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Measuring Market Power: The Czech Market of Mobile Operators
Kolomazníková, Barbora ; Koubek, Ivo (advisor) ; Hayat, Arshad (referee)
The main focus of the thesis is the measurement of market power. Since market power is a determinant of the degree of competition, its measurement is the key feature of competition policy. We present various methods for assessing market power. One of the most famous ones are Lerner index and Herfindahl-Hirschman index, both of which belong to SCP paradigm. Another group of measures are the NEIO models, which provide the empirical analysis of relevant markets. For the estimation of market power, we have chosen the czech market of mobile oper- ators. We examine the three largest operators (i.e. O2, T-Mobile and Vodafone) in the period 2000-2013. Firstly, the model of Röller and Parker (1997) is used to identify the market's structure. Secondly, we employ the Appelbaum's (1982) industry-level measure to estimate market power. Keywords: market power, market structure, Lerner index, competition, industrial orga- nization, mobile operator, telecommunications Supervisor's e-mail address: koubek@fsv.cuni.cz Author's e-mail address: barbora.kolomaznikova@centrum.cz 1
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The Aspects of Collaborative Procurement: Centralization, Scope and Different Market Structures
Počarovská, Amália ; Gutiérrez Chvalkovská, Jana (advisor) ; Skuhrovec, Jiří (referee)
Procurement centralization is a process that includes policy decisions on the appropriate level of collaboration, aggregation and standardization. We analyse the main aspects of collaborative procurement: centralization, scope and different market structures. We use a unique dataset that combines Czech tender-level data with the manually-collected data on centrally procured tenders and financial firm-level data for the time span 2008 - 2016. We apply vector generalized linear model to the compulsory centralized procurement sectors and assess the market competition and concentration. We find several key aspects of centralized procurement: the centralization has a significant positive impact on the competition in selected sectors. The framework agreement is recognized as a positive setup of public procurement. We identified a strong negative evidence of the heterogeneity of the procured commodity. The design of centralization process and the degree of centralization is always bound by two elementary questions: the flexibility or unification trade-off and the set-up costs or unit costs trade-off. JEL Classification D44, H11, H57 Keywords public procurement, centralization, tender- level data, firm-level data, market structure, concentration index, vector generalized linear model, Herfindahl-Hirschman...
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The Aspects of Collaborative Procurement: Centralization, Scope and Different Market Structures
Počarovská, Amália ; Gutiérrez Chvalkovská, Jana (advisor) ; Skuhrovec, Jiří (referee)
Procurement centralization is a process that includes policy decisions on the appropriate level of collaboration, aggregation and standardization. We analyse the main aspects of collaborative procurement: centralization, scope and different market structures. We use a unique dataset that combines Czech tender-level data with the manually-collected data on centrally procured tenders and financial firm-level data for the time span 2008 - 2016. We apply vector generalized linear model to the compulsory centralized procurement sectors and assess the market competition and concentration. We find several key aspects of centralized procurement: the centralization has a significant positive impact on the competition in selected sectors. The framework agreement is recognized as a positive setup of public procurement. We identified a strong negative evidence of the heterogeneity of the procured commodity. The design of centralization process and the degree of centralization is always bound by two elementary questions: the flexibility or unification trade-off and the set-up costs or unit costs trade-off. JEL Classification D44, H11, H57 Keywords public procurement, centralization, tender- level data, firm-level data, market structure, concentration index, vector generalized linear model, Herfindahl-Hirschman...
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Measuring Market Power: The Czech Market of Mobile Operators
Kolomazníková, Barbora ; Koubek, Ivo (advisor) ; Hayat, Arshad (referee)
The main focus of the thesis is the measurement of market power. Since market power is a determinant of the degree of competition, its measurement is the key feature of competition policy. We present various methods for assessing market power. One of the most famous ones are Lerner index and Herfindahl-Hirschman index, both of which belong to SCP paradigm. Another group of measures are the NEIO models, which provide the empirical analysis of relevant markets. For the estimation of market power, we have chosen the czech market of mobile oper- ators. We examine the three largest operators (i.e. O2, T-Mobile and Vodafone) in the period 2000-2013. Firstly, the model of Röller and Parker (1997) is used to identify the market's structure. Secondly, we employ the Appelbaum's (1982) industry-level measure to estimate market power. Keywords: market power, market structure, Lerner index, competition, industrial orga- nization, mobile operator, telecommunications Supervisor's e-mail address: koubek@fsv.cuni.cz Author's e-mail address: barbora.kolomaznikova@centrum.cz 1
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Trh hráčů americké Národní fotbalové ligy: Jsou hráčům stále vypláceny mzdy odpovídající tržní situaci monopsonu?
Miškovský, Karel ; Hudík, Marek (advisor) ; Koubek, Ivo (referee)
The main goal of this thesis is to find out whether National football league players are, even 15 years after the birth of unrestricted free agency, still paid monopsonistic salaries or whether competition among NFL teams eliminated them. After a theoretical discussion, which will help to form expectations about the player market, models in line with the standard theory of labor compensation and with Becker's human capital theory are estimated. The part of the research following the standard theory focuses mainly on estimations of players' marginal revenue product and subsequently on comparison of their wages with their MRP. To do so, OLS regressions, as well as quantile regressions, are run. The part of the research following the human capital theory has a supporting role and is used to further confirm the previous findings. It is represented by OLS player salary estimation. The hypothesis that players under a full control of their teams are still paid salaries below their MRP cannot be rejected, thus confirming a presence of monopsonistic salaries. A significant effect of free agency status on player salaries is also found. Exclusive rights players are paid significantly lower salaries than all free agents, while restricted free agents are paid significantly lower salaries than unrestricted free agents. Superstar players are found to have salaries in excess of their MRP regardless of their free agency status.
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Contagion Risk in the Czech Financial System: A Network Analysis and Simulation Approach
Hausenblas, Václav ; Kubicová, Ivana ; Lešanovská, Jitka
This paper examines the potential for contagion within the Czech banking system via the channel of interbank exposures of domestic banks enriched by a liquidity channel and an asset price channel over the period March 2007 to June 2012. A computational model is used to assess the resilience of the Czech banking system to interbank contagion, taking into account the size and structure of interbank exposures as well as balance sheet and regulatory characteristics of individual banks in the network. The simulation results suggest that the potential for contagion due to credit losses on interbank exposures was rather limited. Even after the introduction of a liquidity condition into the simulations, the average contagion was below 3.8% of the remaining banking sector assets, with the exception of the period from December 2007 to September 2008. Activation of the asset price channel further increases the losses due to interbank contagion, showing that liquidity of government bonds would be essential for the stability of Czech banks in stress situations. Finally, the simulation results for both idiosyncratic and multiple bank failure shocks suggest that the potential for contagion in the Czech banking system has decreased since the onset of the global financial crisis.
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The price effects of an emerging retail market
Podpiera, Jiří ; Raková, Marie
In this paper writers analyze the effects of changing market structure on price dynamics of final goods in the emerging Czech retail market. Writers estimate the extent of upstream and downstream market power and find that changing market structure was responsible for an average yearly decrease in the prices of retailed products of 0.8 p.p. during 2000–2005. At the same time, however, they anticipate that the already started period of mergers and acquisitions could cause yearly increases in the prices of retailed products of 1.2 p.p. (approximately 0.5 p.p. in the CPI) over the next ten years.
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