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Study programmes

Master’s degree programme Managerial Economics

The aim of Microeconomics B is to provide students with knowledge of microeconomic theory at an advanced level. The course builds on the course Microeconomics A taught in the bachelor’s degree programme Economics and Management, or on similar courses taught in bachelor’s degree programmes at other universities. By completing it, students will gain
a deeper and more analytical knowledge of modern microeconomics, which is necessary for further development in courses focused on the practical application of economics. Upon successful completion of the course, students will understand consumer and firm behaviour in the free market and be able to address issues arising from microeconomic optimality. In
addition, they will better understand the role of the market mechanism and be able to evaluate the consequences of market disturbances such as imperfect competition, externalities, public goods, and information asymmetries. By understanding the tools of microeconomics, students will gain the knowledge necessary for the economic analysis of the impact of various
public policies.

  1. Budget constraints, preferences and utility.
  2. The theory of revealed preferences.
  3. Demand and the Slutsky equation.
  4. Consumer surplus and market demand.
  5. Uncertainty and equilibrium.
  6. Production technology and profit maximisation.
  7. Cost curves and cost minimization.
  8. Firm supply and industry supply.
  9. Monopoly and monopolistic competition.
  10. Oligopoly, game theory and asymmetric information.
  11. Production, exchange and the market mechanism.
  12. Externalities and public goods.

Students will be able to analyse economic developments and economic policy decisions from the perspective of institutional economics. They will understand the influence of formal and informal institutions (accepted social rules) on the actions and decisions of economic actors within a national economy. Graduates will understand the influence of institutional factors on economic prosperity and will be able to apply this knowledge in modelling economic growth and in other analyses of economic behaviour, including the interaction between legal, political and economic institutions. The New Institutional Economics course builds on the core economics courses taught in the undergraduate programme and, together with the Game Theory course, forms the basis for the Experimental and Behavioural Economics course.

  1. Neoclassical economics vs. institutional economics. The development of institutional trends in economic thought.
  2. The new institutional economics. Microeconomic and macroeconomic approaches.
  3. The theory of the firm. Transaction costs.
  4. Law and economics. Interaction of legal and economic institutions.
  5. Contract theory. Moral hazard, principal-agent model.
  6. The role of the state and bureaucracy, political institutions.
  7. The impact of formal and informal institutions on economic performance and welfare.
  8. Historical models of economic growth.
  9. Models of economic growth. Neoclassical and institutional variables.
  10. Religion and economic prosperity.
  11. Institutions, economics and the environment.
  12. Evolution of institutions.

Game theory is one of the profiling courses of the study programme Managerial Economics. The course contributes significantly to the development of students’ logical thinking, also in relation to the Operational Research course taught at the bachelor’s degree. The Game Theory course is the basis not only for the Experimental and Behavioural Economics course, but especially for the courses Managerial Decision Making and Modelling of the Behaviour of Economic Agents. Students are introduced to all the basic topics of game theory and their applications in the field of management.

1. Basic concepts. Origin and application of game theory.
2. Constant sum games.
3. Non-constant sum games.
4. Developed form games and parlor games.
5. Multi-player cooperative games. Coalition games. Voting games.
6. Repeated games. Finite and infinite repeated games.
7. Games with incomplete information.
8. Negotiation theory.
9. Models of imperfect markets.
10. Decision making under risk and uncertainty.
11. Auctions. Auction as a Bayesian game.
12. Utility theory and its paradoxes. Multi-criteria games.

The aim of the course Theory of Economic Policy is to deepen students’ theoretical knowledge of economic policy from their undergraduate studies. The advanced course in economic policy focuses mainly on the theoretical aspects of the formation and implementation of state economic policy, both in general and in the case of specific countries, especially the Czech Republic. Economic policy is set in the context of political science and, in the next part of the course, from a practical point of view in the context of the Czech Republic’s membership in the EU.

1. Public choice. Political market, political parties, political cycle. Political power.
2. The state in the political system. Characteristic features and functions of the state, government and its systems,
types of state systems.
3. Economic policy and the state. Economic efficiency, concepts of social justice and stability of society.
4. Economic policy concepts and historical view of economic schools on the concept of economic policy and the
role of the state in the economy of the country.
5. Possibilities and limits of economic policy.
6. Corruption. Typology, causes, costs and measurement of corruption, anti-corruption measures.
7. Interest groups and lobbying.
8. The role of expectations in economic policy. Time inconsistency in economic policy.
9. The process of economic policy making.
10. Issues of the shadow economy. Causes, consequences and measurement.
11. Economic policy of the Czech Republic as an EU Member State.
12. Application of theoretical concepts in the economic policy of the Czech Republic and the EU.

The course Research Methods in Management introduces students in detail to the scientific method of knowledge and the systematic nature of scientific work. Students will learn how to use both qualitative and, especially, quantitative research procedures, taking into account the specificities in the field of management. Upon completion of the course, students should be able to clearly formulate a research problem, design an appropriate research design, conduct research and correctly interpret the results. The course is loosely related to the undergraduate courses, specifically Operational Research, Quantitative Methods B and the knowledge gained in writing the undergraduate thesis. The course is the basis for the preparation of a good thesis and other academic texts, and also facilitates the study of the subjects Modelling the Behaviour of Economic Subjects and Experimental and Behavioural Economics.

1. Science and Scientific Thinking. Systems Thinking.
2. Research objective, research question. Hypothesis.
3. Methodology, methodology, method.
4. Qualitative approach to research.
5. Quantitative approach to research.
6. Data collection techniques.
7. Quantitative methods of economic analysis.
8. Statistical data analysis.
9. Statistical software and its use.
10. Validation of hypotheses.
11. Drawing conclusions. Interpretation of results and their verification.
12. Specifics of research in management.

The aim of Macroeconomics B is to broaden students’ knowledge of advanced macroeconomic theory. The course is mainly
related to the course Macroeconomics A taught in the bachelor’s degree programme Economics and Management or in bachelor’s degree programmes of other universities. It further aims at enabling students to solve macroeconomic problems with the analytical underpinning of macroeconomic models. In the course, students will learn standard models of the equilibrium of the economy, exchange rate determination, business cycle theory and economic growth theory. Students will be able to determine the expected short-run and long-run consequences of various shocks in the economy. Successful completion of the course is essential for the further development of students’ knowledge in the areas of practical application of macroeconomics, i.e. for the needs of analysing the macroeconomic impact of various economic policies in a small and open economy that is part of the EU.

1. Evaluation of economic performance.
2. Consumption, savings and investment.
3. Money market.
4. IS-LM-BP model.
5. Exchange rate theory.
6. Labour market.
7. Inflation.
8. AS-AD model.
9. Inflation, unemployment and economic policy.
10. Business cycle theory. RBC models.
11. Theory of economic growth. Solow’s model of economic growth.
12. New growth theories. The theory of endogenous growth.

The course of Managerial Decision Making builds on the managerial courses from the bachelor’s degree, including the subject of Operational Research. Students will be introduced to theories and methods of decision making in managerial processes and the evaluation and selection of variants. The course is further linked to the Economics courses and Game Theory. Managerial Decision Making creates a prerequisite for further study of courses such as Modelling of the Behaviour of Economic Agents, or Managerial Psychology and Sociology.

1. Theory and methods of decision making.
2. Classification of decision-making situations.
3. Mathematical model of decision-making situations.
4. Application of selected chapters of game theory in managerial decision making.
5. Matrix game theory.
6. Risk in decision making.
7. Decision making under uncertainty.
8. Branching decision making. Probabilistic and decision trees.
9. Decision maker’s preference system. Creating variants.
10. Evaluation and selection of variants.
11. Fuzzy decision making.
12. Group decision making. Participatory decision making.

The aim of the course is to introduce students to the importance of modelling the behaviour of economic agents in the field of management. It focuses in particular on optimization problems that will help students with knowledge of economic theory to better understand how individual economic agents make decisions in economic reality. The course thus builds in
particular on the courses Microeconomics B, Macroeconomics B, New Institutional Economics and Game Theory. Students are also presented with a critical perspective on modeling and the problem of simplifying economic reality in relation to the efficiency of the results obtained.

1. Modelling the behaviour of economic agents and its relevance to managerial practice.
2. Simplification vs. reality. Limits of mathematical models in economics.
3. Mathematical programming with applications in economics. The problem without limitations.
4. Nonlinear programming.
5. Linear programming.
6. Neoclassical household theory.
7. Neoclassical theory of the firm.
8. The theory of the consumer. Preferences.
9. The theory of economic equilibrium.
10. Discrete dynamical systems.
11. Continuous dynamical systems.
12. Basics of DSGE modelling.

The course Managerial Psychology and Sociology focuses on the role of psychology and sociology in managerial practice and personnel management. Students will gain knowledge in selected topics in personality psychology, motivation, communication, and social psychology. They will be able to orient themselves in sociological and social psychological theories and knowledge that can be practically applied in the work in groups and teams and their management. The course focuses on interpersonal and group (group structure and dynamics, teamwork, cooperation, conflict) aspects of teamwork and leadership. Students will learn to apply selected psychological and sociological theories and their methods to practice and to use psychological and sociological practices in the internal processes of a company or organization.

1. Personality psychology.
2. Psychology of motivation.
3. Social intelligence. The psychology of leading people, the development of leadership theories.
4. Psychology of communication.
5. Conflicts in the organization. Negotiation phases, strategies and tactics.
6. Management of personal development.
7. Psychology of success and career. Career management. Forms and methods of managerial development.
Coaching and mentoring.
8. Social groups. Group processes. Group cohesion.
9. Personality of the manager. The pitfalls of group dynamics, social psychological experiments and the relevance
of their findings for managing people.
10. Psychological and sociological analyses and expertise in organizational management. Sociological research in
11. Structure and dynamics of the social system. The work team.
12. Power, influence and authority in organizations. Types of managerial authority in an organization. Micropolitics.
International firms and the division of power in the organization.

The aim of the course is to show the ethical dimensions of business. The globalization of the economy brings new challenges that the upcoming generation should be able to address with knowledge of current theory. The course develops students’ ability to define a problem, analyze, solve and make decisions from an ethical (and social) perspective. It introduces them to modern tools for cultivating business ethics and their use in everyday practice. Emphasis is placed on the complex concept of ethical management in the company.

1. The relationship between ethics and economics. Business culture.
2. The development of business ethics as a scientific discipline.
3. Application of ethical values, norms and standards in business.
4. Relationships between risk and uncertainty in the market environment.
5. Ethical decision-making, competencies, model of ethical decision-making.
6. Ethical infrastructure in the enterprise and its main components.
7. Ethical management in business and its tools.
8. Code of ethics. Ethical and social audit.
9. Risk management, teamwork, leadership.
10. Ethical management tools. Mentoring, ethics ombudsman, education.
11. Compliance in corporate practice. Information security, anti-corruption programme, competition protection.
12. Methods of implementing ethics in business. Dialogue, consensus, corporate social responsibility, corporate governance.

In the Experimental and Behavioural Economics course, students are introduced to the basics of these disciplines. They will learn selected experimental methods used in Economics and understand their application and importance in empirical research. In the seminars, students conduct their own simple economic experiment. The course is mainly related to the courses in Economics, Game Theory and Modelling of the Behaviour of Economic Agents and is their culmination in the follow-up master’s degree.

1. Experimental and Behavioral Economics. Nature and relevance for management.
2. Experimental and behavioural economics in the context of the development of economic thought.
3. Experimental and behavioural economics and economic modelling.
4. The relationship between experimental and behavioural economics.
5. Behavioral aspects of selected economic theories.
6. Economic experiment. Nature and typology.
7. Economic experiment. Methodology.
8. Economic experiments in the laboratory.
9. Examples of economic experiments in the laboratory. Critical evaluation.
10. Field economic experiments.
11. Examples of field economic experiments. Critical evaluation.
12. Presentation of student projects. Discussion of conclusions.

The course Investment Decisions and Long-term Financing builds on the basic financial management course in the bachelor’s degree and assumes knowledge of financial planning. Investment Decisions and Long-term Financing is directly related to Strategic Management course. In this course, students will expand their knowledge of investment decisionmaking and learn to plan cash flows, evaluate the effectiveness of investment projects and assess the profitability of investments. In seminars, students develop their own investment project, which they will present at the end of the semester.

1. Investment and investment decision-making.
2. Investment project.
3. Planning cash flows from investment projects.
4. Methods of evaluating the effectiveness of investment projects.
5. Profitability, taxes and inflation in investment decision making.
6. Risk in investment decision making.
7. Sources of long-term financing. Cost of capital.
8. Optimal capital structure.
9. Lease financing of investments.
10. Financing investments through foreign capital.
11. Financing research and development.
12. Presentation of student projects. Discussion of conclusions.

The Strategic Management course builds on the Investment Decisions and Long-term Financing course and other management courses taken by students at both the undergraduate and graduate levels. Students learn strategic thinking, including systems, logical and critical thinking, which enables them to formulate, select and implement optimal strategies to fulfill the vision of a modern organization operating in the global environment of today’s economy.

1. Strategic Thinking. Vision, mission, goals.
2. Strategic planning.
3. Strategic analysis of the external environment.
4. Strategic analysis of the internal environment.
5. Forecasting.
6. Typology of strategies. Investment and innovation strategies.
7. Formulation of strategy options. Strategy selection.
8. Strategy implementation.
9. Risk in strategic management.
10. Innovation in strategic management.
11. Specific forms of strategic cooperation.
12. Strategic management in a global environment.

The aim of the Subsidy Management course is to introduce students to the mechanisms of drawing subsidies from EU structural funds through current Czech operational programmes, but also to other possibilities of drawing subsidies from public budgets. After completing the course, the student will be able to actively search for a subsidy title suitable for a specific situation, will be able to prepare a subsidy application and will know the institutional framework for drawing on individual types of subsidies.

1. Project and project plan.
2. Grants. Nature, purpose and classification.
3. EU Structural Funds. Operational programmes of the Czech Republic. Other subsidy titles.
4. Project plan analysis.
5. Finding a suitable subsidy title.
6. Preparation of the grant application.
7. Feasibility study.
8. Financial and risk analysis.
9. Consultancy, administration and technical assistance in project preparation and implementation.
10. Grant monitoring.
11. Practical demonstrations of project applications.
12. Presentation of student projects. Discussion of conclusions.

The Practical Training B course is an integral part of the degree, providing students with experience and enabling them to gain a professional identity. The aim of the course is to provide students with the information needed to choose the focus of their practice and also to enhance their resilience in relation to practice and future career orientation. Professional practice in public and private sector organisations will enable students to gain an awareness of current practice or the application of theoretical knowledge.

The Master´s Thesis Seminar I course provides information and guidance on the preparation of the final qualifying thesis and enables the student to consult continuously with his/her supervisor on the progress of the thesis. The intent of the seminar is to enable the student to prepare and defend a qualifying thesis in which he/she demonstrates the ability to apply the knowledge gained in formulating and solving a problem commonly encountered in the theory or practice of economic policy and administration, drawing on the selected literature. Upon successful completion of the course, the student will be able to apply the key principles of research methodology, conduct independent research and present the results in the form of a thesis in accordance with the theoretical, methodological and formal requirements of the discipline. Students are continuously explained and emphasized the issues of intellectual property protection, plagiarism and its consequences.

The Master´s Thesis Seminar II course builds on and extends the course Diploma Seminar I. Within the course, students
are provided with information and instructions for the preparation of the final qualifying thesis and are also allowed to consult continuously with their supervisor on the progress of the thesis. During the consultation, attention is focused mainly on the content and formality of the final qualification thesis, its structure and meeting the requirements for the appearance
of the thesis. The student is also familiarised with the method of assessment of the final thesis as well as the requirements for presentation at the thesis defence. In general, it can be stated that the diploma thesis verifies the student’s ability to independently and creatively solve the tasks that result from the requirements for a graduate of a given follow-up master’s degree programme. The outcome of the course is the practical skills of students for the elaboration of a diploma thesis as one of the prerequisites for successful completion of studies.

The aim of the course is to complete the thesis in accordance with the thesis guidelines within the specified time limit. The master thesis focuses on the elaboration and presentation of  professional issues in the field of economic policy and administration, where the student demonstrates the ability to apply the acquired knowledge in the formulation and solution of a theoretical or practical problem, drawing on selected professional literature. The student also demonstrates the ability to work with text, including foreign language where appropriate, or with data available for secondary analysis or primary data collected. In addition, the ability to process concepts and theories and find in them relevant answers to the question or task.

The aim of the course is to introduce students to the role of women in business. The differences between male and female entrepreneurs are explained. The course also looks at the different categories of women entrepreneurs and draws students’ attention to the pitfalls that women entrepreneurs may encounter. The course also includes a description of current
scientific knowledge in the field and a description of the situation in the Czech Republic and the European Union.

  1. Women and men entrepreneurs. Life strategies, business strategies.
  2. Women entrepreneurs and their multifaceted roles.
  3. Women in rural areas.
  4. Minerva matrix of women entrepreneurs.
  5. Women entrepreneurs and business lending.
  6. Training for aspiring entrepreneurs. Gender dimension.
  7. Best practices in business advice and consulting.
  8. Women’s entrepreneurship in Europe. EEC initiatives.
  9. Women’s business ownership.
  10. Current research on women’s entrepreneurship.
  11. Male and female entrepreneurship. A comparative study.
  12. Women in entrepreneurship in the Czech Republic.

The aim of the course is to introduce students to the concept of corporate social responsibility. Students will learn what corporate social responsibility is, how it has evolved over time and what its main concepts are. The next part of the course focuses on the role of the state, social responsibility in the public sector and cooperation between the corporate and nonprofit sectors. Students are also introduced to the social and environmental aspects of social responsibility.

  1. Definition and main areas of corporate social responsibility.
  2. Historical development of corporate social responsibility.
  3. Concepts related to corporate social responsibility.
  4. Corporate social responsibility before 1989.
  5. Corporate social responsibility in the Czech Republic.
  6. Standards and instruments of social responsibility.
  7. The role and role of government in corporate social responsibility.
  8. Social responsibility in public administration.
  9. Social responsibility and public procurement.
  10. Cooperation between the corporate and non-profit sectors.
  11. Social and environmental aspects of corporate social responsibility.
  12. Corporate social responsibility in the EU.

The aim of the course is to introduce students to the economics of leisure. Students will develop their knowledge from the follow-up course Microeconomics B in the area of how economic agents decide between work and leisure. In addition, the course focuses on particular areas of leisure such as sport, culture and tourism. The subject also includes the topic of working from home.

1. The demand for leisure.
2. Substitution and income effect.
3. The supply of leisure time.
4. Production function and production efficiency.
5. Market equilibrium and price.
6. The price of leisure.
7. Market and government failures in the context of leisure economics.
8. The market for sport.
9. The tourism market.
10. Market of culture.
11. The balance between work and leisure.
12. Working from home.

The aim of the course is to introduce students to the historical development of economic thought. Students will learn about the different schools of economics in chronological order. The final part of the course is devoted to economic thought in our country.

1. Antiquity and the Middle Ages.
2. Mercantilism.
3. Physiocrats.
4. Classical political economy.
5. The German Historical School.
6. Karl Marx.
7. The Marginalist Revolution.
8. Institutional economics.
9. Ordoliberalism.
10. Keynesianism.
11. Monetarism and New Classical Economics.
12. Czech economic thought.

The aim of the course is to introduce students to the economics and management of international trade. Students will understand what the global economy is and what advantages and disadvantages it brings. They will also learn about modern theories of trade, the role of firms, location and distance. Another part of the course is devoted to exchange rates and currency crises as factors affecting international trade. The importance of international mobility of factors of production and the relationship of globalization to economic growth and inequality is also part of the course. The course concludes with a discussion of the current foreign trade policies of the Czech Republic and the EU.

1. Global Economy.
2. Absolute and comparative advantages.
3. Modern trade theory. The role of the firm.
4. Barriers to international trade.
5. Firms, location and distance.
6. Management of international trade.
7. Exchange rate.
8. Currency crises.
9. International mobility of factors of production.
10. Globalisation and growth.
11. Globalisation and inequality.
12. Foreign trade policy of the Czech Republic and the EU.

The aim of the Public Procurement course is to provide students with basic information about public procurement and its legal regulation in the Czech legal system. Students are explained the basic concepts of public procurement and its types. Emphasis is placed mainly on practical application and the explanation is supplemented with examples from practice.

1. Public procurement. Definition of basic concepts, legal regulation.
2. Contracting authority, contractor and participant in the procurement procedure.
3. Estimated value of the public contract.
4. Small-scale public contracts.
5. Under-limit, over-limit and simplified procedures.
6. Tender and technical conditions for public contracts.
7. Tenders. Opening, examination and evaluation.
8. Conclusion of the contract, cancellation and completion of the tendering procedure.
9. Amendments and withdrawal from the contract.
10. Dynamic purchasing systems and computerisation of public procurement.
11. Sectoral procurement. Procurement procedure.
12. Public procurement practice in the Czech Republic.

The subject E-Government responds to the current trends in public administration connected with digitalization. Students are familiarized with the significance of e-government, its legal framework in the Czech Republic, the problems of cyber safety and criminal consequences of breaching duties in the area of e-government. They will also learn about the way certain institutes are used in the Czech Republic, e.g. electronic document, document conversion, electronic signature, electronic delivering of documents etc. They will also be introduced to the current trends and possible developments in this area, including the link to the current political situation in the CR and EU.

1. Concept and nature of e-government.
2. Legal basis of e-government Czech Republic.
3. Electronic document and its use in practice.
4. Document conversion.
5. Electronic signature and its use in public administration.
6. Electronic delivering of documents in public administration. Data boxes.
7. Evidence within the context of electronic documents.
8. Cyber safety.
9. Safety of information systems.
10. Privacy protection in e-government according to special legislation. GDPR.
11. Criminal and administrative consequences of breaching duties in e-government.
12. Challenges of future development e-government in CR and EU.

The aim of the subject Project Management B is to familiarize students with the advanced aspects of project functioning and management, thus building on the subject Project Management A presented within the Bachelor´s programme. Students are introduced to the manager´s role in a project, to project life cycles and methods of managing people engaged
in projects. They will also learn about the necessity to see projects as systems. Great emphasis is placed on the necessity to see projects as complex systems involving many activities. Students will also be able to study practical examples of successful projects.

1. Project and project management.
2. Role of project manager.
3. Project management as system.
4. Systems thinking. Nature and significance.
5. Systems perception and behavioural patterns of projects system.
6. System dynamics and project management.
7. Mental models.
8. Systems thinking and systems visualization.
9. Death spirals and system questions.
10. Project life cycle.
11. Management of human resources engaged in projects.
12. Examples of successful and unsuccessful projects.

The aim of the course Banking and Insurance is to familiarize students with the basic aspects of a financial system and its functioning, building on their knowledge of economic policy already acquired in bachelor´s as well as master´s programmes. The course focuses on selected issues related to banking and insurance, especially in connection with the existence of public finances and economic policy implementation.

1. Banking and insurance. Significance and position in Czech financial system.
2. Bank. Functions, conditions of establishment, balance.
3. Banking constitution.
4. Active and passive trading of banks.
5. Neutral trading of banks.
6. Investment banking.
7. Trading with securities and financial innovation.
8. Insurance company, insurance, insurance market. Main types of insurance.
9. Insurance as part of financial theory and policy.
10. Insurance as part of pensions theory and policy.
11. Insurance as component of monetary equilibrium. Relation to public finances, to company finances.
12. Regulation of banks and insurance companies.

Students complete a foreign exchange programme (focused on economic disciplines, economy and management, managerial economics) or study stay lasting at least one month (20 work days) at our partnership schools or other institutions which are subject to the approval given by the course guarantor. After completing the foreign exchange programme or study stay, students prepare a report on the course of the programme or stay and have it confirmed by the foreign institution or university.

Microeconomics B
Macroeconomics B

New Institutional Economics
Experimental and Behavioural Economics

Managerial Decision Making
Investment Decisions and Long-term Financing
Strategic Management

Master’s Thesis Defence