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2دورية أكاديمية
المؤلفون: David Martinčík, Čestmír Jarý, Olga Šlechtová Sojková
المصدر: Trendy v podnikání, Vol 6, Iss 2, Pp 53-66 (2017)
مصطلحات موضوعية: Experimental economics, consumption, inflation, monetary expansion, relative prices, Business, HF5001-6182
الوصف: The contribution verifies the mainstream economics lemma that inflation stimulates consumption expenditures and vice versa deflation results in giving up of present consumption. We suggested the experimental design suitable for consumption-saving decision-making under different inflation and relative prices variability. More than four hundreds of students took part in the experiment. In each round they received some income and they must decide whether to buy one of the three durable goods or to buy nothing. The prices of the goods were displayed as well the utility of money holdings. Money holdings at the end of the round became the initial endowment for the next round, where they received new income. The utility of each durable goods was known and the goal of experiment participants was to maximize the sum of utility in all played rounds. The total amount of rounds was randomly generated and the participants didn't know it before. Five different set-ups of the experiment were realized. First zero inflation with middle variability of relative prices and then four combinations of positive or negative inflation and high or low relative prices variability. The nominal income received at the beginning of each period follows the inflation or deflation so the real income was still the same. The results show that there is no difference between consumption behaviour under inflationary and deflationary framework. Experimental subject didn't feel the aggregate price index as significant for their decisions and focused only on relative prices. In set-ups where the changes in relative prices were easily to recognize (i.e. higher variability), the negative correlation between price and consumption of individual good was relatively significant. The experimental results cannot verify the mainstream economics lemma about different consumption-saving behaviour under inflation or deflation; they rather confirm the monetary business cycle theory supported by Austrian school.
وصف الملف: electronic resource
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3دورية أكاديمية
المؤلفون: David Martinčík, Olga Sojková, Radek Aleš
المصدر: Trendy v podnikání, Vol 5, Iss 1, Pp 30-44 (2015)
مصطلحات موضوعية: Management, transportation problem, experimental economics, linear programming, decentralized solution, Business, HF5001-6182
الوصف: Transportation costs minimization is one of the important questions in practice. The operations research developed a lot of analytical or heuristic methods of solution of costs minimization problems. On the other hand we can find in the literature only a small effort to apply the experimental economics approach for studying this problem. This article presents the design and results a laboratory experiment which deals with this issue. The methodology of experimental economics was applied to transportation economics rigorously. The simple transportation problem was designed as a game among carriers and consumers where each of them competes with all the others. The experiment was conducted with 324 undergraduate students divided in 36 experimental groups, in which they played either the role of carriers or the role of customers. The carriers knew the transportation cost for delivering one piece of good to each customer while the customers did not. The goal of the competitive carriers was maximizing their own profit, i.e. revenue minus transportation cost and they had to sell all initial endowment of the goods. The goal of customers was to buy specified quantity of goods and spent money as little as possible. Three different auctions were used: double, demand and supply. Double auction was continuous auction where the counterparts bargain face to face without any limitation. The demand auction was the sequence of rounds of posted offer auction where the consumers made the offer of how much and for what price they are willing to buy and the carriers decide to accept or refuse it. The supply auction was simple opposite. Our experiment results show that the competition and own profit intending are sufficient conditions for achieving very low total transportation cost near to the minimum. On the other hand the types of auctions do not affect the results. In general, the decentralised, i.e. market, solution could be very good and it may not be necessary at the top management level to centralise all the information, set-up and solve the model which increase additional costs. Especially in the situation of rapidly changing market situation can be profitable to save this additional cost and leave the firm's divisions to act autonomously.
وصف الملف: electronic resource
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