Acta Oeconomica Pragensia, 2008 (vol. 16), issue 4

Basic Areas of Utilization of Real Options to Manage a Firm

Hana Scholleová

Acta Oeconomica Pragensia 2008, 16(4):3-11 | DOI: 10.18267/j.aop.120  

Real options as a right to future decision-making based on additional information from outside a company can be found everywhere, every company has the flexibility, but its value depends on volatility. It order to utilize it some selection is necessary as working with real options may bring more benefits than expenses. The first degree of selection is not caringe for decisions at high certainty or at risk with zero volatility, where the option value is close to zero. Real options give some answer as classical methods of DCF where decision-making cannot be deferred. As for options in low-budget projects, it may happen that the estimation of the project...

On Estimation of Volatility of Financial Time Series for Pricing Derivatives

Michal Černý

Acta Oeconomica Pragensia 2008, 16(4):12-21 | DOI: 10.18267/j.aop.126  

Estimation of volatility of financial time series plays a crucial role in pricing derivatives. Volatility is often estimated from historical data; however, it is well known that volatility varies in time. We propose a method to choose a suitable length of historical data to estimate contemporary volatility. The method is based on adaptation of a procedure used in statistical quality control - a hypothesis, that data contains a changepoint of volatility, is tested and if the test gives a positive answer, the changepoint is estimated. Then, a period of data where no changepoint is statistically significant is used to estimate contemporary volatility....

Activity Based Costing

Hana Mikovcová

Acta Oeconomica Pragensia 2008, 16(4):22-28 | DOI: 10.18267/j.aop.127  

It is not possible to use standard methods of management in present constantly changing conditions. Enterprises have to apply progressive methods of management. The aim is to enhance the methodical application and formulate practical recommendations for enterprises in the area of cost management.

Notes on Cycles in Activity-on-Arc Networks

Anna Černá, Jan Černý

Acta Oeconomica Pragensia 2008, 16(4):29-36 | DOI: 10.18267/j.aop.130  

A new type of cyclic activity graph is introduced. In contrast to the well-known "start-after-end" type with only one backward arrow, the new one admits several backward arrows representing the removal of working groups from the n-th to the (n + 1)-th cycle (e.g., from the previous family house being constructed to the next one). It is shown how to calculate minimum cycle length, first and last possible starting times of activities and slacks. Brief examples of applications (e.g., in building industry, manufacturing of airplanes, ships and cranes) are mentioned. Moreover, an example of traffic signal settings is presented in detail.

Identifying the most Informative Variables for Decision-Making Problems - a Survey of Recent Approaches and Accompanying Problems

Pavel Pudil, Petr Somol

Acta Oeconomica Pragensia 2008, 16(4):37-55 | DOI: 10.18267/j.aop.131  

We provide an overview of problems related to variable selection (also known as feature selection) techniques in decision-making problems based on machine learning with a particular emphasis on recent knowledge. Several popular methods are reviewed and assigned to a taxonomical context. Issues related to the generalization-versus-performance trade-off, inherent in currently used variable selection approaches, are addressed and illustrated on real-world examples.

Theory of Individual Labour Supply Decisions. Selected Applications and Extensions of the Basic Model

Dagmar Brožová

Acta Oeconomica Pragensia 2008, 16(4):56-69 | DOI: 10.18267/j.aop.132  

The article deals with a subject s decisions about his individual labour supply. It explains the development of this problem from the cardinalistic point of view, characteristic for marginalistic economists, concerning ordinalistic decision-making between consumption and free time. The gist of this contribution is extending the basic neo-classical model in the sense of analysing selected application cases. Considered to be one of the most important applications of this model, household decision-making about labour supply has been analysed. Shared childcare and running the household as a unit influences the labour supply of the family members.

Battle for Talents

Zuzana Křečková Kroupová

Acta Oeconomica Pragensia 2008, 16(4):70-75 | DOI: 10.18267/j.aop.133  

This article deals with the problem of the lack of talented employees across industries, from the low-tech to the high-tech, as well as across countries, from the developed to the developing ones. The author includes among the key causes the increase in 'intangible assets', ageing populations, exhausted and demoralized workforce, the mismatch between education and corporate needs, and errors in talent management.The author sees possible solutions to this situation for corporations in searching for talents in 'unexplored' areas, for example among women and immigrants, approaching talents as soon as possible, employing more part-time and older workers,...

Customer Satisfaction

Marcela Zamazalová

Acta Oeconomica Pragensia 2008, 16(4):76-82 | DOI: 10.18267/j.aop.135  

Measurement of customer satisfaction or dissatisfaction is an important factor in corporate development. Deep insight into the crucial factors that have an influence on customer satisfaction and result in repeated purchases plays a critical role. The connection between customer satisfaction and its profitability for the company is discussed in many studies. They focus on the confirmation of the existence of a relationship between the rate of customer loss and a company's efficiency. In addition to the measurable effects in the financial sphere, every customer is also an important source of qualitative effects that are difficult to evaluate.

On Some Trends in Mineral Resource Extraction after 2000

Antonín Dvořák, Pavel Kavina, Richard Nouza

Acta Oeconomica Pragensia 2008, 16(4):83-91 | DOI: 10.18267/j.aop.138  

The world raw material market has undergone a great change in the recent years. One of the essential reasons is the rapid economic growth of many former developing countries such as China, India, Indonesia, Brazil, Vietnam, etc. These countries were historically and typically producers and exporters of many raw materials but now they also consume or even import them, because the consumption of all raw materials is increasing rapidly in these young, densely populated and rapidly developing countries. In relation to this trend, the nominal prices of various commodities have reached wholly new levels. In the 1970s - and mainly in the 1980s and 1990s -...

The Least Developed Countries in The International Community and their Progress Towards Achieving Millennium Development Goals

Jiří Sýkora

Acta Oeconomica Pragensia 2008, 16(4):92-102 | DOI: 10.18267/j.aop.139  

The aim of this paper is to describe the current situation of the least developed countries (LDCs). After briefly explaining their historical development, this paper presents the current definition criteria for LDCs as well as their up-to-date list. The position of the LDCs within the international community is briefly explained on the example of changing strategies of international development partners towards achieving progress in the LDCs. Finally, the progress of the LDCs towards achieving the Millennium Development Goals (MDGs) is assessed. The assessment shows that if the current development is not accelerated, the majority of the MDGs will not...

Some Aspects of the Economic Relations between Austria-Hungary and the Unites States of America, 1914-1918

Václav Horčička

Acta Oeconomica Pragensia 2008, 16(4):103-109 | DOI: 10.18267/j.aop.146  

The World War changed not only political but also economic relations among the belligerent powers and between these powers and neutrals. The foreign trade between Austria-Hungary and the United States of America was strongly influenced by the British naval policy. Despite the breakdown in the foreign trade relations in 1915, some economic contacts between Austria-Hungary and the Unites States remained. The most important economic topic between the two countries was the question of Austro-Hungarian ships which anchored in US harbours. The author analyzes the complicated process of their sale to US buyers. The relevant negotiations started in 1915 and...

The Purpose of Metaphor in the Specialist Style

Jaroslav Březina

Acta Oeconomica Pragensia 2008, 16(4):110-113 | DOI: 10.18267/j.aop.147  

This article focuses on the nature of metaphors in languages for specific purposes. The question whether metaphors must only be seen as an instrument of linguistic creativity or as an instrument that plays a significant cognitive role in linguistic change is still open. Regarding this situation, it is still impossible to analyse their real role, which results in many faulty interpretations in linguistic research.