Incomplete Information: the Role of Competition

Le résumé en français n'a pas été communiqué par l'auteur.This thesis analyzes the outcomes of competition in settings with incomplete and costly information. The first two chapters explore in depth the incentives of firms to influence the amount of information available for consumers prior to their purchasing decision. In many markets firms have a potential to make comparison of their offers intentionally costly for consumers, for example, by adopting confusing presentation frames. We analyze the strategic choices of firms and relevant policy implications in three different settings: in the markets with homogeneous, vertically and horizontally differentiated goods. We find that higher competition does not necessarily lead to better market outcomes for consumers. The last chapter addresses a more general question as to whether competition leads to more or less informed decisions per unit of costs, in the setting where information is costly to obtain. I compare the adversarial and the inquisitorial systems of law enforcement and characterize the necessary and sufficient conditions for one scheme to dominate another and provide additional arguments in favor of the inquisitorial system. The experimental results of Chapter 1 reinforce the finding that firms that charge higher prices tend to make their price structures complex for understanding. The experimental data also supports the theoretical predictions that an increase in the number of competing firms leads to more costly price comparison for consumers. Furthermore, imposing an upper bound on the cost of comparison that firms can choose lowers market prices both for informed and uninformed consumers and reduces price dispersion. As an implication, a policy that limits the extent to which firms can make it costly for consumers to compare several offers would increase consumer welfare. Chapter 2 extends the existing theoretical framework to accommodate horizontally differentiated products. Firms can choose to make their pricing structure and product features easier or harder to compare against competing offers. We find that price complexity increases with the price charged while product complexity decreases. For a high degree of product differentiation, there is a medium range of prices for which firms choose to make their offers fully transparent. Chapter 3 of this thesis analyses the outcomes of strategic information disclosure under different institutional arrangements: the adversarial and the inquisitorial. A decision-maker (DM) must take a binary decision faced with information provided by two persuaders: a firm that has an intrinsic interest in the final decision, and an expert who reacts only to monetary incentives designed by the DM. Under the adversarial arrangement, the expert is remunerated if the final decision is unfavorable to the firm. Under the inquisitorial arrangement, the remuneration is conditional only on the amount of disclosed information. I characterize the equilibrium of this disclosure game under the two arrangements, and provide the necessary and sufficient conditions for one system to dominate the other with respect to the level of precision of the final decision, net of the total cost of information acquisition. I find additional arguments in favor of the inquisitorial system

Incomplete Information: the Role of Competition

Le résumé en français n'a pas été communiqué par l'auteur.This thesis analyzes the outcomes of competition in settings with incomplete and costly information. The first two chapters explore in depth the incentives of firms to influence the amount of information available for consumers prior to their purchasing decision. In many markets firms have a potential to make comparison of their offers intentionally costly for consumers, for example, by adopting confusing presentation frames. We analyze the strategic choices of firms and relevant policy implications in three different settings: in the markets with homogeneous, vertically and horizontally differentiated goods. We find that higher competition does not necessarily lead to better market outcomes for consumers. The last chapter addresses a more general question as to whether competition leads to more or less informed decisions per unit of costs, in the setting where information is costly to obtain. I compare the adversarial and the inquisitorial systems of law enforcement and characterize the necessary and sufficient conditions for one scheme to dominate another and provide additional arguments in favor of the inquisitorial system. The experimental results of Chapter 1 reinforce the finding that firms that charge higher prices tend to make their price structures complex for understanding. The experimental data also supports the theoretical predictions that an increase in the number of competing firms leads to more costly price comparison for consumers. Furthermore, imposing an upper bound on the cost of comparison that firms can choose lowers market prices both for informed and uninformed consumers and reduces price dispersion. As an implication, a policy that limits the extent to which firms can make it costly for consumers to compare several offers would increase consumer welfare. Chapter 2 extends the existing theoretical framework to accommodate horizontally differentiated products. Firms can choose to make their pricing structure and product features easier or harder to compare against competing offers. We find that price complexity increases with the price charged while product complexity decreases. For a high degree of product differentiation, there is a medium range of prices for which firms choose to make their offers fully transparent. Chapter 3 of this thesis analyses the outcomes of strategic information disclosure under different institutional arrangements: the adversarial and the inquisitorial. A decision-maker (DM) must take a binary decision faced with information provided by two persuaders: a firm that has an intrinsic interest in the final decision, and an expert who reacts only to monetary incentives designed by the DM. Under the adversarial arrangement, the expert is remunerated if the final decision is unfavorable to the firm. Under the inquisitorial arrangement, the remuneration is conditional only on the amount of disclosed information. I characterize the equilibrium of this disclosure game under the two arrangements, and provide the necessary and sufficient conditions for one system to dominate the other with respect to the level of precision of the final decision, net of the total cost of information acquisition. I find additional arguments in favor of the inquisitorial system

Organization of Interaction Between Participants in the Investment Process on the Basis of a systematic Justification of Multi-criteria choice

The implementation of investment projects in Russia is associated with a lot of different problems caused by non-financial factors. The high degree of uncertainty of the investment situation, the lack of awareness and subjectivity of the decision-makers on the investment choice, the unreasonableness of the selection criteria, as well as the difficulties in the interaction of actors are due to the lack of systematic mechanisms for managing the investment process in the Russian economy as a whole. Together, they form a fairly voluminous complex of related problems. The article is devoted to the study of these problems and ways to solve them. It focuses on the mutual influence of the organization of interaction between participants in the investment process and investment choice procedures.Purpose: to develop proposals for the formation of mechanisms for interaction between stakeholders to ensure a systematic justification of the investment choice.Methods: in the preparation of this article, the methodology of applied system analysis and modeling is implemented, decision-making methods are used, including the Analytical Hierarchy Process.Results: the importance of the pre-investment stage of the investment process as the stage that generates most of the problems of stakeholders is argued. The approach to building system mechanisms of interaction of participants of the investment process at the pre-investment stage is justified. The schemes of such interaction and procedures for making investment decisions are proposed within the framework of the constructed modified model of multi-criteria investment choice. The formation of systemic mechanisms of interaction between participants in the investment process is carried out based on the need for a systematic justification of the multi-criteria choice of an investment project, taking into account the interests of all interested parties. The proposed methodology was developed through the development and modification of the Analytical Hierarchy Process by T. Saati and is aimed at improving the organization of the investment process and the implementation of investment choice based on generalized criteria of satisfaction, efficiency and effectiveness.Сonclusions and Relevance: the formation of system mechanisms of interaction of participants in the investment process at the pre-investment stage was carried out by developing a set of procedures that accompany the process of justifying a multi-criteria investment choice to achieve satisfaction, efficiency and effectiveness of the activities of all actors. The formation of system mechanisms of interaction of participants in the investment process allows to coordinate their interests, opportunities and limitations of the participants' activities, as well as to give the investment process purposefulness and manageability

Верхнемеловые риолитовые пеплы Деревянных Гор (остров Новая Сибирь, Новосибирские острова)

The article is concerned with the first finds of rhyolite ashes in Upper Cretaceous sediments of Novaya Sibir Island. In the course of the field work in the area of cape Utes Derevyannykh Gor in 2016, four layers of unlithified fine-grained ashes were found in the Turonian-Coniacian coal-bearing Derevyannye Gory Formation. The article presents the results of petrographic, X-ray diffractometric and microprobe analysis of pyroclastics from ash layers. A typification of volcanogenic-terrigenous deposits is proposed. Thin section of the samples were investigated on a polarizing microscope. X-ray phase analysis of the clay fraction was carried out using a DRON-3 diffractometer. X-ray microanalysis of vitroclasts were carried out on a scanning electron microscope “Jeol JSM-6480LV” with the microprobe analyzer “Oxford Instruments INCA-Energy 350”. It was established that Derevyannye Gory Formation is composed of rhyolitic tuffites, among which fine-grained crystal-vitroclastic and vitroclastic ashes of low and normal alkaline high-potassium rhyolites with thickness up to 2.5 m. Low pyroclastics sediments are not widespread. New data on the structure and composition of the Derevyannye Gory Formation confirm the hypothesis of previous researchers, that sedimentation in the Late Cretaceous in the area of Novaya Sibir Island was accompanied by explosive acidic volcanism. The main purpose of the article is to discuss the sources of pyroclastic material for the territory of the New Siberian Islands in the Turonian-Coniacian age. The conclusion is made about the territorial proximity of the paleovolcanic eruption center to the area of sedimentation. It is assumed that the paleovolcanic centers were located within the present territory of Kotelny, Zemlya Bunge, Faddeevsky islands and, probably, were inherited from the Early Albian stage.Статья посвящена первым находкам риолитовых пеплов в верхнемеловых отложениях о. Новая Сибирь. В ходе полевых работ 2016 г. в районе мыса Утес Деревянных Гор было выявлено четыре слоя тонкозернистых нелитифицированных пеплов в составе турон-коньякской угленосной деревянногорской свиты. В статье представлены результаты петрографического, рентген-дифрактометрического и микрозондового анализа пирокластики из пепловых слоев. Предложена типизация вулканогенно-терригенных отложений. Образцы исследованы в прозрачных шлифах при помощи поляризационного микроскопа. Рентгенофазовый анализ глинистой фракции проводился с помощью рентгеновского дифрактометра ДРОН-3. Микрорентгеноспектральные химические анализы витрокластов выполнены на сканирующем электронном микроскопе Jeol JSM-6480LV с микроанализатором Oxford Instruments INCA-Energy 350. Установлено, что деревянногорская свита сложена риолитовыми туффитами, среди которых залегают тонкозернистые кристалло-витрокластические и витрокластические пеплы низкои нормальнощелочных высококалиевых риолитов мощностью до 2,5 м. Отложения с низким содержанием пирокластики распространены незначительно. Новые данные о строении и составе деревянногорской свиты подтверждают гипотезу предыдущих исследователей о том, что осадконакопление в районе о. Новая Сибирь в позднем мелу сопровождалось эксплозивным кислым вулканизмом. Основной целью статьи является обсуждение источников пирокластического материала на территории Новосибирских островов в турон-коньякское время. Сделан вывод о территориальной близости палеовулканического центра извержений к области осадконакопления. Предположено, что палеовулканические центры находились в пределах современной территории островов Котельный, Земля Бунге, Фаддеевский и, вероятно, были унаследованы с раннеальбского времени

REORGANIZATION OF THE EDUCATIONAL PROCESS OF PART-TIME STUDENTS IN THE CONDITIONS OF DIGITALIZATION OF EDUCATION

The article considers a variant of reorganization of the educational process with the use of mixed learning technologies in the educational process of students in the direction of training Professional training of correspondence courses of bachelor's degree levelsВ статье рассматривается вариант реорганизации учебного процесса с применением смешанных технологий в учебном процессе студентов направления подготовки Профессиональное обучение заочной формы обучения уровней бакалавриата

Specifics of HR activities in microenterprises

This Bachelor's thesis deals with HR activities in two microenterprises, one in Czech Republic and one in Russian Federation. It aims to analyze and identify strengths and weaknesses of selected personnel activities of surveyed companies The thesis is divided into two parts, theoretical and practical. The theoretical part is elaborated on the basis of professional literature and includes theoretical background regarding HR activities. The practical part presents surveyed companies, followed by further analysis of selected personnel activities and formulation of recommendations. Analysis of personnel work in enterprises was conducted using the following methods: comparison of theory with practice, analysis of internal documents and an interview with the directors of companies. The Bachelor's thesis also examines two research questions. The first one is: have microenterprises elaborated peronnel strategy at least in the medium term, or are they more likely to flexibly respond to reality? The second would be: has personnel work in microenterprises in Russia and Czech Republic significant differences due to distinct historical and cultural background

Risk analysis of strategic plan of Vinselekt Michlovský a.s.

Cílem této diplomové práce je specifikace strategického záměru společnosti Vinselekt Michlovský a.s. Práce identifikuje a vyhodnocuje rizika, která jsou se záměrem spojena a následně navrhuje způsob jejich ošetření. Teoretická část poskytuje komplexní přehled teoretických poznatků, které se týkají strategického řízení, plánování, analýzy prostředí podniku a managementu rizika. Praktická část se zaměřuje na aplikaci metod z teoretické základny a slouží k vyhodnocení současného stavu a budoucího vývoje společnosti Vinselekt Michlovský a.s. V prvním kroku jsou popsány strategická východiska, na jejichž základě je zpracován strategický záměr. V rámci strategické analýzy je aplikována analýza PESTLE, Porterův modelu pěti sil, a finanční analýza. Výsledky analýzy mikro a makro prostředí firmy slouží pro zpracování finančního plánu a identifikaci souboru rizikových faktorů. Do matematického modelu jsou následně zpracovány klíčové rizikové faktory a pomocí simulace Monte Carlo je namodelován jejich dopad na dosažení strategických cílů společnosti. Z výstupu analýzy Monte Carlo je patrné, že riziko nedosažení strategických cílů je přiměřené. Na závěr jsou navrženy možné způsoby, jak identifikovaná rizika ošetřit.The purpose of this diploma thesis is to prepare the strategic business plan for Vinselekt Michlovský a.s., identify and evaluate associated risks and propose possible ways of their reduction. The theoretical part provides a comprehensive overview of theoretical background concerning strategic management and planning, business environment analysis and risk management. The practical part focuses on the application of theoretical methods to evaluate firm’s current situation and possibilities of its future development. At first, strategic plan is elaborated based on fundamentals like firm’s mission, vision and strategic goals. Next step is performing strategic analysis using methods like PESTLE analysis, Porter's five forces model and partially financial analysis. Outcomes from macro and micro environment analysis is consequently used as a basis for financial plan calculation and risk factors identification. Key risk factors are incorporated into a mathematical model for Monte Carlo simulation to determine their impact on achieving company's strategic goals. The result of the Monte Carlo simulation shows that the risk of not achieving the strategic objectives is moderate. In conclusion, possible ways of dealing with identified risks are proposed

Informations incomplètes : le rôle de la concurrence

Le résumé en français n'a pas été communiqué par l'auteur.This thesis analyzes the outcomes of competition in settings with incomplete and costly information. The first two chapters explore in depth the incentives of firms to influence the amount of information available for consumers prior to their purchasing decision. In many markets firms have a potential to make comparison of their offers intentionally costly for consumers, for example, by adopting confusing presentation frames. We analyze the strategic choices of firms and relevant policy implications in three different settings: in the markets with homogeneous, vertically and horizontally differentiated goods. We find that higher competition does not necessarily lead to better market outcomes for consumers. The last chapter addresses a more general question as to whether competition leads to more or less informed decisions per unit of costs, in the setting where information is costly to obtain. I compare the adversarial and the inquisitorial systems of law enforcement and characterize the necessary and sufficient conditions for one scheme to dominate another and provide additional arguments in favor of the inquisitorial system. The experimental results of Chapter 1 reinforce the finding that firms that charge higher prices tend to make their price structures complex for understanding. The experimental data also supports the theoretical predictions that an increase in the number of competing firms leads to more costly price comparison for consumers. Furthermore, imposing an upper bound on the cost of comparison that firms can choose lowers market prices both for informed and uninformed consumers and reduces price dispersion. As an implication, a policy that limits the extent to which firms can make it costly for consumers to compare several offers would increase consumer welfare. Chapter 2 extends the existing theoretical framework to accommodate horizontally differentiated products. Firms can choose to make their pricing structure and product features easier or harder to compare against competing offers. We find that price complexity increases with the price charged while product complexity decreases. For a high degree of product differentiation, there is a medium range of prices for which firms choose to make their offers fully transparent. Chapter 3 of this thesis analyses the outcomes of strategic information disclosure under different institutional arrangements: the adversarial and the inquisitorial. A decision-maker (DM) must take a binary decision faced with information provided by two persuaders: a firm that has an intrinsic interest in the final decision, and an expert who reacts only to monetary incentives designed by the DM. Under the adversarial arrangement, the expert is remunerated if the final decision is unfavorable to the firm. Under the inquisitorial arrangement, the remuneration is conditional only on the amount of disclosed information. I characterize the equilibrium of this disclosure game under the two arrangements, and provide the necessary and sufficient conditions for one system to dominate the other with respect to the level of precision of the final decision, net of the total cost of information acquisition. I find additional arguments in favor of the inquisitorial system

APPLICATION OF GAME-BASED SIMULATION IN “SYSTEM ANALYSIS” COURSES

The application of the game-based education technologies in a modified version of “the beer distribution game” on a number of disciplines devoted to the study of the system approach in economics has proven its effectiveness. This variant of the game has been updated by the professors of the Financial University. The gamification of education process basing on supply chain modeling made it possible to demonstrate clearly to students how the structure of the system determines its behavior and influences the behavior of individual components, as well as to focus their attention on the main system characteristics and features of socio-economic systems. Gaming technologies served as a starting point to analyze and summarize the data collected by students during the game, to acquire the skills of formalizing practical situations and building models of complex systems. Also they served to study the behavior of different systems by exploring their models, and for later learning of theoretical material based on the “drawing knowledge” principle and in-depth study of issues related to various aspects of system’s functioning. The gamification of the education process made it possible to increase the students’ involvement into subject being studied, to understand better the theory of system thinking and to develop practical research competences