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1

Construction Of Hedonic Price Index For The “Most Liquid” Polish Painters

100%
Kompa K., Witkowska D.
Folia Oeconomica Stetinensia
|
2014
|
vol. 14
|
issue 2
76-100
EN
Art market has been developing in Poland and the first Art Fund was established in 2011. Therefore it seems that investment in art can be considered as alternative form by Polish investors. In order to decide whether art is a good investment, it is necessary to evaluate expected returns which might be obtained from such investment thus an art price index should be developed. The aim of the paper is to discuss artworks as investment assets and evaluate price index of paintings produced by 11 Polish artists whose artworks were traded the most often on auctions that were held in Poland in the years 2007–2010. In our research, employing data concerning 750 objects, we apply the hedonic index methodology to estimate returns from the paintings market. The results of our investigation show that hedonic quality adjustment essentially influences evaluation of artwork prices therefore we propose the aggregated hedonic index which might better describe situation at the art market than the hedonic index biased by the specification of a single model.
2

Use of Constraints in the Hierarchical Aggregation Procedure Intramax

84%
Drobne S., Lakner M.
Business Systems Research Journal
|
2016
|
vol. 7
|
issue 2
5-22
EN
Background: Intramax is a hierarchical aggregation procedure for dealing with the multi-level specification problem and with the association issue of data set reduction, but it was used as a functional regionalization procedure many times in the past. Objectives: In this paper, we analyse the simultaneous use of three different constraints in the original Intramax procedure, i.e. the contiguity constraint, the higher-inner-flows constraint, and the lower-variation-of-inner-flows constraint. Methods/Approach: The inclusion of constraints in the Intramax procedure was analysed by a programme code developed in Mathematica 10.3 by the processing time, by intra-regional shares of total flows, by self-containment indexes, by numbers of singleton and isolated regions, by the number of aggregation steps where a combination of constraints was applied, by the number of searching steps until the combination of constraints was satisfied, and by surveying the results geographically. Results: The use of the contiguity constraint is important only at the beginning of the aggregation procedure; the higher-inner-flows constraint gives singleton regions, and the lower-variation constraint forces the biggest employment centre as an isolated region up to a relatively high level of aggregation. Conclusions: The original Intramax procedure (without the inclusion of any constraint) gives the most balanced and operative hierarchical sets of functional regions without any singletons or isolated regions.
3

Reframing E-Government Development Indices with Respect to New Trends in ICT

67%
Máchová R., Lněnička M.
Review of Economic Perspectives
|
2015
|
vol. 15
|
issue 4
383-412
EN
E-government readiness is an important indicator of the quality of a country’s technological and telecommunication infrastructure and the ability of its citizens, businesses and governments to adopt, use and benefit from modern technologies. To measure and compare selected countries, a lot of benchmarking and ranking indices have been introduced since the beginning of the century. With the increasing importance of trends such as cloud computing, open (big) data, participation tools or social media, new indicators and approaches need to be introduced in the measuring of the e-government development, and the existing indices should to be updated, redefined and restructured. Therefore, this article explores the structure of the existing e-government development indices to show the main indicators and trends. Then, it proposes and implements a new framework to evaluate e-government development using these new trends in ICT. It also examines and compares a basic background on the e-government development, benefits and risks of cloud computing, open (big) data and participation tools in the public sector. Based on the newly proposed framework, the e-government development index is calculated for each EU Member State to clearly identify the indicators to have an influence on the e-government development. In the last part, these results are compared to the already existing indices to validate the conformity of the rank methods using Kendall rank correlation coefficient.
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