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The Economics of Face Masks: application of VSL's controversy and GDP's critique on the case of the Czech face masks sewing initiative and its value estimation
Malá, Markéta ; Schwarz, Jiří (advisor) ; Havránková, Zuzana (referee)
The thesis describes the economic context of the face masks sewing initiative in the Czech Republic (the prompt and extensive help of volunteers with tackling the face masks' shortage during the COVID-19 pandemics) and attempts to estimate its economic value. Even in the most conservative scenario that assumes efficacy of face masks to be only 8 %, the results suggest that the initiative still created lower units of billions CZK in economic value as a result of contributing to the prevention of 6,290 - 18,825 infections, 1,006 - 3,012 hospitalizations and 95 - 284 deaths only within the first month. If we assume 20 % masks efficacy, the initiative's value equals to 1 - 9 % of the Czech monthly GDP .
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HODNOTA STATICTICKÉHO ŽIVOTA NA ČESKÉM TRHU PRÁCE
Albrechtová, Aneta ; Dušek, Libor (advisor) ; Janíčko, Martin (referee)
This thesis calculates the value of statistical life (VSL) in the Czech Republic based on estimation of fatal risk computed across occupation within industries. Using the regression analysis, I estimate the impact of the fatal risk on wage. From this I calculate the VSL using the hedonic wage model. I use randomized wage data sample with 150 000 observations from the year 2013 combined with injury data from the years 2013-2015. Based on this data I estimated the VSL to be in a range between 6 965 277CZK (260 092EURO) and 37 355 674CZK (1. 394mil.EURO) based on statistically significant estimates of fatal risk. Furthermore, I estimate my model of fatal risk calculated across industries to compare the impact of the level of risk in the computation. This regression indicates that estimates based on risk in industries are overestimated. My results show that the method of risk computation is a key factor affecting the VSL.
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Value of Statistical Life: Estimation for the Czech Republic
Přenosilová, Klára ; Dušek, Libor (advisor) ; Rod, Aleš (referee)
This work combines economics and law and shows how the results of economic estimations can be beneficial and useful for the legal practice. Concerning the economic theory, this work is based on the theory of compensating wage differentials, which originate in the labour market in order to compensate workers on riskier jobs for the higher probability of fatal and non fatal work related accident. On the basis of compensating wage differentials caused by the different level of work related risk in different industries, I estimated the value of statistical life in the Czech Republic. The estimated value of statistical life ranged between 86.2-96.8 million CZK. In the legal practice these estimations could be used as reference amounts when compensating for the non-pecuniary damage in case of bodily injury and killing.
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Stínové ceny v české ekonomice
Sieber, Martina ; Kislingerová, Eva (advisor) ; Soukup, Jindřich (referee) ; Vlček, Josef (referee)
The doctorial thesis is focused on shadow pricing. The aim is to describe as complex and full description of the problem as possible. Briefly said, Shadow prices are prices of goods which would take a place on the efficient market, if such a market with the commodity existed. In the case of consumption benefits they in fact present monetary value of the utility increment resulted from additional consumption. They are basic information input into any socioeconomic evaluation. Research of shadow prices is underdeveloped in the Czech Republic. With respect to the fact the thesis contents description of basic theoretical concepts as well as list of attainable methods for shadow prices derivation. Main variables determining shadow prices (under condition of WTP, WTA and Social Opportunity Costs concepts) are the existed society welfare and social preferences. From this perspective if clear and evident that there would not be appropriate to use shadow prices conducted abroad for evaluation in the Czech economy. Each state has its own level of welfare as well as specific social and ethical values widespread among citizens and so specific shadow prices as well. Not just shadow prices them self are not simply applicable for evaluation in each country. Similar problem we have to face, if we try to use the same methods of deriving shadow prices in different areas. That is why the thesis also serves critical analysis of attainable methods and their assessment. Based on the assessment is stated, what methods are more or less appropriate and under which condition in the Czech area. In principal should shadow prices reflect Social Opportunity Costs of input usage for evaluated changes and Willingness to Pay of the society for the outputs of evaluated changes (or alternatively Willingness to Accept) with no respect to the fact if the good (or output or input) is market good or nonmarket good. Even though we differentiate in the methodological level between market and nonmarket good the theoretical and conceptual background is the same. The background is rooted in the neoclassical economics. For the practical reasons as a analyst time and budget constrain it is not too efficient in evaluation of marketed goods always perform deep empirical market analysis from primary data even though it would be theoretically ideal and correct. Fortunately we are usually not forced to do it. In majority of cases we can follow LMST methodology of shadow prices and derive so called Conversion Factors for transformation of market prices to shadow prices. The Conversion factors are usually derived for wider group of goods which is sold in the similar market. Such values we call Sector Conversion Factors. A Shadow price of an individual unique good we than receive by its market price multiplication by most appropriate sector conversion factor. With respect to current Czech evaluation practice situation, when sector conversion factor are very often used but their estimates are more less based on very poor quality of underlying theory and very often without sufficient data background, the quantification of SCF in the theses could be viewed as quite significant contribution. With respect to their specific characteristics nonmarket good as safety (VSL), time, noise, etc. should be valued separately. And the thesis is offering at least methodological contributive guidelines regarding theoretical validity and relevance as well as assessment of their applicability under Czech condition. For better imagination there is collected sample of results of selected externality values for foreign countries.
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