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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.
 


IDEAS/RePEc Simple Impact Factor

30/01/2013

Out of Czech economics journals, our journal has the following position measured by the IDEAS/RePEc Simple Impact Factor:

  530.  Czech Economic Review 0.448 
  580.  Prague Economic Papers 0.355
  661.  Czech Journal of Economics and Finance (Finance a uver) 0.257 
  738.  Politická ekonomie 0.18
  791.  Bulletin of the Czech Econometric Society 0.128

1097 journals are listed in January 2012 ranking (only journals with 50 or more papers and at least one citation are considered). The full ranking is available here.

RePEc (Research Papers in Economics) is a volunteer-driven initiative to create a public-access database that promotes scholarly communication in economics and related disciplines. The database contains information on more than 585,000 items. RePEc is providing ranking of leading economic journals by so called simple impact factor (a ratio of citations by the number of items in the journals, citation counts being adjusted to exclude citations from the journal considered).


The most cited articles according to Harzing's Publish or Perish, 2007-2012

30/01/2013

Aggregate statistics

Papers: 130
Citations: 194
Years: 7
Cites/paper: 1.49
h-index: 8 
g-index: 9

Number of citations, Authors, Title, Volume (Issue)

11, F Turnovec, New Measure of Voting Power, 1(1)
11, SZ Alparslan Gok, R Branzei…, Some characterizations of convex interval games, 2(3)
11, DY Kenett, Y Shapira, A Madi…, Dynamics of stock market correlations, 4(3)
10, J Babecký, Aggregate wage flexibility in new EU member states, 2(2)
10, MO Hosli, Council decision rules and European Union constitutional design, 2(1)
8, L Mallozzi, S Tijs, Partial Cooperation and Non-Signatories Multiple Decision, 2(1)
8, F Turnovec, National, Political and Institutional Influence in European Union Decision Making, 2(2)
8, J Fidrmuc…, The outbreak of the Russian banking crisis, 5(1)
6, R Branzei, G Ferrari, V Fragnelli…, A flow approach to bankruptcy problems, 2(2)
6, M Viren, Does the Value-Added Tax Shift to Consumption Prices?, 3(2)
6, V Fragnelli…, Strategic manipulations and collusions in Knaster procedure, 3(2)
5, N Schofield, Is the Political Economy Stable or Chaotic?, 5(1))
5, L Krištoufek, Rescaled Range Analysis and Detrended Fluctuation Analysis..., 4(3)


Citations in impacted journals

30/01/2013

At the moment, the Web of Knowledge identifies citations to the CER from the following journals:

PLOS ONE
GAMES AND ECONOMIC BEHAVIOR
EPL
OMEGA-INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE
CHAOS
SOCIAL CHOICE AND WELFARE
THEORY AND DECISION
ECONOMIC RECORD
MATHEMATICAL AND COMPUTER MODELLING
INTERNATIONAL JOURNAL OF INTELLIGENT SYSTEMS
JOURNAL OF MATHEMATICAL ECONOMICS
PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS
GROUP DECISION AND NEGOTIATION
ECONOMICS OF TRANSITION
INTERNATIONAL JOURNAL OF UNCERTAINTY FUZZINESS AND KNOWLEDGE-BASED SYSTEMS
MATHEMATICAL SOCIAL SCIENCES
EURASIAN GEOGRAPHY AND ECONOMICS
POST-COMMUNIST ECONOMIES
FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE
POLITICKA EKONOMIE
EKONOMICKY CASOPIS
CENTRAL EUROPEAN JOURNAL OF OPERATIONS RESEARCH
PRAGUE ECONOMIC PAPERS
EKONOMSKA ISTRAZIVANJA-ECONOMIC RESEARCH
BALTIC JOURNAL OF ECONOMICS
METALURGIA INTERNATIONAL
CONTROL AND CYBERNETICS
INTERNATIONAL JOURNAL OF INFORMATION TECHNOLOGY & DECISION MAKING


List of authors

28/01/2013

The updated list of authors together with their affiliations can be downloaded here.


The Czech Economic Review, Vol. 6, No. 3

20/10/2012

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

Articles

Negotiating the European Constitution: Government Preferences for Council Decision Rules
M. O. Hosli
The Czech Economic Review 6 (3), 177-198

Dynamic Collusion and Collusion Games in Knaster's Procedure
F. Briata, M. Dall'Aglio, V. Fragnelli
The Czech Economic Review 6 (3), 199-208

Judicial Dissent under Externalities and Incomplete Information
R. Romaniuc
The Czech Economic Review 6 (3), 209-224

Who Cares about Inflation? Empirical Evidence from the Czech Republic
M. Berlemann
The Czech Economic Review 6 (3), 225-243

Central Bank Forecasts as a Coordination Device: Evidence from the Czech Republic
J. Filacek, B. Saxa
The Czech Economic Review 6 (3), 244-264

Reports

Mathematical Methods in Economics 2012
J. Ramik, E. Mielcova
The Czech Economic Review 6 (3), 265-266

The Nobel Prize for Economics to Alvin E. Roth and Lloyd S. Shapley
V. Fragnelli
The Czech Economic Review 6 (3), 266-267

Theses of Campione d’Italia
The Czech Economic Review 6 (3), 267-268

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 6(3)

01/10/2012

Negotiating the European Constitution: Government Preferences for Council Decision Rules

M. O. Hosli

Abstract: This paper explores what preferences governments held in the negotiation process on the European Constitution regarding European Union (EU) institutional provisions and decision rules. Applying logistic regression and ordered probit techniques to the data collection 'Domestic Structures and European Integration' (DOSEI), and complemented by graphical and descriptive explorations, the paper reveals cleavages between governments’ positions that can be discerned in the negotiation process on the European Constitution. Regarding decision rules to be used in the Council, member state preferences clearly differ according to the length of EU states' membership, with older members, in general, favoring a low decision threshold for the Council. Similarly, older EU states were stronger supporters of the application of qualified majority voting (QMV) than were newer EU member states. In addition to this, our analysis reveals that smaller EU states and those facing Euroskeptic domestic publics tended to be more supportive of a low decision threshold in the Council of the EU.

Keywords: Decision rules, Council of the European Union, institutional provisions, dimensions of political contestation, qualified majority voting
JEL classification: C7, H1  

Dynamic Collusion and Collusion Games in Knaster's Procedure

F. Briata, M. Dall'Aglio, V. Fragnelli

Abstract: In this paper we study the collusion in Knaster's procedure, starting from the paper of Fragnelli and Marina (2009). First, we introduce a suitable dynamic mechanism, so that the coalition enlargement is always non-disadvantageous. Then, we define a new class of TU-games in order to evaluate the collusion power of the agents.

Keywords: Fairness, Knaster's procedure, complete risk aversion, dynamic coalition formation
JEL classification: C70, C71 

Judicial dissent under externalities and incomplete information

R. Romaniuc

Abstract:The issue of the stability and change of legal rules occupies a central place in the discussions of alternative ways of organizing justice and the provision of legal rules. There nonetheless remains a theoretical aspect that has never been raised in the literature on judicial decision making and legal change. Judges that are not bound by precedent and can change the law directly by overruling previous decisions have to make a particular decision about the direction the new precedent will take. We show that under incomplete information about judges’ eagerness to choose according to their ideal points, there are two candidates for the particular legal rule that is to become the new precedent: (i) judge’s private optimum; and (ii) some other legal rule that can differ from (i) and correspond to the empirical and normative expectations of a large subset of judges within the judicial population. The individual judge that has decided not to stick to the precedent faces therefore a trade-off, he has to choose among alternative legal rules that yield alternative levels of public and private satisfaction of preferences.

Keywords: Judicial decision-making, reputation, legal change, evolution of judge-made law
JEL classification: D79, K00, K40

Who Cares about Inflation? Empirical Evidence from the Czech Republic

M. Berlemann

Abstract: Most central banks around the globe have the primary task to fight inflation. In the light of the fact that at least moderate inflation turns out to have little effect on the economy this is somewhat surprising. In order to understand why many countries have installed central banks which (almost exclusively) focus on fighting inflation it is necessary to understand why people care about inflation. However, comparatively little knowledge is yet available on the individual determinants of inflation aversion. Up to now, empirical (and quite inconclusive) evidence is available for a number of large Western democracies. Moreover, the evidence is mostly drawn from pure cross section data. Thus, it is yet unclear in how far the results depend on the prevailing macroeconomic situation and can be generalized. In this paper we study the individual determinants of inflation aversion in the Czech Republic. Using data from 11 waves of the Eurobarometer Survey we find age, political orientation, education and the macroeconomic situation to have significant effects on the revealed preferences towards fighting inflation while income seems not to play a significant role.

Keywords: Inflation, inflation aversion, preferences
JEL classification: E31, E61

Central Bank Forecasts as a Coordination Device: Evidence from the Czech Republic

J. Filacek, B. Saxa

Abstract: Do private analysts coordinate their forecasts via central bank forecasts? In this paper, we examine private and central bank forecasts for the Czech Republic. The evolution of the standard deviation of private forecasts as well as the distance from the central bank’s forecasts are used to study whether a coordination effect exists, how it is influenced by uncertainty, and the effects of changes in central bank communication. The results suggest that private analysts coordinate their forecasts for the interest rate and inflation, while no or limited evidence exists for the exchange rate and GDP growth.

Keywords: Central bank, forecast, coordination
JEL classification: E37, E47, E58, G14


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