The main idea of this research is to check the efficiency of the Black option pricing model on the basis of HF emerging market data. However, liquidity constraints - a typical feature of an emerging derivatives market - put severe limits for conducting such a study. That is the reason why...

The paper looks at people’s preferences for the changes in selected ecosystem services resulting from new management strategies of forest areas in Poland. It applies a generalized multinomial logit (G-MNL) model to interpret the results of a discrete choice experiment (DCE) study administered...

The paper analyzes the factors influencing situation and retirement decisions of different cohorts in Poland in years 1995-2007. We checked if changes in economic activity at the later stage of professional life can be observed via changes in the social security legislation and their...

There is vast literature examining how households’ income and consumption change over the life cycle. These studies, however, are usually restricted to developed economies. The main objective of this paper is to add to this literature by investigating the life cycle profiles and relative...

Pollution charges are directly applied on exported and domestic, but not imported commodities. We investigate how environmental taxation affects foreign trade in the Czech Republic. Using computable general equilibrium modeling with bottom-up approach, we consider a small-open economy with...

This paper explores cointegration among three of the most popular agriculture soft commodities (corn, soya and wheat) and its potential usefulness for dynamic asset allocation strategies. Johansen tests indicate that natural logarithms of weekly prices of corn, soya and wheat futures are...

We consider a monopolist producer of information goods that may be subject to unauthorized copying. The key feature of our model is that we allow consumers to have ethical concerns based on equity theory that may reduce their utility of such a copy. We derive the formulas describing demand for...

We report a laboratory experiment aimed at investigating factors affecting choice between different versions of a full-length movie. In particular, we estimate the willingness to pay for a legal, rather than pirated copy and compare it to the impact of such characteristics as picture quality or...

This study employs a vignette experiment to inquire, which features of online “piracy” make it ethically discernible from a traditional theft. This question is pertinent since the social norm concerning traditional theft is starkly different from the evidence on ethical evaluation of online...

This paper compares how increases in experience versus increases in knowledge about a public good affect willingness to pay (WTP) for its provision. This is challenging because while consumers are often certain about their previous experiences with a good, they may be uncertain about the...