perspective of utility theory. We list several basic principles, characteristics of pensions and their classification. Part of the work is also the utility theory from the ordinal point of view of utility theory as well as in terms of cardinal utility functions. Afterwards, we formulate the tasks for the selected utility functions, which we will try to optimize by using utility functions. We transfer the task of maximizing objective function to the task with extreme bound corresponding to various annuity markets which we will solve by theory of Lagrange multipliers. Final result of the work should be calculation of annuity equivalent wealth per common utility function Constant relative risk aversion (CRRA) using different relative risk aversions and showing the optimum consumption strategy for pensioners calculated based on mortality tables for Czech republic from 2012. 1
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Application of decision support models in practice - choice of an appartment
Guzanová, Petra ; Dömeová, Ludmila (advisor) ; Hlavatý, Robert (referee)
The target of this bachelor´s work is the appartment selection for given user. The most suitable appartment alternatives will be selected with use of one of decision methods. The bachelor´s work is splitted into two chapters. The theoretical part specifies basic terms concerning decision processes - criterion, aspiration level, options, decision maker, progressive substitutions method, indiferent curve. In its end the theoretical part conducts a survey of the market situation with appartments in the Czech Republic and describes ways of its evaluation. In the practical part is on basis of gained information selected region, from which has been performed the appartments choice. On basis of familiarization with specification of future appartment user there have been defined suitable criteria and its aspiration level determination. After exclusion of non-acceptable and domino variants the progressive substitutions method has been finally applied. The result of this decision method is the definition of appartment ranking according to the best achieved values of equalized criterium. Finally these received results were consulted and discussed with the user. Appartment alternatives placed on top 5 ranking positions have been recommended to the user for closer examination guided by certified real estate agent.
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Společný jazyk matematiky a ekonomie
HOŠEK, Radim
This bachelor thesis emanates from the paradox that undergraduate students of economics are given a number of mathematical courses that endow them with powerful tools, which are not afterwards used in the courses of economics and finance. The goal of this thesis is to provide a supplementary explanation of some of these topics, using various mathematical tools that are contained in the standard courses. Special attention is given to the problematics of graphical representation in economics, as in many cases there is a tendency to disobey the standard convention of using the horizontal axis for the independent variable. For some topics an alternative graphical visualisation is supplied while we show that it is not always useful. We investigate the issue of summing the curves and offer an explanation, how the information can be obtained from the graphs that do not obey the above mentioned convention.
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Consumer Decision-Making in Conditions of Risk
Cetlová, Tereza ; Svobodová, Kateřina (referee) ; Škapa, Stanislav (advisor)
The aim of the thesis is to afford a complex perspective of a parallel development of psychology and economics to the readers. It is suggested, how psychological experiments could be used for the overall enrichment of the classical theory of economics. In the thesis, readers are introduced to the development of economic theories over time, and also to what role a human takes as a personality. Including the thesis is the part engaging in consumer decision process.
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