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Modelling ethanol production in simultaneous equations model of global food demand and supply
Kozák, Miroslav ; Janda, Karel (advisor) ; Macháček, Vít (referee)
This thesis conducts an econometric analysis for the relationship between food price and ethanol production. A system of simultaneous equation models for the demand and supply for food are estimated, paying attention to the effect of ethanol production. The two-stage and three-stage least-squares estimation methods are adopted, which explicitly account for endogeneity in the system. Using annual data from 1981 to 2020, it is found that the ethanol production has little economic impact on food price. This may be closely related with inelastic demand and supply with respect to price that have been found in this study, where exogenous shocks such as an increase of ethanol production may have small effects on price. JEL Classification C12, C13, D12 Keywords Ethanol, Endogeneity, Food Price, Elasticity, Si- multaneous Equations Model Title Modelling ethanol production in simultaneous equations model of global food demand and sup- ply Author's e-mail kozakmiroslav92@gmail.com Supervisor's e-mail karel-janda@seznam.cz
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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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