1 This paper tests how important the time value of money (TVM) principle is in decision making in real-life conditions, when different selection criteria can be considered. A three-stage survey was administered to students from a Romanian university of economics. They were asked to choose between two cars. These cars have equal total cash outflows but different present values. The benefits from using them were not specified, thus inducing a model ambiguity: respondents may consider only cash flows, but they can consider other benefits, too. It was tested whether the answers remain stable when supplementary information is provided. The respondents explained their motivations. Probit regressions were used to explain the preferences for applying or not applying TVM, for switching from one answer to another, and for converging to a response compatible with a preference for TVM. TVM was not the main selection criterion. Financial education had no impact on the opinion.
{"title":"How Important is the Time Value of Money in Decision Making? Results of an Experiment","authors":"Victor Dragotă","doi":"10.18267/j.pep.805","DOIUrl":"https://doi.org/10.18267/j.pep.805","url":null,"abstract":"1 This paper tests how important the time value of money (TVM) principle is in decision making in real-life conditions, when different selection criteria can be considered. A three-stage survey was administered to students from a Romanian university of economics. They were asked to choose between two cars. These cars have equal total cash outflows but different present values. The benefits from using them were not specified, thus inducing a model ambiguity: respondents may consider only cash flows, but they can consider other benefits, too. It was tested whether the answers remain stable when supplementary information is provided. The respondents explained their motivations. Probit regressions were used to explain the preferences for applying or not applying TVM, for switching from one answer to another, and for converging to a response compatible with a preference for TVM. TVM was not the main selection criterion. Financial education had no impact on the opinion.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45277662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This analysis tries to address the problem of the insufficiency of premium rates used by export credit agencies. This paper aims to answer why and how states should run agencies that may create losses. We see that each supported exporter brings some other benefits to the public budget, and we try to propose how it could be measured. This paper therefore focuses on benefits and costs of the domestic economy. This analysis aims to develop a model that calculates the impacts of each supported export project. The results must be comparable between projects so that projects can be ranked and decisions made on which ones should receive support under current capacity restraints. The current state of knowledge has been analysed, and little attention has been paid to this microeconomic area of export support. The model structure also helps us understand why governments tend to maintain export credit agencies even though they may be temporarily loss-making.
{"title":"Providing Export Credit Support Right: Consequences for Public Budgets","authors":"Mikuláš Pýcha","doi":"10.18267/j.pep.803","DOIUrl":"https://doi.org/10.18267/j.pep.803","url":null,"abstract":"This analysis tries to address the problem of the insufficiency of premium rates used by export credit agencies. This paper aims to answer why and how states should run agencies that may create losses. We see that each supported exporter brings some other benefits to the public budget, and we try to propose how it could be measured. This paper therefore focuses on benefits and costs of the domestic economy. This analysis aims to develop a model that calculates the impacts of each supported export project. The results must be comparable between projects so that projects can be ranked and decisions made on which ones should receive support under current capacity restraints. The current state of knowledge has been analysed, and little attention has been paid to this microeconomic area of export support. The model structure also helps us understand why governments tend to maintain export credit agencies even though they may be temporarily loss-making.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46663493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Oil Price, Exchange Rate and Asymmetric Adjustment of Nigeria's Bilateral Trade","authors":"Oliver E. Ogbona, H. Ichoku","doi":"10.18267/j.pep.801","DOIUrl":"https://doi.org/10.18267/j.pep.801","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48958763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Redistributive Policies of EU Member Countries in the Context of Welfare Regimes","authors":"Peter Tóth, Andrea Tkáčová, Katarína Muľová","doi":"10.18267/j.pep.798","DOIUrl":"https://doi.org/10.18267/j.pep.798","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43837248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Neither Parasite nor Paragon: Are Business Groups a Source of Competitive Power?","authors":"Ömer Tuğsal Doruk","doi":"10.18267/j.pep.800","DOIUrl":"https://doi.org/10.18267/j.pep.800","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45232360","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Prof. Ing. Roman Hušek, CSc. (* 1936, † 2022)","authors":"Tomáš Formánek, M. Černý, Josef Jablonský","doi":"10.18267/j.pep.799","DOIUrl":"https://doi.org/10.18267/j.pep.799","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46170836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Paradox of Excess Liquidity in European Emerging and Transition Economies","authors":"Albulenë Kastrati","doi":"10.18267/j.pep.793","DOIUrl":"https://doi.org/10.18267/j.pep.793","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49162827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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