Internal Lunch Seminars (Archive)
Rocket and Feather Effect in Retail Gasoline Market : Evidence from the Czech RepublicLecturer: Jaroslav Bil Affiliation: Masaryk University, ÚOHS Academic Club (ESF MU) 11:30 AM • 12/11/2015
This study investigate price adjustement in retail gasoline market in Czech Republic. Using weekly aggregated panel data of 1285 gas stations over years 2008-2013 error-corection model is estimated to provide the evidence for asymmetric pricing responses on positive and negative shocks from commodity stock market. Even though gas station operators defer reduce the retail price when stock market prices are falling, ultimate adjustment is more pronounced after stock price decrese than increase. Thus the consequent final effect on welfare is sporadic. What are the rationale for that behaviour and why does pricing policy differ across operators? These and other questions are subject to further research.
Endogenous Economic Cycles: An Agent-based Model Of Consumers’ ConfidenceLecturer: Jana Závacká Affiliation: Faculty of Economics, VSB-Technical University of Ostrava Academic club (ESF MU) 12:00 PM • 12/10/2015
Abstract: The main goal of this paper is to present consumers’ confidence as an important source of cyclical economic activity. We use a simplified agent-based model with a single production sector and consumers (agents). The confidence (optimism/stableness/pessimism) spreads by interactions among consumers and according to the macro state of the economy on the lattice of consumers. The aggregate level of confidence in society reflects the consumers’ expectations about their future incomes together with their preferences between current and future consumption and determines aggregate demand for consumption spending. The aggregate supply is always formed with an attempt to satisfy aggregate demand, even at the price of growing amount of inventory goods. We found that the model is capable of generating persistent endogenous business cycles. Peaks of waves of optimism/pessimism in the society correspond to the peaks of growth rate rather than the level of economic activity. The variable marginal rate of sub- stitution between present and future consumption has a countercyclical and stabilizing influence on the growth rate of economic activity.
Keywords: ACE model; business cycle; consumer confidence.
Local perceptions of climate change impacts and migration patterns in MaledivesLecturer: Robert Stojanov Affiliation: Charles University in Prague Academic club (ESF MU) 12:30 PM • 11/24/2015
This study covers outcomes from our field research in Maldives in 2013. We investigated what are the most acute environmental and especially climate challenges generally and how they are perceived and evaluated by local inhabitants. We focused on how livelihood activities are affected by climate change, mainly due to sea-level rise and seasonal monsoons shifts. We also researched if migration from the country could be perceived as being a coping or adaptation strategy (or a combination) and the role of migration governance. That includes investigating whether local people are willing to move outside Maldives to neighbouring countries (such as Sri Lanka and India).
We applied quantitative questionnaires conducted mostly with ordinary people (N=347), living in the capital Malé and nearby islands. Our results suggest that among other environmental challenges, sea-level rise is perceived by both groups as being one of the key factors affecting Maldivian society and livelihoods in the future. More then 50% of respondents perceive future sea-level rise to be serious and migration from islands to other countries is a definite potential option for dealing with those changes in future. But Many other reasons play important roles (such as culture, religion, economics, and social aspects) in decision-making about migrating or not.
Access to Credit of Enterprises in the Eurozone after the Financial CrisisLecturer: Petr Koráb Affiliation: Mendel University Mendel Univ., Zemědělská 1, Brno, Room 4.74 1:00 PM • 11/10/2015
The marginal cost of justice: A theory of optimal use of alternative criminal proceduresLecturer: Josef Montag Affiliation: Univesity of Economics, Prague Academic Club (ESF MU) 12:00 PM • 11/3/2015
Abstract: Criminal cases can be adjudicated via court trials or alternative criminal procedures, such as penal order and plea bargaining. We develop a model of optimal allocation of cases across these alternatives. The model predicts that the evidence standards—and thus the number of wrongful convictions and wrongful acquittals—fundamentally depend upon the cost structure of the criminal process as well as on the budget resources allocated to the criminal justice system. We call this phenomenon the marginal cost of justice. Our model offers explanations why the scope of plea bargaining in the United States has been traditionally broader than the scope of alternative procedures in Europe and why their use in Europe has recently expanded.
On the regularity of smooth production economies with externalities: Competitive equilibrium à la NashLecturer: Vincenzo Platino Affiliation: Masaryk University Academic club (ESF MU) 12:00 PM • 10/29/2015
Abstract: We consider a general equilibrium model of a private ownership economy with consumption and production externalities. The choices of all agents (households and firms) may affect utility functions and production technologies. The equilibrium notion blends Arrow--Debreu with Nash, that is, agents (households and firms) maximize their goals by taking as given both commodity prices and choices of every other agent in the economy. We provide an example showing that under standard assumptions, such economies may have infinitely many equilibria. We present our model with firms' endowments following Geanakoplos, Magill, Quinzii and Drèze (1990). Firms' endowments consist of amounts of commodities held by the firms to generate receipts from sales of initially-held stocks of commodities and claims from debts, subsidies and taxes expressible in terms of them. We prove that almost all economies are regular in the space of endowments of households and firms.
Corporate social responsibility: Responsible and Sustainable EducationLecturer: Sylvie Formánková Affiliation: Mendel university Mendel Univ., Zemědělská 1, Brno, Room Q45 1:00 PM • 10/23/2015
Abstract: The research deals with the responsible and sustainable education. It will include the comparison of two institutions, Mendel University in Brno and Hedmark University College, with the aim of benchlearning - finding new knowledge and inspiration for the future existence of these universities in terms of social responsibility. The research will be done in four stages: creation of a questionnaire based on a modified version of ISO 26000 draft, distribution of questionnaire and personal interviews with appropriate representatives of the university, evaluation of the questionnaire and finally comparison of the results in three main areas – economic, social and environmental. Outputs leading to a possible suggestion of improvements will be published in a form of a monograph (book). This monograph could be used as a starting point for social responsibility implementation in tertiary level of education at all institutions that want to do more for their students, employees and community. Such institutions will be oriented on quality of their education, services for employees, disabled students/employees, transparency of their actions and cooperation with community and non-profit sector which will help them to keep the sustainability for future generations. A special term for these universities could be created – universities of “new generation”. Following this first step the research will be extended and more educational institutions (public and private universities and university colleges) from the whole Czech Republic and Norway will be involved and investigated.
Credit Crunch in EU countries: Evidence from Bank Lending StandardsLecturer: Svatopluk Kapounek Affiliation: Mendel university Mendel Univ., Zemědělská 1, Brno, Room Q45 2:00 PM • 10/16/2015
Abstract: The European countries are more reliant on bank credits and bank intermediation of savings, than the rest of the world. Therefore, the banking system plays a crucial role for sustained recovery in Europe after the financial crisis. However, many factors could influence the lending activities of banks. The main objective of the paper is to identify the link between the European bank lending activities and macroeconomic shocks, banking controls and institutional variables. The microeconomic data are provided by the Bankscope database, macroeconomic shocks are drawn from Eurostat on-line databases. We employ robust OLS estimator and 2SLS estimations with lending standards as instruments. The results confirm significant impact of macroeconomic shocks, banking controls and institutional variables on European lending activities. In addition, we discuss possible endogeneity problems of economic agents’ preferences related to the possible credit crunch in selected countries.
Childcare arrangements: Parental preferences in the Czech RepublicLecturer: Jana Válková Affiliation: Masaryk University ESF, Lipová 41a, Brno, Room S314 1:00 PM • 10/9/2015
The research explores how cultural values, policy arrangements and economic pressures influence the preference for childcare. We study the parents preferences towards the childcare arrangements of pre-school children living in middle-upper class and working class neighborhoods when different options were available. The analysis is based on 40 semi-structured interviews with parents of first graders from two cities in the Czech Republic – Prague and Brno – collected within the project Parental Choice and Caring for Children in the Czech Republic and Slovakia supported by the Grant Agency of the Czech Republic.
Property rights predictability and FDILecturer: Štěpán Mikula Affiliation: Masaryk University Academic club ESF MU 12:00 PM • 8/21/2015
This paper deals with the role of predictability of property rights protection in source countries on the bilateral stock of foreign direct investments allocated in OECD countries. The poor predictability undermines the transaction costs reducing and productivity enhancing effect of property rights. Empirical results suggest that lower predictability leads to increase of investments held abroad and to decrease the amount of resources allocated to investments. The effect is driven by negative shocks when actual level of property rights protection is lower than expected. On the other hand there is no effect on FDI in the case positive shock where the lower predictability is compensated by positive effect of institutional innovations.