Development of Milk Prices in the Czech Republic
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00027251%3A_____%2F18%3AN0000027" target="_blank" >RIV/00027251:_____/18:N0000027 - isvavai.cz</a>
Alternative codes found
RIV/61384399:31140/18:00051680
Result on the web
<a href="https://uni.uhk.cz/hed/site/assets/files/1072/proceedings_2018_2.pdf" target="_blank" >https://uni.uhk.cz/hed/site/assets/files/1072/proceedings_2018_2.pdf</a>
DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Development of Milk Prices in the Czech Republic
Original language description
The sector of milk production underwent through the crisis. Knowing the future price can help the management of the farm to minimize the risks related to the decision-making in production. Hence, the aim of the paper is to find optimal model for modelling of monthly prices of milk from 01/1998 to 06/2016 and predict them for 07/2016-06/2017. First, the development of milk producers' prices is modelled by Autoregressive Integrated Moving Averages models. Consequently, the relations with monthly prices of maize (02/2006-06/2016) were examined using Vector Autoregressive (VAR) model. ARIMA model suggests prices of milk in the interval from 5.97 CZIC/I to 7.06 CZK/I that is more realistic prediction than in case of VAR model that predicts lower prices (5.86-6.38 CZK/I). There might be missing some important variables in VAR model of prices of milk that can improve the prediction capability. Therefore, the challenge for future research is to improve the models further using regression analysis with relevant determinants.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
50202 - Applied Economics, Econometrics
Result continuities
Project
<a href="/en/project/GBP402%2F12%2FG097" target="_blank" >GBP402/12/G097: DYME-Dynamic Models in Economics</a><br>
Continuities
I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
16th International Scientific Konference on Hradec Economic Days
ISBN
978-80-7435-701-5
ISSN
2464-6059
e-ISSN
2464-6067
Number of pages
11
Pages from-to
378-388
Publisher name
Univerzita Hradec Králové
Place of publication
Hradec Králové
Event location
Hradec Králové
Event date
Jan 30, 2018
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
000449443600037