Certyfikat jakości 
kształcenia dla WNE

EBCL
WNE Centrum
Egzaminacyjnym EBC*L 

WP(30)259. Macroeconomic consequences of the demographic and educational transition in Poland

Abstrakt

Soon after the start of the transition to market economy in the early 1990s, Poland has experi- enced both a dramatic decline in the fertility rate and an increase in the share of students among young high-school graduates. These two processes significantly changed the age structure of the population and average income characteristics of households. Using a general equilibrium model with heterogeneous households and uninsured income shocks I try to assess the impact of these demographic and educational changes on the Polish economic performance and inequalities. I find that in the long term the positive effects of educational transition on output per capita more than offset the negative impact of lower fertility, but the outcome strongly depends on the adjustments in the structure of labor demand. I also show that the educational transition increases income and consumption inequalities, while the demographic transition decreases inequality in assets.
Aleksandra Kolasa
https://doi.org/10.26405/WP/WNE/2017/259/030

WP(29)258. Is CAViaR model really so good in Value at Risk forecasting? Evidence from evaluation of a quality of Value-at-Risk forecasts obtained based on the: GARCH(1,1), GARCH-t(1,1), GARCH-st(1,1), QML-GARCH(1,1), CAViaR and the historical simulation models depending on the stability of financial markets

Abstrakt

In the literature, there is no consensus which Value-at-Risk forecasting model is the best for measuring a market risk in banks. In the study an analysis of Value-at-Risk forecasting models quality over varying economic stability periods for main indices from stock exchanges was conducted. The VaR forecasts from GARCH(1,1), GARCH-t(1,1), GARCH-st(1,1), QML-GARCH(1,1), CAViaR and historical simulation models in periods with contrasting volatility trends (increasing, constantly high and decreasing) for countries economically developed (the USA – S&P 500, Germany - DAX and Japan – Nikkei 225) and economically developing (China – SSE COMP, Poland – WIG20 and Turkey – XU100) were compared. The data samples used in the analysis were selected from period 01.01.1999 – 24.03.2017. To assess the VaR forecasts quality: excess ratio, Basel traffic light test, coverage tests (Kupiec test, Christoffersen test), Dynamic Quantile test, cost functions and Diebold-Marino test were used. Obtained results shows that the quality of Value-at-Risk forecasts for the models varies depending on a volatility trend. However, GARCH-st (1,1) and QML-GARCH(1,1) were found as the most robust models to the different volatility periods. The results shows, as well that the CAViaR model forecasts were less appropriate in the increasing volatility period. Moreover, no significant differences for the VaR forecasts quality were found for the developed and developing countries.
Marcin Chlebus Mateusz Buczyński
https://doi.org/10.26405/WP/WNE/2017/258/029

WP(28)257. Income inequality and the Great Recession in Central and Eastern Europe

Abstrakt

This paper uses the European Union Statistics on Income and Living Conditions (EU-SILC) data to study the changes in income inequality in Central and Eastern Europe during the Great Recession (2008-2012) and its determinants. Inequality changes are decomposed using an Oaxaca-Blinder-like decomposition analysis based on the Recentered Influence Function (RIF) methodology, which allows to split the overall change in inequality into endowment effects associated with changes in the distribution of inequality covariates and coefficient effects, which are related to the changing returns to these covariates. Our results show that the Gini for disposable incomes has increased over 2008-2012 in a statistically significant way for Bulgaria, Estonia, Hungary and Slovenia. For most of the countries with significant inequality increases, falling full-time employment rate played the biggest role in explaining changes in inequality. It accounted for about 50-60% of the Gini change for disposable incomes and for about 60-80% of the Gini change for market incomes. The fall in full-time employment rate had a smaller inequality-increasing effect for disposable incomes in Hungary (about 15% of the Gini increase). Increased part-time employment during the recession had either no impact on inequality or was rather inequality-decreasing. We did not find evidence that changes in the incidence of temporary jobs had any impact on income inequality.
Michał Brzeziński
https://doi.org/10.26405/WP/WNE/2017/257/028

WP(27)256. Diagnosing unhappiness dynamics: Evidence from Poland and Russia

Abstrakt

This paper studies the determinants of changes in unhappiness rate (low happiness, poverty of happiness, misery) over time. We focus on two post-socialist countries, Poland and Russia, which experienced radical social and economic transformations since the collapse of communism. Using data from the Polish Social Diagnosis project for 1991-2015 and data from the Russian Longitudinal Monitoring Survey for 1994-2014, we investigate the microeconomic determinants of spectacular declines in unhappiness rates observed in the studied periods in Poland (a 56% fall in unhappiness) and Russia (a drop in the range from 46 to 75% depending on the unhappiness threshold chosen). Using a nonlinear decomposition methodology, we split the overall decreases in unhappiness rates into characteristics effects (related to the changing distribution of unhappiness-affecting factors) and coefficients effects (due to changing returns to the unhappiness-affecting factors). Our results show that unhappiness reductions in both countries were mostly driven by coefficient effects, while characteristics played a smaller, but a non-negligible role. In both countries, income growth accounted for about 15% of the total unhappiness reduction. In Russia, this effect was doubled by growing return to income as unhappiness-protecting factor, while in Poland income has been losing protecting power and in overall income had an unhappiness-increasing effect. For Russia, another strong unhappiness-protecting factor was return to employment. In case of Poland, good self-rated health and having children explains additional 15-20% of the unhappiness reduction.
Michał Brzeziński
https://doi.org/10.26405/WP/WNE/2017/256/027

WP(26)255. Innovation and endogenous growth over business cycle with frictional labor markets

Abstrakt

This paper proposes a microfounded model featuring frictional labor markets that generates procyclical R&D expenditures as a result of optimizing behavior by heterogeneous monopolistically competitive firms. This allows to show that business cycle fluctuations affect the aggregate endogenous growth rate of the economy. Consequently, transitory shocks leave lasting level effects. This mechanism is responsible for economically significant hysteresis effects that increase the welfare cost of business cycles by two orders of magnitude relative to the exogenous growth model. I show that this has serious policy implications and creates ample space for policy intervention. I find that several static and countercyclical subsidy schemes are welfare improving.
Marcin Bielecki
https://doi.org/10.26405/WP/WNE/2017/255/26

WP(25)254. The Impact of Parenthood on the Gender Wage Gap – a Comparative Analysis of 26 European Countries

Abstrakt

We use cross-national data on 26 EU countries to assess how much children and the responsibilities related to them contribute to the gender wage gap, and how institutional elements - especially family policies - affect this relationship. Our analysis is based on a decomposition that reveals what portion of the gender wage gap may be attributed to: (1) the motherhood wage penalty, (2) the fatherhood wage premium, and (3) the gender wage gap among childless individuals. Our findings suggest that the variability in the magnitude of the gaps is closely related to the institutional context, pointing to different reasons behind the gender wage gap and policy implications. Southern EU countries have low gender wage gaps and low motherhood penalties or even premiums. Short leaves, low childcare coverage, and traditional norms do not support maternal labor supply, but mothers who work do not face a wage penalty. Western EU countries with higher childcare coverage, moderate length leaves, supportive norms, and flexible jobs have relatively high maternal employment and mothers are not faced with significant wage penalties. The highest motherhood penalties are found in CEE countries, where long leaves, low childcare availability under age 3, and preferences for within-family care lead to long absences from the labor market. In all countries, irrespective of cultural norms and policies, we find high positive family gaps among men, which drive men's average wages up, and lead to gender wage inequality.
Ewa Cukrowska-Torzewska Anna Lovasz
https://doi.org/10.26405/WP/WNE/2017/254/25

WP(24)253. Do anchors hold for real? Anchoring effect and hypothetical bias in declared WTP

Abstrakt

In two field experiments the authors elicit willingness to pay for a mascara, systematically manipulating incentives to provide the true valuation (hypothetical vs. real) and anchors (high vs. low or high vs. none). Contrary to the key hypothesis, they find no interaction between the two effects: the anchoring effect is not attenuated when decisions actually matter. This finding speaks to validity of hypothetical market research methods and against the use of anchors to reduce hypothetical bias. It also contributes to the discussion of the mechanism underlying anchoring effect, suggesting it is not caused by insufficient conscious effort to drift away from the anchor.
Magdalena Brzozowicz Michał Krawczyk Przemysław Kusztelak
https://doi.org/10.26405/WP/WNE/2017/253/024

WP(23)252. The output employment elasticity and the increased use of temporary contracts: evidence from Poland

Abstrakt

The paper investigates how increased use of temporary contracts has affected employment elasticity with respect to output in Poland. Our empirical analysis covers the period of 1996-2016, with particular focus on the years 2001-2016. Several econometric tools are used to explore the relation between growth in GDP and employment. Our study shows that widespread adoption of temporary contracts contributes positively to total employment elasticity. However, what we have observed is that the share of temporary contracts has increased, but the total employment elasticity has decreased. We related this to an inverse relationship between the growth of permanent and temporary employment and the opposite trends in output elasticities of temporary and permanent employment.
Jerzy Mycielski Krzysztof Bartosik
https://doi.org/10.26405/WP/WNE/2017/252/023

WP(22)251. Long shadows of financial shocks: an endogenous growth perspective

Abstrakt

The Great Recession has resulted in a seemingly permanent level shift in many macroeconomic variables. This paper presents a microfounded general equilibrium model featuring frictional labor markets and financial frictions that generates procyclical R&D expenditures and replicates business cycle features of establishment dynamics. This allows demonstrating the channels through which productivity and financial shocks influence the aggregate endogenous growth rate of the economy, creating level shifts in its balanced growth path. I find that financial shocks are an important driver of the aggregate fluctuations and their influence is especially pronounced for establishment entry. Since the growth rate of the economy can in principle be affected by policy measures, I examine the macroeconomic and welfare effects of applying several subsidy schemes.
Marcin Bielecki
https://doi.org/10.26405/WP/WNE/2017/251/022

WP(21)250. The problem of non-optimal management of urban green areas in Warsaw

Abstrakt

In his paper the author looks at management of urban green areas in Warsaw as a principal agent problem. In the study the principal is the City Mayor, while the agent is institution responsible for managing street trees in Warsaw (ZOM). While the City Mayor is interested in enhancing the welfare of their constituency, the lower level officers do not have to be preoccupied with the same concerns - they are interested in maximizing their utility subject to some constraints imposed by their bosses. This is a standard hierarchical agency theory model. As the agent's contract is not incentive compatible, the theoretical "residual claimancy" condition does not hold, and the species composition is different from what it would have been if the principal-agent model implemented was incentive compatible.
Zbigniew Szkop
https://doi.org/10.26405/WP/WNE/2017/250/021

WP(20)249. Hyperbolic grids and discrete random graphs

Abstrakt

We present an efficient algorithm for computing distances in hyperbolic grids. We apply this algorithm to work efficiently with a discrete variant of the hyperbolic random graph model. This model is gaining popularity in the analysis of scale-free networks, which are ubiquitous in many fields, from social network analysis to biology. We present experimental results conducted on real world networks.
Dorota Celińska-Kopczyńska Eryk Kopczyński
https://doi.org/10.26405/WP/WNE/2017/249/020

WP(19)248. Business cycles, innovation and growth: welfare analysis

Abstrakt

Endogenous growth literature treats deliberate R&D effort as the main engine of long-run growth. It has been already recognized that R&D expenditures are procyclical. This paper builds a microfounded model that generates procyclical aggregate R&D investment as a result of optimizing behavior by heterogeneous monopolistically competitive firms. I find that business cycle fluctuations affect the aggregate endogenous growth rate of the economy so that transitory shocks leave lasting level effects on the economy's Balanced Growth Path. This result stems from both procyclical R&D expenditures of the incumbents and procyclical firm entry rates. This mechanism generates economically significant hysteresis effects, increasing the welfare cost of business cycles by two orders of magnitude relative to the exogenous growth model. Coupled with potential to affect endogenous growth rates, ample space for welfare improving policy interventions arises. The paper evaluates the effects of selected subsidy schemes and finds some of them welfare improving.
Marcin Bielecki
https://doi.org/10.26405/WP/WNE/2017/248/019

WP(18)247. Simulation error in maximum likelihood estimation of discrete choice models

Abstrakt

Maximum simulated likelihood is the preferred estimator of most researchers who deal with discrete choice. It allows estimation of models such as mixed multinomial logit (MXL), generalized multinomial logit, or hybrid choice models, which have now become the state-of-practice in the microeconometric analysis of discrete choice data. All these models require simulation-based solving of multidimensional integrals, which can lead to several numerical problems. In this study, we focus on one of these problems – utilizing from 100 to 1,000,000 draws, we investigate the extent of the simulation bias resulting from using several different types of draws: (1) pseudo random numbers, (2) modified Latin hypercube sampling, (3) randomized scrambled Halton sequence, and (4) randomized scrambled Sobol sequence. Each estimation is repeated up to 1,000 times. The simulations use several artificial datasets based on an MXL data generating process with different numbers of individuals (400, 800, 1200), different numbers of choice tasks per respondent (4, 8, 12) and different experimental designs (D-optimal, D-efficient for the MNL and D-efficient for the MXL model). Our large-scale simulation study allows for comparisons and drawing conclusions with respect to (1) how efficient different types of quasi Monte Carlo simulation methods are and (2) how many draws one should use to make sure the results are of "satisfying" quality – under different experimental conditions. Our study is the first to date to offer such a comprehensive comparison.
Mikołaj Czajkowski Wiktor Budziński
https://doi.org/10.26405/WP/WNE/2017/247/018

WP(17)246. How much consumers value on-line privacy? Welfare assessment of new data protection regulation (GDPR)

Abstrakt

Our paper analyses upcoming personal data protection reform in the EU from the perspective of user preferences. Our aim is to estimate monetary valuation of the core instruments envisaged in the General Data Protection Regulation and assess potential welfare gain from this policy intervention. On methodological grounds, we utilize stated preference discrete choice experiment. Our final dataset consisted of 4390 choices made by 143 respondents. We used these data to estimate the mixed logit model. Our study for the first time analyses the broader spectrum of privacy control mechanisms and provides estimates of welfare gain from policy intervention in privacy domain. By taking this perspective we fill a gap in literature and provide insights into users' preferences towards particular instruments, such as right to be forgotten, right to object profiling and personal data portability. The main finding from the analysis is that implementation of enhanced privacy control mechanisms will generate positive welfare effect. The size of estimated welfare gain from policy intervention of the same scope as GDPR amounts to 6.5 EUR per capita monthly. This result proves that there is a 'demand' for privacy reform driven by both concerns related to disclosing personal data as well as shortage of effective tools for privacy management.
Maciej Sobolewski Michał Paliński
https://doi.org/10.26405/WP/WNE/2017/246/017

WP(16)245. Choosing the future: economic preferences for higher education using discrete choice experiment method

Abstrakt

This study illustrates how respondents' stated choices (the discrete choice experiment method) combined with the random utility framework can be used to model preferences for higher education. The flexibility offered by stated preference data circumvents limitations of other approaches, and allows quantifying young people' preferences for selected attributes of higher education programs that are typically highly correlated in revealed preference data. The empirical study presented here is based on a survey of 20,000 Polish respondents aged 18-30, who stated their preferences for higher education programs in carefully prepared hypothetical choice situations. The attributes we considered include tuition fee, expected salary after graduation, quality of institution, interest in the field of study, distance from home, and mode of study. Using random parameters and latent class mixed multinomial logit models, we can formally describe young peoples' preferences, and identify the financial trade-offs they are willing to make, that is, estimate their willingness to pay for specific attribute levels in terms of increased tuition fees or expected salary after graduation. Accounting for respondents' observed and unobserved preference heterogeneity, we address a few research questions related to, for example, distinct preferences of students whose neither parent attained tertiary education, students from lower socio-economic groups, or students of a particular gender. Overall, we demonstrate how stated preference methods can be a useful tool for exploring economic preferences, better understanding the determinants of choices, forecasting, and designing the services offered by higher education institutions in an optimal way.
Mikołaj Czajkowski Tomasz Gajderowicz Marek Giergiczny Gabriela Grotkowska Urszula Sztandar-Sztanderska
https://doi.org/10.26405/WP/WNE/2017/245/016

WP(15)244. Belief-based and taste-based gender discrimination. Evidence from a game show

Abstrakt

Gender discrimination, based on taste or on perception of competence, remains to be a likely contributor to females' lower wages and slower professional advancement. In this project we use a novel data set of decisions made by participants of the Ten to One TV show. During the game, contestants repeatedly nominate the next person to answer a question. Being nominated reduces one's probability of eventually winning the game. General tendency to nominate one gender more often than the other signifies taste-based discrimination against this gender. The construction of the game makes it relatively more profitable to nominate the most competent rather than the least competent opponents in some strategic circumstances, which allows to identify biased perception of the two genders' competence. Having analyzed over 6000 decisions from 117 episodes aired in the last 21 years we find clear evidence of belief-based discrimination against females, yet taste-based in favor of them.
Michał Krawczyk Natalia Starzykowska
https://doi.org/10.26405/WP/WNE/2017/244/015

WP(14)243. The strength of the anchoring effect on Pay What You Want payments: Evidence from a vignette experiment

Abstrakt

The goal of this paper is to empirically investigate, on the example of eBooks, the effects of the expected quality, external and internal reference prices, risk-taking propensity and perceived costs of production on the size of the voluntary payments in pay-what-you-want (PWYW) scheme. Using the results of a vignette experiment, we show that independently from the expected quality of the eBook, when individual internal reference price is higher than external reference price, voluntary payments are significantly higher if external reference price is not provided. When the external reference price is not provided then PWYW payments depend positively on consumers' individual internal reference price, and the perceived percentage of the price believed to cover the author's compensation and the publication costs. The originality of the research comes from separating the anchoring effect of external reference prices from the quality signal effect.
Anna Kukla-Gryz Katarzyna Zagórska
https://doi.org/10.26405/WP/WNE/2017/243/014

WP(13)242. Business Cycle Dating after the Great Moderation: A Consistent Two – Stage Maximum Likelihood Method

Abstrakt

The two-state Markov switching model of dating recessions breaks down when confronted with the low volatility macroeconomic time series of the post 1984 Great Moderation era. In this paper, I present a new model specification and a two--stage maximum likelihood estimation procedure that can account for the lower volatility and persistence of macroeconomic times series after 1984, while preserving the economically interpretable two--state boom--bust business cycle switching. I first demonstrate the poor finite sample properties (bias and inconsistency) of standard models then suggest a new specification and estimation procedure that resolves these issues. The suggested likelihood profiling method achieves consistent estimation of unconditional variances across volatility regimes while resolving the poor performance of models with multiple lag structures in dating business cycle turning points. Based on this novel model specification and estimation, I find that the nature of US business cycles has changed: economic growth has permanently become lower while booms last longer than before. The length and size of recessions however remain unchanged.
Gilbert Mbara
https://doi.org/10.26405/WP/WNE/2017/242/013

WP(12)241. Striking a balance: optimal tax policy with labor market duality

Abstrakt

We develop a dynamic general equilibrium model in which firms may evade the employer contribution component of social security taxes by offering some workers secondary contracts. We calibrate the model to data from the United States and EU-14 countries and obtain estimates of the secondary labor market participation consistent with empirical evidence. We then investigate the optimal mix of the avoidable and unavoidable components of labor taxes and analyze the fiscal and macroeconomic effects of bringing the composition to the welfare optimum. We find that partial labor tax evasion makes tax revenues more elastic, but full tax compliance need not be a welfare enhancing policy mix. Relating to the highly cited work of Trabandt and Uhlig (2011), we extend their framework to analyze the phenomenon of non-standard employment. We distinguish between avoidable and unavoidable labor taxation -- the former may be evaded by firms if they formulate a contract with a worker as a non-standard employment contract and may be associated with employers' share in labor taxation. The latter is paid by worker--households. Our results enrich the intuition about the optimal mix of the two types of labor taxation. We show that in countries where the share of avoidable labor taxes is relatively low, substantial welfare gains can be achieved by changing the mix of the two types of labor taxes. The gains emanate from higher labor supply and consumption which accompanies modest increases in secondary employment. These gains are obtained without loss to aggregate fiscal revenue. In addition to these main results, we also show that plausible estimates of the levels of tax evasion, the efficiency of tax auditing and the shares of secondary employment can be obtained from aggregate tax revenue data.
Gilbert Mbara Ryszard Kokoszczyński
https://doi.org/10.26405/WP/WNE/2017/241/012

WP(11)240. Personality and Economic Choices

Abstrakt

In this paper, we undertake the first examination of the effects of personality on individual economic choices over public environmental goods, using a stated preference approach. Based on three data sets from three separate choice modelling studies, we examine the effects of personality on preferences for the status quo, for changes in environmental quality, and over the costs of investing in environmental improvement. Using a hybrid choice framework, we show that incorporating personality research into economic models can provide valuable behavioural insights, enriching explanations of why the demand for environmental goods varies across people.
Mikołaj Czajkowski Christopher Boyce, Nick Hanley
https://doi.org/10.26405/WP/WNE/2017/240/011

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

Abstrakt

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.
Sviataslau Valasiuk Mikołaj Czajkowski Marek Giergiczny Tomasz Żylicz Knut Veisten, Askill Harkjerr Halse, Iratxe Landa Mata, Marine Elbakidze, Per Angelstam
https://doi.org/10.26405/WP/WNE/2017/239/010

WP(9)238. Are Bilateral Conservation Policies for the Białowieża Forest Unattainable? Analysis of Stated Preferences of Polish and Belarusian Public

Abstrakt

Transboundary nature protected areas constitute a considerable proportion of all the existing spatial forms of biodiversity protection. There is a considerable literature on allocation of funds to preserving nature shared by several countries, though less research on the economic benefits that citizens attach to protected transboundary land nature on the other side of the border. We are trying to find out and compare preferences towards increased protection of domestic and foreign segments of the Białowieża Forest, stated by samples of Polish and Belarusian citizens. Whilst Poles on average are willing to pay for an increased passive protection, on their side of the border, most Belarusians seem to be satisfied with the status quo. There is even an apparent mutual disutility derived from the perspective of co-financing bilateral passive protection programmes in the Białowieża Forest. The results can to some extent be explained by a strict border division, by differences in welfare or by behavioural reasons.
Sviataslau Valasiuk Mikołaj Czajkowski Marek Giergiczny Tomasz Żylicz Knut Veisten, Marine Elbakidze, Per Angelstam
https://doi.org/10.26405/WP/WNE/2017/238/009

WP(8)237. Probability weighting under time pressure: applying the double-response method

Abstrakt

We conduct a laboratory experiment to investigate the impact of deliberation time on behavior under risk and uncertainty. Towards this end we let our participant make quick, intuitive evaluations of a number of lotteries and modify them, should they wish to do so, after deliberation. Both certainty equivalents are incentivized (a double-response method). The main finding is that additional deliberation time reduces pessimism, especially in the case of lotteries involving unknown probabilities.
Michał Krawczyk Katarzyna Gawryluk
https://doi.org/10.26405/WP/WNE/2017/237/008

WP(7)236. Stated Preferences for Conservation Policies under Uncertainty: Insights on Individuals’ Risk Attitudes in the Environmental Domain

Abstrakt

The outcome of a conservation policy is often subject to uncertainty. In stated preference valuation, there is increasing recognition that uncertainty affects preferences for environmental policies. However, there is also poor understanding regarding people's perception of uncertainty per se and risk attitude. To shed more light on this, we designed a discrete choice experiment and compared preferences for environmental outcomes under climate change across two split samples, each confronted with a scenario where environmental outcomes are presented as either certain or uncertain (i.e. probabilistically) but displaying the same expected results. We find that, for an equal expected outcome, preferences vary between the certain and the uncertain treatment. These results indicate that risk attitudes impact stated preferences for conservation policies under uncertainty and reinforce the idea that uncertainty should be included in stated preference studies to provide more accurate and policy relevant results. Interestingly, we additionally find that risk attitudes appear to be both context- and individual- specific – the effect of uncertainty depends on the magnitude and direction of change of the environmental good and on individual's socio-demographic characteristics.
Mikołaj Czajkowski Michela Faccioli, Laure Kuhfuss
https://doi.org/10.26405/WP/WNE/2017/236/007

WP(6)235. An Institutional Approach to Trade Unions’ Density. The Case of Legal Origin and Political Ideology

Abstrakt

Which institutions may be important in terms of trade unions' density and how significant they are? However, trade unions' status is very different among states, they are still a very meaningful component of labor markets. In this paper we contribute to the debate on the institutions, which may affect the outcome of trade unions in different legal systems. Firstly, we draw on theoretical underpinnings of trade unions' activity and density. Then, we conduct an empirical analysis of the relationships between trade union density in a particular country, its legal origin and government's ideology. In this way the paper enriches an underexploited niche in institutional research devoted to labor market issues.
Anna Lewczuk Jacek Lewkowicz
https://doi.org/10.26405/WP/WNE/2017/235/006

WP(5)234. Financial education and financial literacy in Gen Y - Alternative forms of financing

Abstrakt

This study was designed to assess knowledge and awareness of students of Polish economic universities in terms of forms of enterprise financing. Particular attention was focused on innovative forms of capital raising as crowdfunding due to its dynamic development in the world, but also crowdfunding seems to correspond to the needs of Generation Y as future entrepreneurs. The research hypothesis is that Polish Generation Y has only a theoretical knowledge of the sources of funding enterprises. Polish students, although they are proficient in new technologies, they do not know innovative capital raising on the Internet because they do not receive this knowledge at the university. The quantitative research was conducted and designed to test knowledge of the forms of financing and knowledge of the development of innovative funding methods. The qualitative research was used to indicate the needs of Millennials as to the possibility of obtaining financial knowledge as well as the skills to use it. The main findings demonstrated a gap in education for innovative methods of funding but also indicated recommendations for potential changes in the education of Generation Y.
Aneta Ewa Waszkiewicz,
https://doi.org/10.26405/WP/WNE/2017/234/005

WP(4)233. Financial Capacity: Do students know what they need to know?

Abstrakt

This paper reports a survey aimed at assessing students' financial awareness and knowledge in the fields of banking and personal, corporate and public finance. The survey on the financial capability of students at the Gdansk University of Technology employed a questionnaire containing 64 questions. It lasted 6 months (June – November 2015) and involved 414 students. It was designed to collect comprehensive information regarding financial capability including knowledge, skills, attitudes and behaviour. The present study has shown that the greatest shortcomings of students' financial knowledge are in the areas of personal finance and corporate finance and they lack satisfactory skills in the fields of public finance and corporate finance. This means that we should now pay attention to the associated learning outcomes. Furthermore, university policy should be geared toward encouraging employers to notify universities of their expectations. On this basis, universities can change their programmes to help engineers make the right financial decisions. This study conducted among the students at the Gdansk University of Technology has allowed us to take a comprehensive look at many issues which could also be the subjects of study in other socioeconomic groups. On the basis of this study we are able to indicate some proposals for desirable changes of direction in the field of research concerning the financial knowledge, skills and awareness of students, and also the possibility of developing them in educational programmes.
Ewa Mazurek-Krasodomska, Gabriela Golawska, Anna Rzeczycka,
https://doi.org/10.26405/WP/WNE/2017/233/004

WP(3)232. Financial and insurance literacy in Poland

Abstrakt

The aim of this paper is to present critical analysis of different concepts related to financial literacy. Discussion of usefulness of standard questions on financial literacy and presenting data on the first Polish research of standard questions on financial literacy compared with selected countries. And finally presenting questionnaire for insurance literacy and findings from Polish research.
Marcin Kawiński, Piotr Majewski,
https://doi.org/10.26405/WP/WNE/2017/232/003

WP(2)231. Diversification of Research on Economic Awareness and Education of Poles

Abstrakt

The principal objective of this review is to determine whether the conducted studies provide a diagnosis of the Poles' economic awareness and of economic education actions undertaken in Poland. To make this evaluation we first analysed the issues which the studies are focused on and synthetically presented their key results. We further analysed which groups participate in those studies and what institutions commission such research. The summary, in addition to conclusions resulting from the presented considerations, offered initial recommendations which, if implemented, could contribute to better verification of the Poles' economic awareness and knowledge in empirical studies. The authors first reviewed the literature, which resulted in defining conceptual boundaries of terms critical to the topic of this paper. The core research material was constituted by selected reports from studies of economic awareness and education of Poles and an analysis of those studies.
Ewa Cichowicz, Agnieszka K. Nowak,
https://doi.org/10.26405/WP/WNE/2017/231/002

WP(1)230. Stated Preference valuation methods: an evolving tool for understanding choices and informing policy

Abstrakt

We examine the value of Stated Preference (SP) valuation methods as part of the environmental economist's toolbox. We review a number of policy design issues where we believe SP methods have advantages over alternative approaches. We also discuss the role of SP methods in exploring a few aspects of peoples' preferences and values which have wider implications for economics and behavioral sciences: (a) the effects of information, learning and knowledge; (b) testing the standard model of compensatory, rational choice; (c) the influence of behavioural levers such as social norms; and (d) the role of "deep" drivers of preference heterogeneity, such as personality and emotions. We also review what is known about the extent to which hypothetical choices reveal something about people's true preferences. Finally, we speculate on some areas where SP methods may be useful in the future.
Mikołaj Czajkowski Nick Hanley,
https://doi.org/10.26405/WP/WNE/2017/230/001

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