The article contests an argument that the creation of a capital market in educational "human capital" and subsequent voluntary transactions on this market are sufficient to create equal opportunities in education, consequently reducing the income premium enjoyed by households with higher initial...

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...

While the significance of tourism for the Czech Republic's economy is relatively high, it is far from being the dominant industry. Despite the recent substantial investments in this particular field of economic activity, the share of tourism in the gross value added has been steadily declining,...