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Wavelet Based Analysis of Major Real Estate Markets

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Wavelet Based Analysis of Major Real Estate Markets

Author(s): Adil Yilmaz,Gazanfer Unal,KARATAS Cengiz / Language(s): English Issue: 14/2016

Wavelet coherence of time series provide valuable information about dynamic correlation and its impact on timescales. Here, we analyze the wavelet coherence of major real estate markets data. Our paper is the first to link co-movementin terms of wavelet coherence. Here we consider USA, Canada, Japan, China and Developed Europe real estate marketprices as time series. Wavelet coherence results reveal interconnected relationships between these markets and how these relationships vary in the time-frequency space. These relationships allow us to build VARMA models of real estate data which yield forecast results with small errors.

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IS THERE EXCESS CAPACITY REALLY?

Author(s): Tamara Todorova / Language(s): English Issue: 12/2015

Excess capacity is viewed as a distinctive feature and an essential inefficiency of monopolistic competitionas the large-group case of imperfect competition. Using a simple geometrical approach and studying the demand andcost curves faced by the individual firm, we find that there is little potential for excess capacity in monopolisticallycompetitive markets, opposite to the common perception and wide coverage in the literature. We see monopolistic competition as the true type of competition in the presence of transaction costs where perfect competition is a hypothetical and ideal benchmark which cannot exist under positive transaction costs.

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ЕТИЧНИЯТ КОДЕКС И НЕГОВАТА РОЛЯ В ИЗГРАЖДАНЕТО НА ФИРМЕНАТА КУЛТУРА

Author(s): Maria Kicheva / Language(s): Bulgarian Issue: 1/2005

The ethics behaviour in the companies needs management and the managers are those who have the power to manage it. The ethics in the company management have many functions in the organization. There are many ways and approaches in the understanding and accomplishing the organizational values. One of the key characterizations of the evolution of the management in the beginning of 21 century is the increasing attention toward the knowledge – company ethics and culture.

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ЕТИКАТА ПРИ ФИРМЕНОТО УПРАВЛЕНИЕ

Author(s): Stoyan Kirov / Language(s): Bulgarian Issue: 1/2005

The business is not only an economic, but also a social category. The business requires high attention and responsibility from the companies. The companies must keep to the official and nonofficial business principles, connected with their work. The companies must take into consideration the legislation. They must keep to the rules in the ethics code and it must become obligatory for them in their business. Keeping to those rules the management of the companies will improve in long term.

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Kontrowersje wokół wartości rynkowej nieruchomości jako instytucji

Author(s): Lucjan Czechowski,Adam Reszke / Language(s): Polish Issue: 99/2017

The standard theory of the market value of real property, agreed and accepted by the International Valuation Standards Committee (IVSC) is based on neoclassical assumptions of perfect competition. In fact, conditions such as the availability of players for free and complete market information are never satisfied. This situation is particularly visible in the real estate markets. This leads to considerable variation of transaction prices even on property of similar type, which leads to the formation of transaction costs related to uncertainty and the lack of trust among market participants. A look at the market value and the process of its valuation as an institution within the meaning of the so-called new institutional economics (NIE) can promote solving these problems. However, this requires undertaking targeted research to define and refine the principles of valuation.

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Podstawy etyczne ładu konkurencyjnego w ujęciu Waltera Euckena

Author(s): Katarzyna Kamińska / Language(s): Polish Issue: 2/2017

Ordoliberalism is a German economic and legal doctrine, in which ethics occupies a privileged place. The basic premise is the freedom and responsibility of human beings. In contrast, the starting point for considering ordoliberalism as a doctrine is the economic, social and political order. The most prominent representative of this doctrine was Walter Eucken. Achievements of this outstanding economist, and other representatives of this school underlay the concept of the German social market economy and EU competition policy. The aim of this article is to present the concept of Eucken’s competitive order and describe its philosophical and ethical foundation. The article uses the method of descriptive analysis and literature studies.

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ETHICS – CONCEPT AND APPLICABILITY IN SOCIAL WORK

Author(s): Carmen Marina Gheorghiu / Language(s): English Issue: 12/2017

Understanding ethics is fundamental to us as individuals because a healthy ethics is the very essence of a civilized society. Ethics is the foundation on which all our relationships are built. It addresses how we behave towards entrepreneurs, employees, colleagues, clients, subordinates, suppliers, generally to the community we are in. Talking about ethics in the field of social assistance, politics, economy, at the organization level, is today fashionable, it is even a novelty. However, there is a clear lack of ethics in these areas. Ethical standards are often found among universal values. Speaking of universal values, we must admit that universality supposes first of all diversity. Living in society implies the necessity of the emergence and perpetuation of relations between its members. Although respect for ethical principles must govern the whole set of human interactions (family, business, friendship, etc.), in this analysis we only consider the ethical foundation of the relationships circumscribed to the specific environment of social assistance. Social work as a profession builds its system of values, starting from respecting the dignity and integrity of the human being and recognizing democracy as an essential requirement of social life. The main empirical data collection methods used in this paper are: observation and social documents analysis. Style research approach will be both qualitatively and quantitative perspective. Quantitative research will highlight the numerical measurements of specific aspects of the phenomena studied with the aim of testing causal hypotheses, whereas qualitative research paradigms will be based on a kind of postmodern ones. In this paper we present some of the theoretical considerations on the development of ethics in Romania and globally perspective. This paper aims to outline a picture of contemporary applicability of ethics through a general analysis and point some prospects regarding this subject.

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CONTRAFACEREA ÎN DOMENIUL PROPRIETĂŢII INTELECTUALE

Author(s): I. Gabriel Năstase / Language(s): Romanian Issue: 30/2017

Counterfeiting has a very wide and diverse area. Basically there is no product that would not be faked. The extent of the counterfeiting phenomenon known it led to a real 'Division of labor', registering specializations on each country.

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The Role of Corporate Social Responsibility as a Factor of Consumers’ Decisions While Purchasing Carbonated Soft Drinks

Author(s): Mariya Georgieva / Language(s): English Issue: 2/2018

By imposing sustainable production and consumption practices as a part of the overall concept of sustainable development of modern business, the importance of the role of Corporate Social Responsibility (CSR) in different spheres is growing. This report examines the feasibility of this concept in the market for carbonated soft drinks in Bulgaria by thoroughly exploring consumers' understanding of CSR and diagnosing in a comparative manner the latter's role as a consumer choice factor in decision-making while purchasing soft carbonated drinks. The result of an empirical study among 276 respondents is presented.

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Are Codes of Business Ethics Ethical?

Author(s): Willy Tadjudje,Clément Labi / Language(s): English Issue: 2/2018

In response to a quickly evolving legal environment and more generally to changing conceptions about the role and responsibilities of the corporation and its executives, many firms have adopted codes of ethics whose legal relevance is uncertain, and whose relation to actual ethics is largely problematic. First, it is necessary to analyze the theoretical model of these codes, as business environments tend to be assessed in terms of “business ethics”, which is conceptually difficult not to discount, since ethics should possess a universalist vocation, hence the necessity to seek whether there could be a variety of ethics which could bear the same validity. More generally, can individuals (or corporations) bestow upon themselves any set of chosen ethical rules? We propose that ethical codes actually mimic and anticipate what legislators or judges have (or will have) considered as ethical behaviors. Since the law is itself an imitation of ethical rules, codes of business ethics are therefore imitations of imitations. The works of Kant and Levinas, in particular, will serve as points of reference.

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Between philosophical heights and practical necessities Some remarks on the idea of applied ethics

Author(s): Jacek Sójka / Language(s): English Issue: 5/2017

For many people the expression “applied ethics” sounds like a pleonasm. They tend to claim that ethics by its very nature is about practical matters. It deals with human actions and their motivations and there is no need to create an additional discipline with special practical bias. However, at least since the 1970s, there has been a growing movement of applied ethics which resulted not only in the increase of enrolment to the academic courses but also in the demand for consulting services in this field. And yet the question still remains to what extent applied ethics inherits philosophical tradition and style of thinking. The aim of this paper is to demonstrate that the applied ethics is a continuation of philosophical inquiry in the way adjusted well to the demands of the pluralistic and democratic societies.

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The marginal morality (die Grenzen der Moral) as an ethical challenge and as the knowledge on how to gain competitive advantage

Author(s): Przemysław Rotengruber / Language(s): English Issue: 5/2017

The aim of this article is to scrutinize the relationship between the moral attitude of an entrepreneur and his or her possibility to gain competitive advantage. This declaration leads to the following question: does the everyday practice confirm or deny the economic usefulness of the postulate of corporate social responsibility? On the one hand, moral desertion is obviously profitable (also in the economic sense). Partners of the deserter, in most cases, are not able to avoid (unexpected and expansive) consequences of his or her new attitude towards them. On the other hand, this strategy—in long-term perspective—seems to be doubtfully profitable. The former victims orientate themselves to their new circumstances and become ready to face the attack. Therefore, the corporate social responsibility, in the final calculation, should be taken as the only way to protect active participants of the market against the temptation to neglect their obligation towards people, who can punish or reward them (as stakeholders and whistleblowers).

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Axiological entanglement of economics

Author(s): Bożena Klimczak / Language(s): English Issue: 5/2017

In mainstream economics, the principle of freedom from value judgment (Wertfreiheit) is enforced. This principle has different interpretations. The aim of this paper is to present the author’s interpretations of the principle of Wertfreiheit. The basic ideas of axiology have been analysed: values, valuations, and value judgments, including their application to economic activities and economic researches. Two models of valuations have been presented—the taste model and perception model—as well as points of view of economic researches on those models. The conclusion comprises the author’s interpretation of the principle of Wertfreiheit as that of impartiality and integrity in research activities.

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On the valuation of economic goods

Author(s): Wojciech Giza / Language(s): English Issue: 5/2017

The presented study includes an analysis of the category of “good” on the basis of philosophy and economics. Particular attention was paid here to the factors determining the monetary value (price) of an economic good. While achieving the assumed objective of the research, answers to the following questions were sought: What is the difference, therefore, in the interpretation of good as an axiological category and good which economics deals with? What is the basis for the valuation of goods which are the subject of economic analysis? While seeking answers to these questions, an attempt was made to justify the thesis according to which contemporary understanding of the way the market valuates goods is limited to accepting the price understood as a variable representing a kind of relationship set in a given time period.

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The institutional context of rationality

Author(s): Janina Godłów-Legiędź / Language(s): English Issue: 5/2017

In the last three decades, mainstream economics has been influenced by authors associated with new institutional economics and new behavioral economics. The dispute over rationality as an assumption of economic theories is becoming particularly evident and is taking new forms. The aim of this article is to examine the connections between the institutional and behavioral approaches as well as between researchers’ ideas as to what rationality is and their beliefs regarding an optimal economic system. It will demonstrate that so-called behavioral and institutional economists have more in common than not. Institutions play a key role in the arguments of behavioural economists, whereas the argument of institutional economists is almost always based on the issue of human cognitive abilities and emotions. What directly links the two trends is the attention given to the rationality of actions that an individual takes as a premise of economic choices and as an assumption of economic theories. Differences in views relate to the understanding of rationality and exist within the framework of behavioral economics itself. At the core of the dispute is the distinction between two concepts of rationality: constructivist and ecological. This distinction serves as a starting point for the second matter discussed in the article. The author argues that the concept of constructivist rationality is related to the vision of the top-down creation of social order, while the proponents of the ecological approach to rationality stress the importance of market institutions. Interestingly, from the perspective of cognitive psychology and the heuristics of Daniel Kahneman, it can be presumed that the convictions of a scholar about the “ideal system” can influence his or her arguments on the essence of human rationality.

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Causality and inference in economics: An unended quest

Author(s): Mariusz Maziarz / Language(s): English Issue: 5/2017

The aim of this article is to point to the unsolved research problems connected to causation in the philosophy of economics. First, the paper defines causation and discusses two notable approaches, i.e. the realist theory of causation and the instrumentalist theory of causation. Second, it offers a review the current research activity focusing on the problem of causation in economics. Third, it discusses several case studies. On the grounds of comparison of the research practice of economists and the current issues undertaken by the philosophers of economics, the paper concludes that there is a gap between the research practice and the normative methodological analyses and indicate the research questions that need to be addressed.

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A moderate position in the debate on the possibility and moral utility of the ethical standards codification

Author(s): Andrzej Klimczuk / Language(s): English Issue: 5/2017

The popularisation of drawing up codes that are addressed to various social groups is one of the features of the modern world. However, researchers of the phenomenon have not yet reached a consensus about the moral validity and utility of this activity. The article thoroughly reviews the Polish literature on the subject with regard to the reasons for taking a moderate stance on the codification of ethical standards. The essay describes the main concepts of ethical codes as well as arguments for their approval and rejection. Attention is drawn to the ways of improving the effectiveness of codes and to the ethical decision-making procedure that reconciles the positions of the supporters and opponents of codification.

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Utilitarianism: Doctrinal analysis evolution of thought

Author(s): Olgierd Górecki / Language(s): English Issue: 5/2017

Utilitarianism as an innovative and original stream of ethical and political thought has enriched the philosophical discourse of the last three centuries. Utilitarian thinkers claim that maximization of pleasure correlated with minimization of pain is the correct way to create an objective catalog of rules or behaviors that result in the formation of the highest utility for a society and its individuals. From a methodological perspective, there are differences among the utilitarian philosophers on issues such as: happiness, pleasure or utility guide to diametrical disaccord on an ethical or institutional area. The present analysis of the utilitarian thought represents some of the interesting differences in interpretation of this doctrine. However, utilitarianism does not include logical or intellectually strong arguments for the protection of an individual’s rights against the interest of people at large. Thus, this doctrine during the 18th and the 19th centuries postulated the political egalitarianism. Nowadays, utilitarianism has lost its strong ethical position. In the past, utilitarianism was a political instrument to protect most of the people in a society from an arbitrary reigning of small elite groups. In recent times, this thought legitimizes the coercion of the majority will regardless of the fact that other smaller groups may have different political views. Such thinking allows to objectify the individual man which is only identified with instrumentality to maximization of utility. The author analyzes the writings of Jeremy Bentham, John Stuart Mill and Herbert Spencer, and compares their doctrines with the scientific literature and forwards a basic thesis on the universal principles of utilitarianism. The author argues that the actual rules of political ethics under conditions of limitation theory of utility append the law of inviolability of the natural rights of an individual.

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The meritocracy or “responsibility elite”? An evangelical approach to the issue of social elites

Author(s): Piotr Kopiec / Language(s): English Issue: 7/2017

The notion of meritocracy is among the keywords used to describe the contemporary world. Increasingly, it has become a central concept of an order with globalization and the impact of free-market philosophy on society and culture as the main factors. The concept of meritocracy examines the nature of elites. On the one hand, meritocratic elites come from groups selected for their merits and competences; on the other hand, they avoid their responsibility towards society and culture. Amongst many counterproposals, it seems worthwhile to present the evangelical concept of elites embedded in evangelical social teaching. Evangelical theology introduces the idea of responsibility elites in its social discourse. According to evangelical theologians, in order to overcome the growing social, economic and cultural crisis of today, it might be necessary to rehabilitate the notion of the common good. Considered from a sociological and a theological standpoint, responsibility elites play a significant role in spreading the concept of the common good. The article presents theological guidelines for evangelical teachings on elites as well as evangelical proposals concerning the subject matter, collating them with a comprehensive assessment of meritocratic elites.

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Moral and ethical aspects of the Polish transition from communism in the enunciations of the Polish Episcopate

Author(s): Marek Delong / Language(s): English Issue: 7/2017

The Polish Episcopate critically assessed the social and economic situation in Poland in the period of the transition from communism to democracy and a freemarket economy. Privatisation led to production being stopped and to an increase in unemployment. Profit and not human dignity became the measure of labour. The economic and social reality was dominated by the treatment of economics and financial success as of the highest values and the dissemination of the opinion that in politics and economics there are no values. The political elites showed an inability to develop long-term strategies for getting out of the crisis. The disappearance of the morality of many representatives of public life, which was manifested in universal corruption and the aspiration to improve social status as soon as possible, contributed to this state of affairs. As a result, there was a crisis of the idea of the common wealth and an increase in crime. The social crisis was particularly visible in moral attitudes, social behaviour, and in the economic sphere, public finance, on the labour market, and in the quickly progressing social stratification.

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