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The impact of the principal-agent problem on the genesis of the global financial crisis
Mach, Milan ; Žamberský, Pavel (advisor) ; Hnát, Pavel (referee)
The core focus of this thesis is the principal-agent problem and its role in the outbreak of the 2007 financial crisis. Analysis of key elements of the problem like moral hazard and adverse selection lays foundations for identifying situations, in which conflict of interests led to negative impacts on the economic performance before and during the financial crisis. This work also studies the influence of factors that are often overlooked by theoretical economists but are still tightly connected to the principal-agent problem, like exogenous incentives based on the mechanism of trust. The author also evaluates mechanisms that have been put into place after the financial crisis and which could help lower agency costs. He also sketches out possible venues of future research in this area.
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Analysis of Thoroughbred auctions in Czech republic
Wimmerová, Tereza ; Kovanda, Lukáš (advisor) ; Rod, Aleš (referee)
Price determinants and presence of adverse selection in Thoroughbred market are extensively explored in foreign countries, but not in Czech Republic and this is the first work on the data of Central European auction of Thoroughbreds. Using hedonic pricing model and a regression analysis has been found on data about 54 horses, that significant price determinants are the year of holding the auction (2008 and 2010), age of horse and its gender, Velka pardubicka steeplechase eligibility, foreign origin and quality of horses's dam. Buyers likely distinguish between two types of sellers and are willing to pay less to those sellers, who likely select adversely, but the significance hasn't been certified. Results of an online form support the results of the model.
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Mothers for Sale: Advantages and Disadvantages of Paid Surrogacy
Peštová, Marie ; Chalupníček, Pavel (advisor) ; Houdek, Petr (referee)
The work focuses on the issues of the market solving the human organ shortage. The market solution faces the same criticism as the commercial surrogacy. The main purpose of the work is to evaluate the commercial surrogacy system efficiency. Within the solution of this question, the work focuses first on the analysis of the arguments against a market in human organs and consequently theise objections applies to the surrogate motherhood with emphasis on the problem of adverse selection, which from an economic point of view appears to be the most serious. In the applied part the paper tests the existence of the signs of the adverse selection in the countries where payment for the surrogacy is legal. The paper leads to the conclusions, despite some specifics of the market, this solution is efficient and the market itself creates sufficient mechanisms to prevent adverse selection
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Asymetric information and a contract theory
Fiala, Jiří ; Tříska, Dušan (advisor) ; Bartoň, Petr (referee)
This diploma thesis discusses the problem of asymmetrically distributed information between economic agents who interact with each other. It describes the historical development of asymmetric information in economic theory. It mainly focuses on possible emergence of inefficiencies due to asymmetrically distributed information. It describes the model of adverse selection. The thesis also points out how it is possible to apply this model of adverse selection together with knowledge of contract theory to partly overcome these inefficiencies. The aim of the study is to show on concrete examples how to design optimal contract and how these optimal contract can minimize the impact of asymmetric information on economic efficiency.
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