Template-Type: ReDIF-Article 1.0 Author-Name: Evžen Kočenda Author-Name: Jan Hanousek Title: Existence procesu učení na umělém akciovém trhu Title: Existence of the learning process at a proxy stock market Abstract: Learning is a subject of intense research in economics. We present persuasive evidence that learning took place among uninformed heterogeneous agents during a large-scale naturally-occurring set of auctions. Empirical study employs a unique bidding data set of 5000 individual investors that placed their bids in the voucher scheme that in terms of size, incentives, and variation is one of the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process on the artificial stock market where prices of goods vary over successive stages of bidding on the basis of supply and demand. Keywords: privatization, economic transformation, learning, natural experiment, naturally-occurring auction, proxy stock market, heterogeneous agents Classification-JEL: C14, C93, D44, D82, D83, G14, P43 Volume: 2007 Issue: 3 Year: 2007 File-URL: http://www.vse.cz/polek/601 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:601 Template-Type: ReDIF-Article 1.0 Author-Name: Zlatuše Komárková Author-Name: Luboš Komárek Title: Integrace devizových trhů vybraných nových členských zemí Evropské unie Title: Integration of the foreign exchange markets of the selected EU new member states Abstract: The article deals with the evaluation of the foreign exchange market integration of the new EU Member States - the Czech Republic, Hungary, Poland and Slovakia. The main aim of this paper is to introduce and to test, if the Central-European sentiment on the foreign exchange market exists and how strong it is. We apply the analysis of harmonizing (by means of standard and rolling correlation analysis), the concept of beta-convergence (through the use of the standard and rolling correlation analysis, state-space model and panel regression analysis), which could identify the speed of financial integration and the concept of sigma-convergence, which could extrapolate the degree of financial integration. We find that from the entry to the EU in May 2004 the mutual relationship with Central-European currencies relative to euro significantly increase. Keywords: exchange rate, financial integration, panel data, state-space model, analysis of alignment, beta-convergence, sigma-convergence Classification-JEL: C32, E61, F36, G15 Volume: 2007 Issue: 3 Year: 2007 File-URL: http://www.vse.cz/polek/602 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:602 Template-Type: ReDIF-Article 1.0 Author-Name: Jaromír Šindel Title: Postrádáme kursovou politiku? Dopad přizpůsobení běžného účtu na obchodovatelný a neobchodovatelný sektor v měnové unii Title: Are we missing exchange rate policy? The impact of current account adjustment on tradable and nontradable sector in monetary union Abstract: The aim of this paper is to discuss the impact of current account adjustment on the tradable and nontradable sector in member countries of currency union - Euro zone. The current account adjustment associated with the adjustment of the net export's deficit caused by the drop in the domestic absorption evokes the increase in the relative price of the nontradable sector. The paper discusses this hypothesis within framework of the Portuguese current account adjustment, which is the result of European financial integration in catching-up countries. The common monetary policy and common currency cannot offset the negative impact of nontradable price increase within the internal expenditure switching effect and also can not support exporters within the external expenditure effect.. The Portuguese current account adjustment was not followed by the currency depreciation and the tradable price increase. The cost of the currency asymmetric response were born by the tradable mark-up decrease, the falling decrease in nontradable wages and employment and finally by the nontradable mark-up and employment decrease. Keywords: current account, common currency, tradable sector, nontradable sector Classification-JEL: E610, F320, L160 Volume: 2007 Issue: 3 Year: 2007 File-URL: http://www.vse.cz/polek/603 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:603 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Kadeřábková Title: Technologická náročnost a zahraniční investice v konkurenční výhodě České republiky Title: Technology intensity and fdi in the Czech Republic competitive advantage Abstract: The paper evaluates the position of the Czech Republic in the development of qualitatively based competitive advantage, firstly in terms of the export structure changes according to industry classifications of factor and technology intensities. The given approach has been used extensively in international comparisons, though its explanatory value differs according to the actual quality intensity of economic activities. Even the countries with a limited extent of R&D may show up a high shares of technology intensive exports produced in FDI branches, which, however, mostly consist of assembly operations on imported components. The second view of the qualitatively based competitiveness focuses on the role of foreign companies in internationalization of production and trade, and, specifically, in domestic knowledge intensive activities. Their development makes a condition for an efficient technology transfer, the intensity of which differs according to the motivations of foreign investment in R&D. Keywords: competitiveness, foreign direct investment, value chain Classification-JEL: O13, O33, O38 Volume: 2007 Issue: 3 Year: 2007 File-URL: http://www.vse.cz/polek/604 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:604 Template-Type: ReDIF-Article 1.0 Author-Name: Zdeňka Matoušková Title: Představuje lidský kapitál konkurenční výhodu ČR? Title: Does human capital create competitive advantage of the Czech Republic? Abstract: The article consists of theoretical and analytical part. Theoretical part provides a brief review of the academic literature dealing with human capital, it´s accumulation and obsolescence. In The second part analyses selected qualitative characteristics of adult population in the CR and compares them with their average level in the European Union. Analysis shows that the strong positive attribute of the CR is a high share of population with secondary education. In 2005 this indicator reached 77% in the CR, the EU-25 average was only 48 %. The other CR´ advantage is high average level of quantitative literacy and also high rate of population who took place in the two highest proficiency level of quantitative as well as document literacy. On the other hand the weak point is low share tertiary educated population, low level of prose literacy and ability to speak in a foreign language. CR lacks also in percentage of households having access to the personal computer and to the Internet at home. Population of the CR shows relatively low level of job mobility as well as readiness to move to find job if they were unemployed. Keywords: education, Internet, human capital, accumulation, obsolescence, literacy, skills, competences, computer, households Classification-JEL: I21, J24, J62, O15 Volume: 2007 Issue: 3 Year: 2007 File-URL: http://www.vse.cz/polek/605 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:605 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Skořepa Title: Transitivity and dominance: normative and empirical position of two cornerstones of economic models of decision-making Title: Transitivity and dominance: normative and empirical position of two cornerstones of economic models of decision-making Abstract: Transitivity and dominance are key concepts built deep into the fundaments of most economic models of decision-making. One of the arguments in favour of using the two concepts is that they are normative, i.e., symptomatic of perfect, rational decision-making. This paper describes several specific axioms stemming from these concepts and appearing in axiomatic models of decision-making, gives possible arguments speaking for or against the normativeness of a given concept and adds examples of empirically observed violations of the concept by human decision-making. In the conclusion, it offers an assessment of whether the use of transitivity and dominance in economic models of decision-making is justified or not. Keywords: transitivity, stochastic transitivity, dominance, stochastic dominance, axioms, lexicographic semiorder, Condorcet paradox Classification-JEL: D110, D120, D810 Volume: 2007 Issue: 3 Year: 2007 File-URL: http://www.vse.cz/polek/606 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:3:id:606