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Forthcoming in the next issue 7(3)

06/11/2013

Can CDFC and MLRP Conditions Be Both Satisfied for a Given Distribution?

P. Loisel

Abstract: In principal-agent problem, the first-order approach is frequently used. To insure the validity of the approach the Monotone Likelihood Ratio Property and the Convexity of the Distribution Function Condition are requested. While the former property is satisfied by most of the distributions, this is not the case for the second property. We present two families of distributions for which the properties are satisfied. The first family includes as special cases the distributions that were previously introduced by various authors. The second family includes new distributions.

Keywords: Monotone Likelihood Ratio Property, Convex Distribution Function Condition, incentive contract, first-order approach, moral hazard
JEL classification: D3, D8  

Risk-Sensitive and Mean Variance Optimality in Markov Decision Processes

K. Sladký

Abstract: In this paper we consider unichain Markov decision processes with finite state space and compact actions spaces where the stream of rewards generated by the Markov processes is evaluated by an exponential utility function with a given risk sensitivity coefficient (so-called risk-sensitive models). If the risk sensitivity coefficient equals zero (risk-neutral case) we arrive at a standard Markov decision process. Then we can easily obtain necessary and sufficient mean reward optimality conditions and the variability can be evaluated by the mean variance of total expected rewards. For the risk-sensitive case we establish necessary and sufficient optimality conditions for maximal (or minimal) growth rate of expectation of the exponential utility function, along with mean value of the corresponding certainty equivalent, that take into account not only the expected values of the total reward but also its higher moments.

Keywords: Discrete-timeMarkov decision chains, exponential utility functions, certainty equivalent, mean-variance optimality, connections between risk-sensitive and risk-neutral models
JEL classification: C44, C61 

Risk Measures in Optimization Problems via Empirical Estimates

V. Kaňková

Abstract: Economic and financial activities are often influenced simultaneously by a decision parameter and a random factor. Since mostly it is necessary to determine the decision parameter without knowledge of the realization of the random element, deterministic optimization problems depending on a probability measure often correspond to such situations. In applications the problem has to be very often solved on the data basis. It means that usually the “underlying” probability measure is replaced by empirical one. Great effort has been made to investigate properties of the corresponding (empirical) estimates; mostly under assumptions of “thin” tails and a linear dependence on the probability measure. The aim of this paper is to focus on the cases when these assumptions are not fulfilled. This happens usually just in economic and financial applications (see, e.g., Mandelbort and Schefller 2003; Pflug and Ro¨misch 2007; Rachev and Ro¨misch 2002; Shiryaev 1999).

Keywords: Static stochastic optimization problems, linear and nonlinear dependence, risk measures, thin and heavy tails, Wasserstein metric, L1 norm, empirical distribution function
JEL classification: C44

The Relevant Markets for Meat Production and Processing in the Czech Republic: Analysis of the Price Movements

V. Hajko, J. Bil

Abstract: The objective of this article is to apply empirical methods to delineate the relevant market for various types of meat in the Czech Republic during the period of 2006-2010. This procedure may be useful when there is little availability of micro-data and the complete SSNIP test approach is not feasible, but when the prices can be obtained at an aggregated level. The methods employed ranged from the visual assessment, simple correlation analysis and testing of the law of one price, to the more complex cointegration analysis and testing of Granger causality. The application of the methodology was used both for the geographical delineation and for the product delineation. We reach the following conclusions: for the chicken meat, the market in the Czech Republic can be considered independent both geographically and by product. For the pork meat, the relevant market includes, apart from the Czech Republic, also Germany and Slovakia. The relevant beef meat market includes the Czech Republic and Germany.

Keywords: Market delineation, meat prices, relevant market, cointegration, causality
JEL classification: C32, L40, L66


SNIP metrics for the Czech Economic Review

26/09/2013

Scopus has ex post added our journal to Scopus Title List on Content Coverage page. Our SNIP metrics has improved from 0.030 to 0.386. This year, we are ending the fourth year of coverage in Scopus.


Content covered in ABI/INFORM (ProQuest)

25/09/2013

We have agreed with ProQuest on the inclusion of the Czech Economic Review into the ABI/INFORM database. Featuring over 4,055 journals, ABI/INFORM Complete is the most comprehensive business and economics database on the market today. ProQuest is a global leader in collecting, organizing and publishing value-added information to researchers, faculty, and students in libraries, government, universities, and schools in over 160 countries.


The Czech Economic Review, Vol. 7, No. 2

11/07/2013

A new issue of the Czech Economic Review is available online. See table of contents:

Articles

Valuing Equally the Environmental Goods in Rich and Poor Countries in a Post-Kyoto World
D. Osmani
The Czech Economic Review 7 (2), 73-99

Education, Endogenous Human Capital, and Monetary Economic Growth with MIU Approach
W.-B. Zhang
The Czech Economic Review 7 (2), 100-118

Comprehensive Approximate Sequential Tool for Public Service System Design
M. Kvet, J. Janáček
The Czech Economic Review 7 (2), 119-127

Reports

The 2013 Meeting of the European Public Choice Society
M. Gregor
The Czech Economic Review 7 (2), 128-128

Meeting of COST Action IC1205 on Computational Social Choice
M. Gregor
The Czech Economic Review 7 (2), 129-129

To view, download, or recommend a single article, click on the article title. To unsubscribe, please fill in the form in the left column (Table of Contents Alert) on the journal homepage.


Forthcoming in the next issue 7(2)

25/06/2013

Valuing Equally the Environmental Goods in Rich and Poor Countries in a Post-Kyoto World

D. Osmani

Abstract: The optimal pollution abatement levels are found by maximizing global social welfare in a permits trade system under the constraint that environmental goods are evaluated equally in rich and poor countries. Evaluating equally environmental goods in poor and rich countries makes possible to build a relation between the income elasticity of marginal utility e and the inequality aversion parameter g (Fankhauser et al. 1997; Johansson-Stenman 2000), which narrows the variation of e for a particular value of g. As a result, smaller variation for optimal abatement levels is obtained, which allows to inspect what Post-Kyoto abatement levels for poor and rich countries respect the requirement of evaluating equally the environmental goods in rich and poor countries. One finding is that in a Post-Kyoto world, the optimal abatement levels of poor countries are always different from zero, if we aim to evaluate equally the environmental goods in poor and rich countries. Furthermore, in a permits trade system, if we increase abatement levels continually, it can happen that poor countries have to carry out higher emission reductions than rich ones.

Keywords: Cost-benefit analysis, distributional weights, global warming, welfare theory, integrated assessment modeling
JEL classification: D61, D62, D63

Education, Endogenous Human Capital, and Monetary Economic Growth with MIU Approach

W.-B. Zhang

Abstract: This study builds a monetary growth model with inflation policy and education. The model is a synthesis of the Uzawa-Lucas two-sector growth model and traditional monetary model with the money-in-utility (MIU) approach. We show how money, physical capital and human capital interact over time under exogenous inflation policy in a free market economy. The dynamics of the economy is described by three differential equations. We show that the monetary economic system has a saddle equilibrium point. We simulate motion of the economic system and carry out comparative statics analysis with regards to the monetary policy, propensities to save wealth and to receive education.

Keywords: Economic growth, MIU approach, inflation policy, physical capital, education and human capital, learning through consuming
JEL classification: I25, O41, E50

Comprehensive Approximate Sequential Tool for Public Service System Design

M. Kvet, J. Janáček

Abstract: This paper deals with the approximate approach to the p-median problem, which constitutes a background for the public service system design. The real instances are characterized by thousands of possible service center locations. The attempts at exact solving of these problems often fail due to enormous computational time or huge memory demands, when the location-allocation model is used. The presented approach uses an approximation of a common distance by some pre-determined distances given by so-called dividing points. Covering formulation of the problem enables the implementation of the solving technique in the frame of commercial optimization software to obtain near-optimal solution in a short term. As the deployment of the dividing points influences the accuracy of the solution, we have developed the sequential method of dividing point deployment. The main goal of this study is to explore the effectiveness of suggested approximate method measured by the solution accuracy in comparison to the saved computational time.

Keywords: p-median problem, approximate covering model, lower bound, sequential method
JEL classification: C61


The Czech Economic Review, Vol. 7, No. 1

23/03/2013

A new issue of the Czech Economic Review is available online. See table of contents:

Articles

Banzhaf Like Value for Games with Interval Uncertainty
L. Pusillo
The Czech Economic Review 7 (1), 5-14

Approval Voting without Faithfulness
U. Ninjbat
The Czech Economic Review 7 (1), 15-20

Investigating Differences Between the Czech and Slovak Labour Market Using a Small DSGE Model with Search and Matching Frictions
D. Němec
The Czech Economic Review 7 (1), 21-41

Outward Labour Migration in the Czech Republic, Poland and Slovakia after the EU Enlargement in 2004
W. Strielkowski, P. Filipec, M. Štefánik, K. Kowalska
The Czech Economic Review 7 (1), 42-54

Possible Modifications of the Multiple Criteria Assignment Method
A. Borovička
The Czech Economic Review 7 (1), 55-67

To view, download, or recommend a single article, click on the article title. To unsubscribe, please fill in the form in the left column (Table of Contents Alert) on the journal homepage.


Forthcoming in the next issue 7(1)

11/03/2013

Banzhaf Like Value for Games with Interval Uncertainty

L. Pusillo

Abstract: This paper focuses on the Banzhaf value for cooperative games with a finite set of players where the coalition values, expressed by the characteristic function, are compact intervals of the real numbers. We generalize the Banzhaf value for TU-cooperative games to the class of games with interval uncertainty which have many applications. Furthermore the Banzhaf like value is here characterized through some axioms.

Keywords: Cooperative situations, interval values games, Banzhaf index
JEL classification: C71

Approval Voting without Faithfulness

U. Ninjbat

Abstract: In this short paper, we analyze the implications of dropping the axiom of faithfulness in the axiomatization of approval voting, due to P. C. Fishburn. We show that a ballot aggregation function satisfies the remaining axioms (neutrality, consistency and cancellation) if and only if it is either a function that chooses the whole set of alternatives, or an approval voting, or a function that chooses the least approved alternatives.

Keywords: Approval voting, faithfulness, inverse approval voting
JEL classification: D71, D72 

Investigating Differences Between the Czech and Slovak Labour Market Using a Small DSGE Model with Search and Matching Frictions

D. Němec

Abstract: This contribution reveals some structural properties of the Czech and Slovak labour markets. A search and matching model incorporated into a small standard DSGE model is estimated using Bayesian techniques. Two sources of rigidities are implemented: wage bargaining mechanism and “search and matching” process matching workers and firms. The results show that the search and matching aspect provides satisfactory description of employment flows in both economies, and that the institutional characteristics do not differ too much in both economies. The model estimates provide interesting evidence that wage bargaining process is determined mainly by the power of firms. These results support the view of flexible wage environment in both economies. On the other hand, firms are confronted by increasing vacancy posting costs that limit vacancies creation. Relative low separation rate provides evidence of reduced mobility of the workers.

Keywords: Search and matching model, closed DSGE model, Bayesian estimation, labour market flexibility
JEL classification: C51, E24, J60  

Outward Labour Migration in the Czech Republic, Poland and Slovakia after the EU Enlargement in 2004

W. Strielkowski, P. Filipec, M. Štefánik, K. Kowalska

Abstract: This paper analyzes the outward labour migration from the Czech Republic, Poland and Slovakia to predominantly EU15 countries. It describes the incentives for emigration and evaluates the effect of the EU accession in 2004 for all three countries using the regional data. Our empirical estimation suggests that while outward labour migration from Poland was positively related to lagged emigration and negatively related to employment rate and average real wage, this relationship was less obvious and significant in the case of the Czech Republic and Slovakia. In addition, our results also imply that the EU accession had only indirect impact on emigration for three countries in question.

Keywords: Labour migration, emigration, EU Enlargement, Czech Republic, Poland, Slovakia
JEL classification: F02, F22, J61

Possible Modifications of the Multiple Criteria Assignment Method

A. Borovička

Abstract: The paper introduces the multiple criteria decision making method using one of basic problems of linear programming as its computational principle; thus, the algorithm is based on the assignment problem enabling the assignment of alternatives and rank. The known basic algorithm of the assignment method is described and some modifications are proposed that take into account differences among criterial values or some stochastic elements. Finally, the article offers some practical application in investment decision making process in the field of capital market with shares funds.

Keywords: Assignment method, difference, shares fund
JEL classification: C63, G11


The most downloaded articles in Volume 6 (2012) from the journal website

30/01/2013

6(1)
1. Brauers, W.K.M., Project Management for a Country with Multiple Objectives, (554)
2. Halkos, G.E, Papageorgiou, G.J., Pollution Control Policy: A Dynamic Taxation Scheme, (526)
3. Kumar, V., Cartels in the Kautiliya Arthasastra, (512)
6(2)
1. Varela, D., Prado-Dominguez, J., Negotiating the Lisbon Treaty: Redistribution, Efficiency and Power Indices, (312)
2. Brodzicki, T., Augmented Solow Model with Mincerian Education and Transport Infrastructure Externalities, (274)
3. Mazurkiewicz, M., Analysis of Regional Aspects of Voting Behaviour: The Case of Polish Presidential Election, (215)

6(3)
1. Hosli, M.O., Negotiating the European Constitution: Government Preferences for Council Decision Rules, (134)
2. Berlemann, M., Who Cares about Inflation? Empirical Evidence from the Czech Republic, (128)
3. Romaniuc, R., Judicial Dissent under Externalities and Incomplete Information, (115)


The most downloaded articles per volume from the journal website

30/01/2013

Volume 5 (2011)
1. Yalcinkaya Koyuncu, J., Foreign Bank Presence and Bank Spreads: Evidence from Turkey, 5(1), (775 downloads)
2. Schofield, N., Is the Political Economy Stable or Chaotic?, 5(1), (741)
3. Fidrmuc, J., Süss, P.J., The Outbreak of the Russian Banking Crisis, 5(1), (730)

Volume 4 (2010)
1. Migliardo, C., Monetary Policy Transmission in Italy: A BVAR Analysis with Sign Restriction, 4(2), (1442)
2. Zelený, M., Bata Management System: A Built-In Resilience against Crisis at the Micro Level, 4(1), (1394)
3. Krištoufek, L., Rescaled Range Analysis and Detrended Fluctuation Analysis..., 4(3), (1037)

Volume 3 (2009)
1. Viren, M., Does the Value-Added Tax Shift to Consumption Prices?, 3(2), (1586)
2. Schofield, N., Ozdemir, U., Formal Models of Elections and Political Bargaining, 3(3), (1446)
3. Curini, L., Martelli, P., Electoral Systems and Government Stability: A Simulation of 2006 Italian Policy Space, 3(3), (1201)
 


The most cited articles in Scopus

30/01/2013

The number of citations in Scopus (since 2010 - Volume 4)

7: Kennet, D.Y, et al., Czech Economic Review 4(3), 330-340.

5: Kristoufek, L., Czech Economic Review 4(3), 315-329.

1: Brauers, W.K.M, Czech Economic Review 6(1), 80-101.

1: Hosli, M.O., Uriot, M.C.J., Czech Economic Review 5(3), 231-248.

1: Fidrmuc, J., Suss, P.J., Czech Economic Review 5(1), 46-63.

1: Migliardo, C., Czech Economic Review 4(2), 139-167.

1: Zelený, M., Czech Economic Review 4(1), 102-117.
 


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