The aim of this diploma thesis is the estimation of the influence of green areas on real estate prices in Bratislava, SK. Being not a public good green areas are not market valuated which makes the decision about its size and placement in urban areas problematic. This thesis was written with an aim to evaluate the benefit of greenery and help future decision making concerning green urban areas in Bratislava. Theoretical part points out current situation of green urban areas in Bratislava and real estate market development. It also demonstrates some of the benefits coming from urban greenery and defines hedonic pricing method. Practical part is focused on greenery value estimation using HPM. It analyzes geografical data altogether with real estate data and based on five regression models using various groups of environmental variables estimates the impact of different types of greenery on the real estate prices in Bratislava.

Background: This study discusses the phenomenon of luxury goods as investment assets,focusing on luxury watches in particular. The rise of globalization and increased wealth,particularly among the middle and high-income groups in developing countries, hascreated a larger potential customer base for luxury items. This has led to an increasing interest in luxury goods as investment assets, including collectibles such as cars, art, andwine. The recent development of online niche marketplaces for luxury goods has enabledthe systematic collection of data, facilitating research on Veblen goods as alternativeinvestment assets. Therefore, it is interesting to analyze the financial performance ofinvestments in luxury watches as compared to traditional assets. Purpose: The purpose of this study is to analyze the comparative performance ofinvesting in luxury watches versus traditional assets such as equities and bonds. Methodology: This study collects data on luxury watch prices and characteristics. Thehedonic pricing method is used to regress the price of the watches on their characteristics.The regression results are used to analyze the price impact of the characteristics, as well asto create a watch price index. In order to evaluate the index performance, data is collectedfor the MSCI World Index and the Bloomberg U.S. Aggregate Bond Index. For all the indices, the financial metrics of the Sharpe ratio, Treynor ratio, CAPM, and Jensen’s alphaare calculated. Conclusion: This study suggests that luxury watches, with their wide price ranges and high resale value, have been a viable option for portfolio diversification during thestudied five-year period between 2018 and 2023. The watch index yields an averagereturn of 2.01 % and a cumulative return of 49.35 %, outperforming the MSCI World Indexwith average returns of 1.38 % and the Bloomberg U.S. Aggregate Bond Index with -0.01%, and cumulative returns of 31.90 % and -0.15 %, respectively. The watch index alsooutperforms the compared indices in terms of the financial metrics Sharpe ratio, Treynorratio, CAPM, and Jensen’s alpha. The results suggest that the most important valuedrivers for luxury watches are: Brand (Audemars Piguet, Patek Philippe, and VacheronConstantin), Features (Chronograph, tourbillon, and rotating bezel) and Case Material(bronze, rose gold, and yellow gold).

This paper aims to determine the value of the product based on the mathematical concept of Differential Privacy, by assessing the value of the business opportunities it enables and the value of the possible GDPR-fines it prevents. To delimit the scope of the research the analysis will focus on what the value of personal data is for companies within the mobility sector. Mobility is a cross-industrial sector consisting of companies within connectivity-technology, transportation, and automotive. The method used to assess the final value of anonymizing personal data, such as consumer data, using a DP-solution (meaning, an implementation of the theory) has consisted of both quantitative and qualitative analysis. The quantitative analysis aims to assess the ‘Cost of Risk’ for mobility companies that are exposed to personal integrity regulation due to data processing. To further conclude the true cost of the financial impact caused by getting fined for infringing on privacy regulation because of unlawful data processing is done through a complementary qualitative assessment. Lastly, the 'Opportunity Cost', or rather the cost of missed financial opportunities, is determined qualitatively for a case study company within Sweden’s mobility ecosystem to conclude the overall value of a DP-solution for a specific company. The final product of this research paper is to provide a framework assessing the total value, for specifically companies in the mobility sector, of implementing differential privacy solutions. / Syftet med denna uppsats är att fastställa värdet av anonymisering baserat på det matematiska konceptet Differential Privacy, genom att bedöma värdet av de affärsmöjligheter det skapar, samt värdet av de möjliga GDPR- böter det förhindrar. För att avgränsa studiens omfattning består analysen endast av att uppskatta dessa värden för företag inom mobilitetssektorn. Mobilitetssektorn är en tvärindustriell sektor som består av företag inom uppkoppling-, transport- och bilindustrin. Metoden som använts för att ta fram det slutliga värdet av att anonymisera persondata genom en differential privacy lösning, består både av en kvantitativ och en kvalitativ analys. Målet med den kvantitativa analysen är att estimera kostnadsrisken för företag inom mobilitetssektorn som exponeras mot GDPR-böter med avseende på dess datahantering. För att vidare ta reda på den totala finansiella inverkan av sådana böter, kompletteras analysen av en kvalitativ studie, som delvis omfattas av de finansiella möjligheterna ett företag går miste om i en sådan situation. Den kvalitativa analysen består också av en fallstudie av ett svenskt företag inom mobilitetssektorn, med målet att estimera värdet av de affärsmöjligheter som uppstår med hjälp av anonymisering av data. Slutligen är målet med denna uppsats att förse läsaren med att ramverk för att estimera det totala värdet av att implementera differential privacy lösningar i företag inom mobilitetssektorn.

In this thesis, we study numerical analysis for random processes and fields. We investigate the behavior of the approximation accuracy for specific linear methods based on a finite number of observations. Furthermore, we propose techniques for optimizing performance of the methods for particular classes of random functions. The thesis consists of an introductory survey of the subject and related theory and four papers (A-D). In paper A, we study a Hermite spline approximation of quadratic mean continuous and differentiable random processes with an isolated point singularity. We consider a piecewise polynomial approximation combining two different Hermite interpolation splines for the interval adjacent to the singularity point and for the remaining part. For locally stationary random processes, sequences of sampling designs eliminating asymptotically the effect of the singularity are constructed. In Paper B, we focus on approximation of quadratic mean continuous real-valued random fields by a multivariate piecewise linear interpolator based on a finite number of observations placed on a hyperrectangular grid. We extend the concept of local stationarity to random fields and for the fields from this class, we provide an exact asymptotics for the approximation accuracy. Some asymptotic optimization results are also provided. In Paper C, we investigate numerical approximation of integrals (quadrature) of random functions over the unit hypercube. We study the asymptotics of a stratified Monte Carlo quadrature based on a finite number of randomly chosen observations in strata generated by a hyperrectangular grid. For the locally stationary random fields (introduced in Paper B), we derive exact asymptotic results together with some optimization methods. Moreover, for a certain class of random functions with an isolated singularity, we construct a sequence of designs eliminating the effect of the singularity. In Paper D, we consider a Monte Carlo pricing method for arithmetic Asian options. An estimator is constructed using a piecewise constant approximation of an underlying asset price process. For a wide class of Lévy market models, we provide upper bounds for the discretization error and the variance of the estimator. We construct an algorithm for accurate simulations with controlled discretization and Monte Carlo errors, andobtain the estimates of the option price with a predetermined accuracy at a given confidence level. Additionally, for the Black-Scholes model, we optimize the performance of the estimator by using a suitable variance reduction technique.

本論文的研究目的，主要是希望利用Martingale評價方法與蒙地卡羅模擬法評價出結構型商品條款中隱含的新奇選擇權（Exotic Options）價格，並進而推導出結構型商品的理論價值，並且，期望藉由對個案商品的評價與損益分析，讓讀者瞭解結構型商品的產品結構、報酬型態與成本及潛在風險；此外，本文也從發行券商的角度，探討券商所面臨的潛在風險並提出可行的避險策略。 Martingale評價方法(The Martingale Pricing Method)由Cox與Ross(1976)及Harrison與Kreps(1979)所提出，是一種求解衍生性商品評價的方法，在Martingale評價方法下，衍生性商品的理論價格可經由折現該商品未來期望現金流量而得，且期望值折現可在風險中立環境下進行，折現率使用無風險利率。Martingale評價法在財務工程界是一項沿用已久的數學工具。本論文的主要貢獻，就是延伸Martingale評價法，透過機率測度轉換，推導出多資產股權連動式商品的評價公式解，進而求算出商品的理論價值。 本論文採用在市場上銷售的兩個結構型商品作個案分析，兩個案分別為多資產股權連動式票券與路徑相依指數連動式債券，主要研究成果如下： □ 以Martingale評價法作為本論文的評價模型，採用多資產股權連動式票券為個案，延伸評價模型求出產品的封閉解，並探討此種商品的報酬型態與潛在風險。 □ 以蒙地卡羅模擬法評價本論文的另一項個案—路徑相依指數連動式債券的理論價值，並分別從投資人與發行商的角度，探討產品的利潤與風險。 □ 在程式應用方面，運用MATLAB軟體，以模擬並求算產品的理論價格。

L’augmentation de la quantité des déchets ménagers dans le District d’Abidjan constitue une pression énorme pour l’environement et la santé des populations. Les soutiens ponctuels des organismes internationaux tels que la Banque Mondiale et la présence de nombreux acteurs (Etat, institutions internationales, acteurs locaux) n’ont pas empêché la persistance de la problématique de la gestion des déchets dans l’agglomération abidjanaise. La faiblesse du rendement et du taux de recouvrement de la Taxe d’Enlèvement des Ordures Ménagères imputée aux ménages pour la gestion des ordures, ne permet pas de répondre aux besoins de financement de la filière. Ainsi, cette thèse analyse les conditions et effets de l’accès des ménages d’Abidjan à un service amélioré de collecte des déchets. Pour cela, nous avons mené une enquête d’évaluation contingente (consentement à payer). En recourant à un modèle de choix discret (probit), nous avons pu mettre en évidence le lien entre les caractéristiques des ménages et leur volonté à participer à une gestion améliorée de leurs ordures. Nous avons démontré l’existence d’un lien entre l’accès à des services de collecte des déchets et aux latrines améliorées. Ce résultat va dans le sens des ODD qui préconisent une gestion intégrée de l’assainissement. Le recours à une méthode d’appariement a permis d’évaluer, de manière originale, les bénéfices du recours à un service informel de pré-collecte des déchets pour les ménages enquêtés. Les déterminants de la demande avérée pour un service informel ont d’abord été identifiés. L’indice de richesse (richesse matérielle), le genre, la durée de stockage des ordures, le fait que le ménage considère les maladies comme étant le problème majeur lié aux déchets, sont les facteurs qui expliquent le recours à un service de pré-collecte de leurs ordures. Par ailleurs, ce recours génère, d’après les résultats de la modélisation, des bénéfices socio-économiques quantifiables en termes d’une part, de développement socio-économique et humain et d’autre part, en termes de solutions de financement de la filière par la mise en place d’une taxe incitative (au ramassage des ordures). Enfin, à l’aide de la méthode des prix hédonistes appliquée aux données de notre enquête, nous avons identifié une relation positive entre les équipements de base d’un logement tel que l’accès à l’eau, à l’électricité et aux latrines et le prix des loyers. En revanche, la faible qualité du service actuel de collecte des ordures ménagères dans les quartiers enquêtés ou le fait que la charge liée à la collecte soit récurrente, expliqueraient sa non influence sur le prix locatif des logements. / The increase in amount of household wastes in Abidjan is an enormous strain on the environment and on the health of local populations.Support from international institutions such as the World Bank and the presence of many actors (State, international institutions and local actors) have not prevented the persistence of the waste management problem in Abidjan. In this thesis, we analyse the conditions and implications of households for improved waste collection service in Abidjan. For this, we conducted a contingent valuation survey (willingness to pay). By using a discrete choice (probit) model, we were able to highlight the link between household characteristics and their willingness to participate in improved waste management. We have demonstrated a link between access to waste collection services and improved latrines. This result is in line with the SDGs, which advocate integrated sanitation management.At first, the determinants of the demand turned out for an informal service were identified. The wealth index, the gender, the duration of storage of the garbage, the fact that the household considers the diseases as being the major problem bound to waste, are the factors which explain the recourse to a service of pre-collection of their garbage. Besides, this recourse generates, according to the results of the modelling, quantifiable socioeconomic profits in terms of socioeconomic and human development in the first hand and on the other hand, in terms of solutions of financing of the sector by the implementation of an incentive tax. Finally, by using the hedonic price method, which applied to our survey data, we identified a positive relationship between the basic attachments of a dwelling such as access to water, electricity and latrines and the price of rents. On the other hand, the low quality of the current garbage collection service would explain its no-influence on the rental price of housing

本研究利用美國芝加哥商品交易所針對 18 個城市發行之冷氣指數／暖氣指數衍生性商品與相對應之日均溫進行分析與評價。研究成果與貢獻如下：一、延伸 Alaton, Djehince, and Stillberg (2002) 模型，引入跳躍風險、隨機波動度、波動跳躍等因子，提出新模型以捕捉更多溫度指數之特徵。二、針對不同模型，分別利用最大概似法、期望最大演算法、粒子濾波演算法等進行參數估計。實證結果顯示新模型具有較好之配適能力。三、利用 Esscher 轉換將真實機率測度轉換至風險中立機率測度，並進一步利用　Feynman-Kac 方程式與傅立葉轉換求出溫度模型之機率分配。四、推導冷氣指數／暖氣指數期貨之半封閉評價公式，而冷氣指數／暖氣指數期貨之選擇權不存在封閉評價公式，則利用蒙地卡羅模擬進行評價。五、無論樣本內與樣本外之定價誤差，考慮隨機波動度型態之模型對於溫度衍生性商品皆具有較好之評價績效。六、實證指出溫度市場之市場風險價格為負，顯示投資人承受較高之溫度風險時會要求較高之風險溢酬。本研究可給予受溫度風險影響之產業，針對衍生性商品之評價與模型參數估計上提供較為精準、客觀與較有效率之工具。 / This study uses the daily average temperature index (DAT) and market price of the CDD/HDD derivatives for 18 cities from the CME group. There are some contributions in this study: (i) we extend the Alaton, Djehince, and Stillberg (2002)'s framework by introducing the jump risk, the stochastic volatility, and the jump in volatility. (ii) The model parameters are estimated by the MLE, the EM algorithm, and the PF algorithm. And, the complex model exists the better goodness-of-fit for the path of the temperature index. (iii) We employ the Esscher transform to change the probability measure and derive the probability density function of each model by the Feynman-Kac formula and the Fourier transform. (iv) The semi-closed form of the CDD/HDD futures pricing formula is derived, and we use the Monte-Carlo simulation to value the CDD/HDD futures options due to no closed-form solution. (v) Whatever in-sample and out-of-sample pricing performance, the type of the stochastic volatility performs the better fitting for the temperature derivatives. (vi) The market price of risk differs to zero significantly (most are negative), so the investors require the positive weather risk premium for the derivatives. The results in this study can provide the guide of fitting model and pricing derivatives to the weather-linked institutions in the future.

K. Kaprová (2019): Revealed preferences for outdoor recreation in natural areas - Czech and European perspective Abstract of the Doctoral Dissertation The dissertation thesis focuses on the investigation and synthesis of recreation welfare benefits associated with natural areas in the Czech Republic and in Europe. The dissertation thesis consists of five case studies. These represent various geographic levels of analysis: the level of one single recreation locality, the national level that takes into account large natural recreation sites in the Czech Republic (including protected areas), and a synthesis of results of studies on the European level. The methodological approach is based on the theory of environmental economics and employs non-market valuation techniques based on methods of revealed preferences, namely the hedonic pricing method and two types of travel cost modelling. In Study I, we examine how the presence and characteristics of urban greenery affect property prices in Prague. The results confirm that proximity to greenery and its area are important determinants of housing prices in Prague, which means that residents realize the positive values provided by urban greenery, including recreational ecosystem service. Benefits to residents differ with the type of greenery. Urban forests have the...