Identifying the factors that significantly affect the quality of life of the residents of municipalities of the Kielce poviat based on a synthetic indicator. Design/methodology/approach: The method used in the paper is create a synthetic indicator designed using a taxonomic method and the estimation of the logistic regression model. Data of the Central Statistical Office concerning the years 2014-2018 were used in the calculations. Findings: The obtained values of the TMR (Total Material Requirement) indicator suggest that in the Kielce poviat the quality of life of the residents of individual municipalities is very diverse. At the same time, a common positive tendency is observed, manifested in the trend indicating an improvement in the quality of life in each of the municipalities in the examined period. The constructed indicator was used to estimate the regression model for cross-sectional data from 2018. Originality/value: The estimated models allowed to formulate conclusions concerning the impact of particular explanatory variables on the diagnosed level of quality of life in the surveyed municipalities.
Purpose: Option pricing is hardly a new topic, however, in many cases they lack an analytical solution. The article proposes a new approach to option pricing based on the semi-analytical Trefftz method. Design/methodology/approach: An appropriate transformation makes it possible to reduce the Black-Scholes equation to the heat equation. This admits the Trefftz method (which has shown its effectiveness in heat conduction problems) to be employed. The advantage of such an approach lies in its computational simplicity and in the fact that it delivers a solution satisfying the governing equation. Findings: The theoretical option pricing problem being considered in the paper has been solved by means of the Trefftz method, and the results achieved appear to comply with those taken from the Black-Scholes formula. Numerical simulations have been carried out and compared, which has confirmed the accuracy of the proposed approach. Originality/value: Although a number of solutions to the Black-Scholes model have appeared, the paper presents a thoroughly novel idea of implementation of the Trefftz method for solving this model. So far, the method has been applied to problems having nothing in common with finance. Therefore the present approach might be a starting point for software development, competitive to the existing methods of pricing options.
Although the occurrence of road accidents and the number of road accident casualties in almost all Polish voivodeships has decreased over the last few years, the rate of this change varies considerably from region to region. To provide a better understanding of such a tendency, panel data regression models are proposed to conduct this pilot research which evaluates the relative performance of Polish regions in terms of their road traffic safety. Panel data are multi-dimensional data which involve measurements over time. In the research, a voivodeship is a unit analysed at a group level, whereas a year is a unit analysed at a time level. A two-way error component regression model has been applied to survey the impact of regressors, the group effects, and time effects on a dependent variable. The analysis has been conducted using data acquired from the Statistics Poland Local Data Bank website, as well as from the General Directorate for National Roads and Motorways. The panel data from 16 regions in Poland and the 2012–2018 period have been investigated. The examined models refer to road traffic safety indices defined based on the following characteristics: the number of road accidents, the number road fatalities, and the number of people injured. The results of all the three models indicate a negative effect as regards the GDP per capita, (car) motorisation rate, the indicator of government expenditure for current maintenance of national roads, and the road length per capita. A positive association has been found between the truck motorisation rate and the indicator of local government expenditure on roads. The impact of the region’s urbanisation indicators on road safety is ambiguous as, on the one hand, its increase causes a reduction in the road accident and accident injury indices, but, on the other hand, it produces a rise in the accident fatality index. In the models, the significance of time effects has been identified; a decreasing time trend suggests a general improvement in road safety from year to year. Most of the group effects have turned out to be highly significant. However, the effects differ as regards both the road accident and the accident injury indices in magnitude and direction.
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