Working Papers

The WNE Working Papers series has been published by the Faculty of Economic Sciences at the University of Warsaw since 2008.

The WNE Working Papers series provides a fast, open channel for disseminating research conducted at the Faculty of Economic Sciences, University of Warsaw. The papers hosted here are working versions (pre-prints) and may evolve as authors refine their analyses, incorporate feedback, or progress through formal peer-review. What you read is the current version released by the authors, timestamped and assigned DOI/ISSN identifiers to ensure precise citation and version tracking. Copyright remains with the authors, who may, at any time, upload a revised file or add a note directing readers to a later, peer-reviewed publication.

The Working Papers series accepts articles by research employees of the Faculty and publications from conferences organised at the Faculty of Economic Sciences at the University of Warsaw. Articles should be original research papers which have not been previously published, on the subject of economics.

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Number of Results 5

WP(23/2021)371. Application of machine learning in quantitative investment strategies on global stock markets

Authors: Grudniewicz Jan, Ślepaczuk Robert
The thesis undertakes the subject of machine learning based quantitative investment strategies. Several technical analysis indicators were employed as inputs to machine learning models such as Neural Networks, K Nearest Neighbor, Regression Trees, Ra…

WP371. Application of machine learning in quantitative investment strategies on global stock markets

The thesis undertakes the subject of machine learning based quantitative investment strategies. Several technical analysis indicators were employed as inputs to machine learning models such as Neural Networks, K Nearest Neighbor, Regression Trees, Random Forests, Naïve Bayes classifiers, Bayesian Generalized Linear Models and Support Vector Machines. Models were used to generate trading signals on WIG20, DAX, S&P500 and selected CEE indices in the period between 2002-01-01 to 2020-10-30. Strategies were compared with each other and with the benchmark buy-and-hold strategy in terms of achieved levels of risk and return. Quality of estimation was evaluated on independent subsets and with the use of sensitivity analysis. The research results indicated that quantitative strategies generate better risk adjusted returns than passive strategies and that for the analysed indices predominantly Bayesian Generalized Linear Model and Naïve Bayes were the best performing models. More comprehensive rank approach based on the results for all analysed models and indices allowed to select Bayesian Generalized Linear Model as the model which on average generated the best results.


Grudniewicz Jan, Ślepaczuk Robert
quantitative investment strategies machine learning neural networks regression trees random forests support vector machine technical analysis equity stock indices developed and emerging markets information ratio

WP(10/2017)239. Is Forest Landscape Restoration Socially Desirable? A Discrete Choice Experiment Applied to the Scandinavian Transboundary Fulufjället National Park Area

Authors: Valasiuk Sviataslau, Czajkowski Mikołaj, Giergiczny Marek, Żylicz Tomasz, Veisten Knut, Halse Askill Harkjerr, Landa Mata Iratxe, Elbakidze Marine, Angelstam Per
Landscape restoration can improve functionality of land cover patches as green infrastructure, which is essential to ensure the provision of a diverse range of ecosystem services. However, so far designation of protected areas in Fennoscandia has foc…

WP239. Is Forest Landscape Restoration Socially Desirable? A Discrete Choice Experiment Applied to the Scandinavian Transboundary Fulufjället National Park Area

Landscape restoration can improve functionality of land cover patches as green infrastructure, which is essential to ensure the provision of a diverse range of ecosystem services. However, so far designation of protected areas in Fennoscandia has focused primarily on remnant patches of naturally dynamic forests, and not on landscape level restoration. We applied stated preference methodology to assess citizens' preferences for forest landscape restoration in a cross-border region primarily managed for the industrial forestry, and – at the same time – hosting the transboundary Fulufjället National Park, shared between Sweden and Norway. There is scope for improving green infrastructure functionality by landscape restoration in adjacent forest areas, and including them into the National Park, which aims at gradual restoration of natural processes. In both countries, 54% and 55% choices made, respectively, indicated willingness to pay for extending the National Park by some area of forest landscape restoration.


DOI: https://doi.org/10.26405/WP/WNE/2017/239/010
Valasiuk Sviataslau, Czajkowski Mikołaj, Giergiczny Marek, Żylicz Tomasz, Veisten Knut, Halse Askill Harkjerr, Landa Mata Iratxe, Elbakidze Marine, Angelstam Per
stated preference valuation passive protection transboundary nature protected areas naturally dynamics boreal forests willingness-to-pay

WP(34/2015)182. Selling timber in Poland

Authors: Giergiczny Marek, Nehrebecka Natalia, Żylicz Tomasz
The paper looks at how the foresters try to reconcile sustainable management practices with economic viability of their operations within the legal framework they operate in. In particular, we compare prices received by the State Forest Enterprise in…

WP182. Selling timber in Poland

The paper looks at how the foresters try to reconcile sustainable management practices with economic viability of their operations within the legal framework they operate in. In particular, we compare prices received by the State Forest Enterprise in Poland in two types of timber auctions: constrained and unconstrained ones. While the latter allow for higher revenues, the former are maintained for political reasons. The authors verify alternative hypotheses regarding market behaviour of timber buyers. The data from timber auctions in 2011-2012 demonstrate that winning prices are determined by starting prices and by the market power of the State Forest Enterprise (diversified with respect to specific timber varieties), as well as by price expectations. Based on the modelling results the paper makes policy recommendations with respect to the design of timber auctions and – more broadly – with respect to striking a balance between timber and non-timber benefits from the forestry in Poland.


Giergiczny Marek, Nehrebecka Natalia, Żylicz Tomasz
Timber markets Public forests Multi-unit auction Sustainable management

WP(20/2015)168. Should we pay, and to whom, for biodiversity enhancement in private forests? An empirical study of attitudes towards payments for forest ecosystem services in Poland

Authors: Bartczak Anna, Metelska-Szaniawska Katarzyna
This paper investigates the possibility of forest policy changes in Poland. The main objective is to investigate whether, and to whom, the society would be willing to pay for providing biodiversity enhancement in private forests. The empirical eviden…

WP168. Should we pay, and to whom, for biodiversity enhancement in private forests? An empirical study of attitudes towards payments for forest ecosystem services in Poland

This paper investigates the possibility of forest policy changes in Poland. The main objective is to investigate whether, and to whom, the society would be willing to pay for providing biodiversity enhancement in private forests. The empirical evidence is derived from a stated preference survey conducted on the national level and analyzed using a multinomial logit model (MNL). Our findings show a rather strong potential for the implementation of payments for ecosystem services (PES) in private forests, even though historical and institutional conditions are not favorable. The results also indicate a significant role of environmental attitudes in viewing the national and local governments as those responsible for financing the implementation of changes in private forests. They allow to provide recommendations for planning authorities and decision-makers not only in Poland but also in the other Central and Eastern European countries, where payments for ecosystem services have no long tradition.


Bartczak Anna, Metelska-Szaniawska Katarzyna
biodiversity environmental attitudes forest policy payments for ecosystem services private forests

WP(/2008)2. Valuing Changes in Forest Biodiversity

Authors: Czajkowski Mikołaj, Buszko-Briggs Małgorzata, Hanley Nick
The paper offers an innovative approach to valuation of biodiversity. Instead of the prevailing approach of using only one indicator of biodiversity (usually number of species) we provide evidence that it is possible to provide attributes describing …

WP2. Valuing Changes in Forest Biodiversity

The paper offers an innovative approach to valuation of biodiversity. Instead of the prevailing approach of using only one indicator of biodiversity (usually number of species) we provide evidence that it is possible to provide attributes describing complex characteristics of biodiversity based on sound ecological knowledge. We argue that our approach managed to value the multi-level changes in the biological diversity, by using the attributes which described structural, species and functional diversity at the same time. Our study shows that even complex indicators of multi-level biodiversity might be successfully communicated to respondents in a comprehensible and meaningful way. The empirical application of the method is provided based on a choice experiment study conducted in Białowieża Forest, Poland. The results underline the importance of using multi-level indicators and question the validity of only species-level indicators. Interestingly, the respondents appreciated passive protection regimes, resulting in preservation of natural ecological processes. In addition, the respondents seemed to be concerned about means, and not only about the results of protection programmes. Finally, some conclusions for future applications and policy making are drawn.


Czajkowski Mikołaj, Buszko-Briggs Małgorzata, Hanley Nick
biodiversity forests valuation choice experiment
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