Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kubíček Author-Name: Leoš Vítek Title: Hodnocení veřejných projektů z hlediska společenské míry diskontace Title: Evaluation of Public Projects from the Viewpoint of Social Rate of Discount Abstract: A social rate of discount is an important variable for cost-benefit analysis. Its size can be crucial for an approval (or disapproval) of the project under evaluation, therefore it is important to have a theoretically founded estimate of the discount rate. There are two main approaches to estimating the social rate of discount. The first one is a so called social time preference rate (STPR), which is composed of three components: pure time preference, mortality rate and a component reflecting secular growth of per capita consumption and wealth. We agree with other authors that although pure time preference is not in reality zero for individuals due to myopia and irrationality, it should be equal to zero from the point of view of the public sector. We have also shown why it is inconsistent to use mortality rate directly as a component of the STPR and why a somewhat lower rate should be used instead. These two components together with an estimate of gradually decreasing growth of per capita consumption give a gradually decreasing STPR for the Czech Republic starting at 5.4 % and converging in 40 years´ period to 2.8 % per year. The other approach to estimating the social discount rate is based on social opportunity costs (SOC). We used long-term bond yields for estimating a certainty equivalent social discount rate. We found gradually decreasing discount rate as appropriate, which starts at 3.2 % and declines by 0.016 percentage points per every year of duration of the project. Keywords: cost-benefit analysis, social rate of discount, intergenerational solidarity, pure time preference, certainty equivalence, long-term bonds Classification-JEL: D61, D63, H43 Pages: 291-304 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=731.pdf File-URL: http://www.vse.cz/polek/731 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:731:p:291-304 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/731 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Janda Author-Name: Eva Michalíková Author-Name: Věra Potácelová Title: Gravitační a fiskální modely státní podpory exportních úvěrů v České republice Title: Gravity and Fiscal Models of Government Support of Export Credit in the Czech Republic Abstract: The article deals with the export credit promotion in the Czech Republic. The econometric analysis of the gravity model of Czech trade shows that the credit support provided by specialized government agency, Czech Export Bank, has a positive but statistically weak influence on export. The other determinants of the Czech export in our model are GDP, distance, gross fixed capital formation, and policy risk. The comparison of estimated tax revenues from the supported projects with government subsidies provided to the Czech Export Bank shows that export promotion does not create a financial burden for the government budget. The budgetary costs of export credit support are offset by the tax revenues generated by supported export. Keywords: credit, export, Government Support Classification-JEL: C23, F14, G28 Pages: 305-325 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=732.pdf File-URL: http://www.vse.cz/polek/732 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:732:p:305-325 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/732 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Hlaváček Author-Name: Luboš Komárek Title: Rovnovážnost cen nemovitostí v České republice Title: Equilibrium Development of Housing Prices in the Czech Republic Abstract: This article, based on an empirical analysis, discusses factors affecting property prices and tries to identify periods of property price overvaluation in the Czech Republic. To achieve this, the article uses both relatively simple approach using ratios related to the house prices (e.g. price-to-rent or price-to-income indicators) as well as international comparison and more advanced econometrical approach. Within this econometrical approach we apply both time series analysis for the Czech Republic as a whole and panel regression for the Czech regions. This analysis identifies overvalued property prices in 2002-2003 and 2007-2008. In 2007-2008, however, the rise in property prices was largely explainable by fundamentals, meaning that the price overvaluation in this period was considerably smaller than that in the first one. From the regional perspective, there is a higher degree of overvaluation in regions with higher property prices. The exception is Prague, which seems to be a "specific" region - partly due to the properties of the estimation technique. Keywords: Czech Republic, panel data, housing prices, misalignment Classification-JEL: C2, R21, R31 Pages: 326-342 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=733.pdf File-URL: http://www.vse.cz/polek/733 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:733:p:326-342 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/733 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Pavel Title: Analýza vlivu míry konkurence na cenu rozsáhlých staveb dopravní infrastruktury Title: The Analysis of the Relationship Between the Rate of Competition and the Prices of Large Transport Infrastructure Buildings Abstract: The paper is dealing with the problem of relationship between the rate of competition and final prices in the public procurement. This issue is analysed on the sector of infrastructure buildings in the Czech Republic. The main goal of the paper is to verify the relevance of the hypothesis, that there is a negative relationship between the number of bidders and the final prices. The paper is divided into five main parts. The main theoretical fundaments of the analyses are described in the first part, where the results of relevant sources are summarized as well. Next part highlights the system of financing the transport infrastructure in the Czech Republic and describes the main steps in the process of public procurement. Based on the theoretical analysis three hypotheses are formulated in the third part, which relevance is tested using the econometrics instruments. The results of the quantitative analyses are summarised in the fourth chapter. The last part, conclusion, summarises the main results and formulates the policy recommendations, which could increase the effectiveness of the public expenditure on the transport infrastructure. Keywords: competition, effectiveness, Czech Republic, Public Procurement, Infrastructure Classification-JEL: H40, H57 Pages: 343-356 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=734.pdf File-URL: http://www.vse.cz/polek/734 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:734:p:343-356 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/734 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Brožová Title: Antidiskriminační zákon a jeho ekonomické a právní souvislosti z pohledu liberální ekonomie Title: Antidiscrimination Act and Its Economic and Legal Connections from the Liberal Economic View Abstract: The article deals with sex discrimination prohibition in the European community law as well as in the Czech law and it describes antidiscrimination juridical practise in the Czech Republic. It judges selected institutes of the antidiscrimination act from the point of view of their economic consequences. It shows to which behaviour the economic subjects are forced and analyses whether this behaviour is in accordance with economic rules of market economy, with principle of private property and free choices. It pays attention to equal opportunities and affirmative action as measures to ensure them, and the institute of burden of proof transfer to the accused. It concludes that the antidiscrimination act does not respect the natural rules of people´s behaviour in real economic relations and it seems to be an artificial authority construct, which serves special purposes. Keywords: property rights, prohibition of discrimination, antidiscrimination act, burden of proof transfer, economics and law, equal opportunities, freedom of contract, affirmative actions Classification-JEL: A12, K11, K12 Pages: 357-373 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=735.pdf File-URL: http://www.vse.cz/polek/735 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:735:p:357-373 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/735 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Mikroekonomické základy reprodukčního rozhodování Title: Microeconomic Foundations of Reproductive Behaviour Abstract: The paper is concerned with the microeconomic foundations of fertility, analyzing three approaches: the Chicago approach, the Pennsylvanian approach and Julian Simon´s approach. The paper highlights the Chicago tradition that perceives children as either consumer goods or capital goods. The approach of Julian Simon to fertility in developing countries is discussed. The article assumes that people decide about their children rationally. Keywords: microeconomics, population economics, reproductive behavior Classification-JEL: D1, H5, J1 Pages: 374-391 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=736.pdf File-URL: http://www.vse.cz/polek/736 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:736:p:374-391 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/736 Template-Type: ReDIF-Article 1.0 Author-Name: Lenka Slavíková Author-Name: Jiřina Jílková Author-Name: Tatiana Kluvánková-Oravská Title: Elinor Ostrom - nositelka nobelovy ceny za ekonomii a její přínos pro ekonomii životního prostředí Pages: 419-423 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=739.pdf File-URL: http://www.vse.cz/polek/739 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:739:p:419-423 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/739 Template-Type: ReDIF-Article 1.0 Author-Name: Markéta Arltová Title: Problém měření a hodnocení individuální vědecké výkonnosti Title: The Problem of Measurement and Evaluation of Individual Scientific Productivity Abstract: Publications in foreign or domestic scientific journals are an important part of research output. And so is the citation feedback on these publications, which is done by other scientists in this field of science. One of the tools which can effectively and impartially evaluate the publication and citation level of a scientist is the h-index. The groundwork for its calculation is drawn on the most prestigious citation and publication database which is Web of Science. What is the quality of the records in this database and what are the other problems than can occur while using it? This paper describes all that and much more. Keywords: rankings, h-index, Web of Science, scientometrics Classification-JEL: A11, I23 Pages: 392-401 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=737.pdf File-URL: http://www.vse.cz/polek/737 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:737:p:392-401 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/737 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Polášek Title: Josef Macek mezi liberálním socialismem a sociálním liberalismem (Podnět k diskusi nad liberálním aspektem Mackova myšlení) Title: Josef Macek Between Liberal Socialism and Social Liberalism Abstract: My article is an impetus for a discussion on liberal aspect of the thinking of social democratic politician and economist Josef Macek (1887-1972). In the first part I define Macek´s approach to liberalism (his understanding of the basic notions, concept of the relationship between an individual and the society, idea of the relationship between socialism and liberalism and his interpretation of Adam Smith). My conclusion is that though Macek was a conscious socialist and he had limitations in respect to libertarian interpretation of the classic liberalism of the 19th century, he was at the same time to a considerable extent influenced by liberalism and he constantly oscillated on the threshold between socialism and liberalism. In the second part of the article I contemplate possible sources of inspiration of Macek´s opinions - I primarily question the extent of the influence of F. Oppenheimer and J. M. Keynes - and, moreover, I consider the general ideological context in which Macek´s opinions could be embedded. In this respect I conclude that Macek was influenced both by Oppenheimer as well as Keynes but by each of them in a different manner, on a diverse level of commonness and at a different moment. However, the liberal aspect of Macek´s thinking far more likely grew out of his knowledge of Oppenheimer and some Anglo-Saxon authors, who have either never or seldom been put in context with Macek, than from his knowledge of Keynes. Keywords: liberalism, socialism, Josef Macek, history of economic thought, Political Theory, Franz Oppenheimer, John Maynard Keynes Classification-JEL: B14 Pages: 402-418 Volume: 2010 Issue: 3 Year: 2010 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=738.pdf File-URL: http://www.vse.cz/polek/738 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:3:id:738:p:402-418 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/738