Journal of Economics - Obsahy ročníkov

This research study used the original Tversky and Kahneman (1992) methodology to establish values of the key prospect theory parameters in samples of Slovakian construction managers and tertiary students. Median sample values for choice tasks with gains elicited in both samples were fairly similar to those established by the Tversky and Kahneman work (1992). When the same estimation techniques and data types are used, the prospect theory parameter values in Slovakian samples seem fairly similar for standard student populations in developed countries. Based on our results we assume that estimation techniques and data types may be more important for determining parameter values than testing environments and gender or experience of participants. Keywords: prospect theory, prospect theory parameters, decisions under risk and uncertainty, behavioural economics JEL Classification: D01, D03, D81

The wage development is an important part of society. The release of wage developments in Slovakia resulted in a significant income differentiation, which found its reflection in the quality of life of inhabitants. After the initial causes of the increase in wage differentiation due to transformation the attention has focus on an exploration of new factors that affect the wage assessment of an individual. The aim of this paper is captured by the wage equations several determinants affecting the level of wages in the Slovak Republic. In this paper analysis of wage determinants is based on data from the survey Information system on labor cost, which is realized by the company Trexima Bratislava. Keywords: wage, determinants of wages, gender, region, education, occupation, age JEL Classification: J31, J39, I39

Contracting out is the prevalent types of alternative service-delivery ar-rangements in public sector. The literature suggests that if the contracting is properly implemented, then it will improve cost-effectiveness, delivery quality, and expenditure control. Using new Slovak data, we explain why contracting does not always produce the expected positive results. We seek to determine the factors that account for success in contracting for public sector services, by testing for a link between contracting performance and quality of contract management. This study uses a quantitative approach to analyse our original survey data. The findings are not positive, because although competitive selection is the key factor determining success, non-competitive selection of suppliers prevails in Slovakia. Keywords: contracting, public sector, principal, agent, contract management, Slovak Republic JEL Classification: H41, H57

The article treats the selected circumstances of social policy namely the conditions and possibilities of social peace’s reaching with regard to young people’s preferences and attitudes and the factors influencing them. On the basis of empirical research carried out with respondents from various faculties of the Czech University of Life Sciences and the Czech Technical University in Prague, the author presents her conclusions: are there any threats (and which ones) to social peace and through it to economic development which could be triggered by how young people perceive the justification of social policy and its principles’ content. Keywords: social policy, social solidarity, population aging, young people, social peace JEL Classification: I38

The article deals with development of foreign trade of the Western Balkans in the light of its on-going economic integration with European Union and also within the region. The analysis is contextualized within the framework of neoclassical theories of international trade (mainly Viner´s theory of custom union) and verifies two main hypotheses. The first hypothesis deals with impact of the EU enlargement policy on economic integration of the Western Balkans and to it associated intensification of mutual trade relations. The second hypothesis addresses the issue of trends in the development of foreign trade of the region with the EU in the context of advancement of economic integration in the region of Western Balkans, thus the potential growth of intraregional trade to the detriment of trade with the EU. Keywords: Western Balkans, foreign trade, integration, European Union, intraregional trade JEL Classification: F15, F14, F17

The paper examines the importance of the strategic decision-making process on the example of Slovak microcompanies and very small businesses. It was found that effective strategic decision making significantly increases their performance, success and survival. The insight into the processes of researched businesses is beneficial, mainly because of a lack of attention compared to large enterprises. The main object of the paper is to analyze their strategic decision- -making process on theoretical and practical level and through a synthesis of the knowledge to highlight the dominant model of strategic decision-making process in researched enterprises and the mechanisms used by managers of these enterprises in the strategic decision making in today's business environment. Keywords: strategic decision-making, microcompanies and very small busi-ness, rational model, limited-rational model, intuitive model, strategic areas JEL Classification: M10, L19, L26, L29