Learning is a subject of intense research in economics. We present persuasive evidence that learning took place among uninformed heterogeneous agents during a large-scale naturally-occurring set of auctions. Empirical study employs a unique bidding data set of 5000 individual investors that...

The individual - in terms of its different social functions and its roles as the owner - is a constituent part of wider social environment (society), which, on the one side, gives him a guarantee for clearly defined rights and, on the other, obtains the owner´s promise of meeting certain...

This paper tries to answer the question concerning the roots of the successful drive for efficiency in the American health care industry in an age of "managed care". This process and its outcomes has become the cause of large tax conversions and ownership changes in the industry during the last...

Current Czech economic literature on transition lacks a comprehensive view on firms' development. Neither separate microeconomic studies nor macroeconomic stand alone provide complete picture of a real state of the economy. An excessive accent on macroeconomic figures may even be misleading to...

In this article is compared the monetary and the exchange rate policies and their influence on the real economic situation in Hungary, Poland and the Czech Republic. In these transition countries a growth rate of a domestic demand was over taking a growth rate of an aggregate supply and this...

In this article we analyze medium- and long-term effects of firm break-up (and subsequent change in ownership) on its profitability and productivity. We use an extensive data-set of the Czech firms for the period 1996-2005. We employ the propensity score based matching methodology to account for...

Badly defined institutional framework caused many problems of the Czech transition. Designers of the economic reform did not respect the importance of precisely functioning market institutions. No doubts that building institutions supports the functioning of markets. The article analyses why...