Acta Oeconomica Pragensia, 2007 (vol. 15), issue 1

Probability Model of Income Distribution in the Czech Republic

Jitka Bartošová

Acta Oeconomica Pragensia 2007, 15(1):7-12 | DOI: 10.18267/j.aop.30  

Probability modeling may be approached in several principally different ways. One of such possibilities to achieve the aim is approximation of empirical distribution by means of an already known distribution (i.e. a parametric model). This paper focuses first on description of methods that may be used for modeling in practice and further on construction and verification of validity of one of present models of income distribution in the Czech Republic - logarithm-normal model with three parameters.

Econometric Analysis of Panel Data Applied to Household Characteristics

Zuzana Fíglová

Acta Oeconomica Pragensia 2007, 15(1):13-19 | DOI: 10.18267/j.aop.32  

Panel data are specific data where cases are observed at two or more time periods. This approach brings many advantages: larger dataset, decreasing collinearity between exogenous variables and using advanced econometric models. The panel data models were applied to data from the Household Budget Surveys 2000-2004 carried out by the Czech Statistical Office in order to analyze choice behavior of households. The data on households included demographic characteristics of individuals, housing, household amenities, net income, and opinions of households about their own socioeconomic situation. We analyzed the role of income as a determinant of PC ownership...

Modifying IS-MP-IA Model for the Czech Economy

Roman Hušek, Radka Švarcová

Acta Oeconomica Pragensia 2007, 15(1):20-26 | DOI: 10.18267/j.aop.34  

Modifying IS-MP-IA model by using EU economic characteristics allows for better interpretation of the results. Specifically, from the point of view of the IS and MP curves we obtain useful information about the influence of EU economy on the Czech economy (i.e. on its GDP). We may conclude that the GARCH methodology seems to be a suitable tool for estimation of modified IS-MP-IA model and for subsequent anticipation expected development of basic macroeconomic variables, relevant for the Czech economy after its accession to EU.

Analysis of Dispersion Effects for Robust Design

Eva Jarošová, Pavel Zimmermann

Acta Oeconomica Pragensia 2007, 15(1):27-35 | DOI: 10.18267/j.aop.35  

Robust design reduces excessive process variation. Identification of dispersion effects plays an important role in it. Two main approaches are used to analyze the experiment where levels of noise factors are changed on purpose. Either the function of sample variance computed from replications over various levels of the noise factors, or response values themselves are modelled. The presence of heteroscedasticity may complicate the identification of dispersion effects. The aim of the simulation study described in the paper was to compare various ways of modelling heteroscedasticity and the efficiency of both main approaches. We confined ourselves to...

Estimation of Survival Function

Jana Kahounová

Acta Oeconomica Pragensia 2007, 15(1):36-44 | DOI: 10.18267/j.aop.36  

In the past decade applications of the statistical methods for survival data analysis have been extended beyond biomedical and reliability research to other fields. The term survival data has been used in a broad sense for data involving time to a certain event such a failure, response, death and so on. Survival times are subjected random variations and like any random variable, they form a distribution. The ability to estimate a survival distribution in the presence of censoring is important and has been studied extensively. This paper is concerned with estimators of survival function. If one is not willing to make parametric assumptions about the...

Incidence of the VAT Rates Harmonisation in the Czech Republic

Stanislav Klazar, Barbora Slintáková, Slavomíra Svátková, Martin Zelený

Acta Oeconomica Pragensia 2007, 15(1):45-56 | DOI: 10.18267/j.aop.37  

This paper reports results of the research concerning incidence of the value added tax in the Czech Republic over the period 1993-2004. The aim of our research was to analyse the impact of the harmonisation of the VAT rates connected with the entry of the Czech Republic into the EU on the distribution of the tax burden among households with different attributes including income. In our analysis we used 2004 Household Budget Survey data on consumption expenditures and various households' attributes. Considerable issue of our research was to estimate the VAT burden for each household in the statistical survey before and after the entry into the EU. We...

Nonparametric Estimate of the Distribution of the Time of Unemployment

Ivana Malá

Acta Oeconomica Pragensia 2007, 15(1):57-62 | DOI: 10.18267/j.aop.38  

In the article the length of unemployment in the Czech Republic is treated. A nonparametric estimate of its survival function is constructed using maximum likelihood estimation for the groups of men and women and both groups are compared. The positive influence of education on the length of unemployment is illustrated. Data describing the unemployed were gathered by the labour force sample survey organized by the Czech Statistical Office in years 2000-2004.

Spectral Properties of Stationary Models

Luboš Marek

Acta Oeconomica Pragensia 2007, 15(1):63-70 | DOI: 10.18267/j.aop.39  

The content of this paper is characterization the spectral properties of stationary models - namely autoregression model AR(p), model of moving averages MA(q) and mixed models ARMA(p,q). There is the clear relationship between spectral density and autocorrelation function of these stationary models. The spectrum has the typical shape for different models. This shape depends on sign of parameters. On other side, from shape of spectrum we cannot derive the accurate type of model, because the different models have the similar shape of spectrum. But the shape of spectrum is very important complementary information that can through many things prompt.

Panel Data Analysis

Petr Novák

Acta Oeconomica Pragensia 2007, 15(1):71-78 | DOI: 10.18267/j.aop.40  

This article takes focus on the main basic elements of panel data analysis, fixed effects and random effects models, dynamic panel data models. The last part of this article is about possibilities of testing panel data unit roots with a notice about the usage of the application software and special languages in the area of panel data.

Econometric Models with Panel Data

Václava Pánková

Acta Oeconomica Pragensia 2007, 15(1):79-85 | DOI: 10.18267/j.aop.41  

Panel data are a result of repeating observations of a group of units, e.g. households, firms, but also whole economies with some common characteristics as EU15, transition economies a . s. o. So, more details are available enabling to analyze a changing economic structure and its reasoning. Specific techniques can be chosen to deal with short time series what in case of Czech Republic, and other relatively new markets, can be very helpful. Most part of empirical applications corresponds with random or fixed effect models, respective. To each of this type appropriate methods relate. An exact choice between both effects can be done by the help of Hausman...

Logistic Regression with Categorical Dependent Variable

Iva Pecáková

Acta Oeconomica Pragensia 2007, 15(1):86-96 | DOI: 10.18267/j.aop.42  

The regression model with categorical dependent variable is a natural generalization of the model with binary dependent variable. It is based on the use of baseline logits. For its building and for the evaluation of its quality, analogous procedures to the case of binary dependent variable are applied. When the categories of dependent variable are ordered (ordinal variable) the construction of model can be based on adjacent or cumulative logits or on proportional odds. The way of building of the model influences the meaning and the interpretation of its parameters.

Visual Analysis of Multivatiate Data

Miroslav Plašil, Petr Vlach

Acta Oeconomica Pragensia 2007, 15(1):97-113 | DOI: 10.18267/j.aop.43  

The article presents and investigates new possibilities of multivariate data visualization and their analytical convenience. We demonstrate elementary principles, algorithms and graphical outputs of modern visualization methods with particular focus on Bertin matrices, RADVIZ, Projection pursuit and parallel coordinates. Illustrative examples show their practical implementation into the process of multivariate data analysis, hence providing the reader with an idea of the wide range of their application.

Modelling of Stock Returns Time-Series

Jiří Trešl, Dagmar Blatná

Acta Oeconomica Pragensia 2007, 15(1):114-120 | DOI: 10.18267/j.aop.44  

In the study submitted, selected methods of financial time-series analysis are applied to daily returns of the most liquid stocks at Czech capital market. In most cases, symmetric GARCH(1,1) models are quite satisfactory. Further, ARFIMA models enabling to catch "long memory" of underlying processes are suitable for the modelling both absolute values of returns and their volatility. Alternative posibility is to employ bilinear models, which prove to be suitable namely for returns. Hurst exponents computed signalize some tendency to cycles creation in some cases (ČEZ, Unipetrol).