Journal of Economics - Obsahy ročníkov

The paper investigates impacts of globalization and corruption-free on the outward foreign direct investment (FDI) for 22 OECD countries. The baseline model confirms the positive link of home and host country gross domestic product (GDP) per capita and Linder’s hypothesis, home and host size of GDP and its similarity, host agglomeration of multinational enterprises, common currency euro, and the negative link with geographical distance. The results for the effects of globalization and corruption-free on the outward FDI are mixed. The significant positive association pertained to home and host country economic globalization is confirmed, but the significant negative association pertained to home and host county social globalization. The significant positive association of outward FDI with the corruption-free in host country and the significant negative association with the corruption-free in home country and for corruption similarity suggest FDI outflows from low corruption-free home country to high corruption-free host country. This finding implies FDI preference for corruption-free economically globalized OECD host countries. Keywords: foreign direct investment, globalization measures, corruption measure, hypotheses testing JEL Classifications: C23, F21, G38, K42

Auctions are important market mechanisms for the allocation of goods and services. In the paper a complex trading model is proposed. The proposed model, called multidimensional auction, is a generalization of an LP model of standard single item English auction. Multidimensional auctions include the possibility of auction generalization for multi-item, multi-type, multi-round and multi-criteria. The multi-item model for multi-type auction is modelled and solved by multi-round approach with multiple criteria. The proposed model illustrates the possibility to formulate and solve multidimensional auctions as mathematical programming problems. Allowing bidders more fully to express preferences leads to improved economic efficiency and greater auction revenue. Keywords: auctions, combinatorial auctions, iterative methods, multiple criteria JEL Classification: D44, C61

This paper aims to provide a rare application of several types of Euler equation tests to estimate the degree of financial integration of 28 EU countries with the Eurozone. The analysis is done separately for risk-free and risky assets in three types of financial markets (bond, stock and money markets). To examine whether the recent crisis impacted the levels of financial integration in EU member states, all models were estimated for the entire period of available quarterly data (1995 – 2014), as well as for the pre-crisis period only. We construct an Euler integration index (EII) that measures the integration level of countries across financial markets and show that the old member states (OMS) recorded higher integration levels than the new member states (NMS) in the pre-crisis period. The crisis has considerably decreased the gap, resulting with NMS surpassing the OMS in EII values. Keywords: consumption, crisis, Euler equation, European Union, financial integration JEL Classification: E21, E44, F15, F36

Due to their heavy dependence on financial support from the public sector and close links to a wide range of government policies, non-profit organisations (NPOs) are becoming increasingly state-oriented. Although economic experts have striven to empirically test whether public funding of the non-profit sector (NPS) supports private philanthropy or, on the contrary, crowds-it out, there is no comprehensive research of this type within the Czech Republic. In connection with these blank areas in theories on the Czech non-profit sector, we pose the following question: How does public financing of NPOs influence the amount of private donations that these organisations receive? To answer this question, we conducted our own research (n = 483). The results demonstrate a crowding-out effect for public resources but not for other types of financing sources, such as revenues from the organisation’s own activity and commercial revenues. Keywords: crowding-in, crowding-out, non-profit organisation, non-profit funding, public subsidies, unearned revenues JEL Classification: H31, H71, D14

The anchoring effect belongs to one of the most extensively studied cognitive biases in judgment and has been shown to be robust in a variety of domains and conditions. This current study on 100 adolescents in Slovakia (aged 16 – 18, 62% females) investigates the role of the anchor relevance and the familiarity of products on one’s willingness-to-pay. The presence of the anchoring and adjustment heuristic has been confirmed in the Slovak cultural environment. The magnitude of the anchoring effect is not affected by previous experience with the product. However, the effect is higher when the anchors are relevant. By this, the effect was higher when the anchor was the price paid by other people, rather than when it was the result of obviously irrelevant mathematical operations. Keywords: judgment, price, anchoring, anchor relevance, product familiarity JEL Classification: D12