Models of Economically Rational Donator

Altruism, interests of the community, strategy of the rational donator, mathematical models of economic behavior

Poptávková funkce na trhu s pojištěním: porovnání maximalizace paretovské pravděpodobnosti přežití s teorií EUT von Neumanna a Morgensterna a s prospektovou teorií Kahnemana a Tverského (available in Czech only)

This paper presents the results of a comparison of an original theoretical concept of modeling human decisions under risk with two well-known models. In the paper the demand function for insurance is constructed for the model of maximization of the probability of agent’s (economical) survival. This demand function is compared with the demand function in two other models: the expected-utility theory (von Neumann, Morgenstern) and the asymmetric value function (Kahneman, Tversky). While in the expected-utility model the poorest agents are most interested in insurance, in the Kahneman-Tversky model the poorest agents do not buy insurance because of their liking for risk. The model of maximisation of the probability of survival corresponds better to the real structure of the insured: neither extremely rich people, nor extremely poor people accept insurance contracts. The former do not accept the game because of the negative expected value of the gains. For the latter the insurance is too expensive in relation to their income.human decisions under risk, probability of agent’s survival, expected-utility theory, asymmetric value function

"Morální hazard" a "nepříznivý výběr" při maximalizaci pravděpodobnosti ekonomického přežití / Moral hazard and adverse selection when survival probability is maximized [available in Czech only]

This paper analyses problems within the asymmetric information models (principal agent models) where we replace standard assumption of maximisation of expected income by maximisation of probability of economic survival. This paper concentrates on two basic models- adverse selection model and moral hazard model. In both cases the effect of asymmetry of information gets weaker or even disappears. Contrary to standard approach the competitive Pareto effective equilibrium could exists in both models with pooled contract with full coverage of possible accident by the principalprincipal-agent problem, moral hazard; adverse selection; probability of survival, Pareto distribution of probability

Poptávková funkce na trhu s pojištěním: porovnání maximalizace paretovské pravděpodobnosti přežití s teorií EUT von-Neumanna a Morgensterna a s prospektovou teorií Kahnemana a Tverského / Demand for Insurance: Comparison of von Neumann-Morgenstern's and Kahneman-Tverovsky's Approaches [available in Czech only]

This paper shows results of comparison of the original theoretical conception of modeling human decisions under risk with two well known models. In the paper the demand function for insurance is constructed for the model of maximization of the probability of agent’s (economical) survival. This demand function is compared with the demand function in two models: the expected-utility theory (von-Neumann, Morgenstern) and the asymmetric value function (Kahnemann, Tversky). While in the expected-utility model the purest agents are interested in insurance in the first place, in the model of Kahnemann-Tversky purest agents do not buy insurance because of their liking for risk. The model of maximization of the probability of survival corresponds better to the real structure of insured: neither extremely rich people, nor extremely poor people accept insurance contracts. The first ones do not accept the game because of negative expected value of gains, for the second ones is the insurance – in relation to their income - too expensive.moral hazard; adverse selection; Pareto survival distribution

Microeconomic models of externality market, generalized Coase theorem/Mikroekonomické modely trhu s externalitami, zobecněný Coaseho teorém (available in czech only)

Three original microeconomic models of an externality market are described: (1) model of the marketable permits for exhalations emission, (2) model of optimal financial satisfaction of a damage caused by a negative externality in the economy with agents maximizing probability of their survival (generalized Coase theorem) and (3) model of optimal financial favor for agents provided a positive externalitynegative externalities, marketable permits for exhalations, generalized Coase theorem, maximizing of the probability of an economic survival, positive externalities

Regional analysis of housing price bubbles and their determinants in the Czech Republic

In this article we focus on factors affecting property prices in the Czech regions. We apply an empirical analysis to identify periods of property price overvaluation by three alternative approaches: using ratios related to house prices (price-to-income and price-to-rent), using simple analysis of time trends in regional dimension (HP filter) and using panel regression. The analysis identified overvalued property prices in 2002/2003 and partly also in 2007/2008. Compared to simple HP filters in the panel regression the size of the housing price overvaluation in 2007/2008 was relatively low, as the rise in property prices in this period was largely determined by fundamentals. Looking across individual region, there is apparent tendency for higher degree of overvaluation in regions with higher property prices. The only exception from this rule is Prague, which, as a capital city, seems to have many “specific” features.Web of Science611916

Market Prices as Indicators of Political Events Evidence from the Experimental Market on the Czech Republic Parliamentary Election in 2002

According to efficient markets theory, the stock price on a competitive market is the best estimate of the stock’s present value. This is the basic assumption for predictions using experimental markets. The first part of the paper describes the features of such an experimental market, discusses shortly its advantages in providing predictions as compared to traditional opinion polls and identifies some assumptions that can influence its efficiency and predictive accuracy. The second part of the paper is then devoted to the results of the first experimental market organized in the Czech Republic, the political stock market on the Czech parliamentary elections into the Chamber of Deputies in June 2002.Experimental economics; political stock markets; predictions

Spectral analysis of metallic surfaces topography generated by abrasive waterjet

Osnovna studija topografije površina nastalih rezanjem abrazivnim vodenim mlazom izrađena je uz pomoć spektralne analize tih površina. Početni podatci su prikupljeni primjenom optičkog profilometra MicroProf FRT u obliku 2D karata visina površina. U radu se predstavljeni osnovni pojmovi spektralne analize primijenjeni na topografiju površine. Razmotrena su ograničenja postupka mjerenja. Raspravljena su iskrivljavanja površinske gustoće spektra snage. Procjena površinske gustoće spektra snage je obavljena pomoću metode periodograma u kombinaciji s Welchovom metodom. Uspoređene su površine dobivene rezanjem pomoću abrazivnog vodenog mlaza uz različite vrijednosti tehnoloških parametara rezanja. Pokazano je da se spektralnom analizom navedenih površina nude nove mogućnosti karakterizacije njihove topografije.Abasic study of a surface topography generated by an abrasive waterjet cutting is performed by means of the spectral analysis of these surfaces. The initial data were acquired by using an optical profilometer MicroProf FRTin the form of 2D maps of the surfaces\u27 heights. The basic notions of the spectral analysis applied to the surface topography are presented. Limitations of the measurement procedure are considered. Distortions of the areal power spectral density are discussed. An estimation of the areal power spectral density is carried out using a periodogram method combined with the Welch´s method. A comparison of surfaces prepared by the abrasive waterjet cutting with different values of the cutting technological parameters is performed. It has been demonstrated that the areal spectral analysis of the aforementioned surfaces offers new possibilities of their topography characterization

Erosion of metals by pulsating water jet

Cilj rada bio je utvrditi eroziju uzrokovanu pulsirajućim vodenim mlazom koji udara o površinu metalnog uzorka. Istražen je utjecaj ponovljenih djelovanja vodenih impulsa i utjecaja brzine (radnog tlaka) na eroziju metalne površine. Analiziran je i raspravljen razvoj erozijskog modela u odnosu na broj djelovanja. Utvrđeno je da se erozija uzrokovana opetovanim djelovanjem vodenih impulsa ​​javlja u tri faze. Faza erozije površine može se odrediti pomoću ponašanja karakteristika površine (kao što su Ra i Rz) s obzirom na broj djelovanja pulsirajućeg vodenog mlaza.The aim of the paper was to determine erosion effects of pulsating water jet impinging the surface of metal sample. The influence of repeated impacts of water pulses and impact velocity (operating pressure) on the erosion of metal surface was investigated. The development of erosion pattern with respect to number of impacts was analysed and discussed. It was found that erosion caused by repeated impacts of water pulses occurs in three stages. The stage of erosion of the surface can be determined by the behaviour of surface characteristics (such as Ra and Rz) with respect to number of impacts of pulsating water jet

Measurement of Fine Grain Copper Surface Texture Created by Abrasive Water Jet Cutting

The paper presents results of experiments performed on copper with commercial purity to determine the influence of material grain size on both mechanical properties and texture of surface machined by abrasive water jet. An Equal Channel Angular Extrusion technology was used for creation of fine-grain copper samples. Hardness and grain size of fine-grain copper were measured, and, subsequently, surface of prepared copper samples was machined by abrasive water jet technology. Surface irregularities produced by the abrasive water jet were evaluated by means of surface profile roughness parameter Ra. It was found that the grain size of the material represents important factor affecting the final shape of surface topography in case of abrasive water jet machining