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STOCK PRICE PREDICTION USING MARKOV CHAINS ANALYSIS WITH VARYING STATE SPACE ON DATA FROM THE CZECH REPUBLIC

Milan Svoboda, Pavla Říhová

This empirical study deals with the short-term prediction of stock prices on the Czech stock market. Stock movements have been of interest to traders for a long time. Using a wide range of analytical methods, it tries to satisfactorily clarify past and present changes in stock prices. Based on these findings, it attempts to predict the future development of stock prices. Early forecasting allows traders to make capital gains. It is necessary to mention that according to Efficient Market Hypothesis (EMH), stock prices are unpredictable and markets are efficient. This means that the market responds immediately to any new information. This information cannot be predicted, it is randomly sent to the market and therefore the change in the exchange rate is random and the exchange rates perform a so-called ʻrandom walk’. In efficient markets the above-average profits cannot be achieved and according to this theory, other approaches are dysfunctional.
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PAIRWISE JUDGMENTS CONSISTENCY IMPACT ON QUALITY OF MULTI-CRITERIA GROUP DECISION-MAKING WITH AHP

Pawel Tadeusz Kazibudzki, Jiří Křupka

Presumably complex systems can be better understood when they are broken down into their constituent elements and structured hierarchically. Then, judgments about these elements can be synthesized on the basis of their relative importance at each level of the hierarchy into a set of overall priorities. By breaking down a reality into homogenous clusters and subdividing them into smaller ones, it is possible to integrate large amounts of information into the structure of a problém and form a more comprehensive picture of the whole system. There is a decision support methodology (DSM) which conforms to the above prescription. It is called the Analytic Hierarchy Process (AHP) and was devised at the Wharton School of Business by Thomas Saaty (1980). Its contemporary applications can be found, for example in Lidinska and Jablonsky (2018), Abdelmaguid and Elrashidy (2016), Kramulová and Jablonský (2016), and Ponis et al. (2015).
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THE MODEL ASSESSING THE IMPACT OF PRICE AND PROVIDED SERVICES ON THE QUALITY OF THE TRIP BY TRAIN: MCDM APPROACH

Henrikas Sivilevičius, Lijana Maskeliūnaitė

In recent years, the problems of diverse transport mode development policy, travel price, duration and quality have been solved by a wide range of international scientists and researchers (Kandt, Rode, Hoffman, Graff, & Smith, 2015; Seelhorst & Liu, 2015; Woo, Cheng, Li, Chiu, Ho, & Horowitz, 2015; Kirschstein & Meisel, 2015; Guo, Yu, Chen, & Zhang, 2011). The choice of a particular mode of transport as an alternative to another one is subjective and usually based on an individual passenger’s approach to the evaluation of advantages and disadvantages of some particular means of transport (Sivilevičius & Maskeliūnaitė, 2018).A transport system is a system created for transporting large numbers of passengers at the low price of investment. Passengers can usually choose a means of transport based on the criteria, which seem to be important for them.
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MULTI-CRITERIA GROUP DECISION-MAKING USING AN EXTENDED EDAS METHOD WITH INTERVAL TYPE-2 FUZZY SETS

Mehdi Keshavarz Ghorabaee, Maghsoud Amiri, Edmundas Kazimieras Zavadskas, Zenonas Turskis

Multi-criteria decision-making (MCDM), which is a sub-discipline of operations research (OR), includes many methods and problems, which are related to many fields such as economy, engineering, military and management (Zavadskas et al., 2014; Lazauskas et al., 2015; Tošenovský, 2015). There are different classifications of MCDM problems and methods. We can classify them as multi-criteria evaluation problems and multi-criteria design problems (Chakraborty et al., 2015; Triantaphyllou, 2013).
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STOCHASTIC MODEL OF SHORT-TERM PREDICTION OF STOCK PRICES AND ITS PROFITABILITY IN THE CZECH STOCK MARKET

Milan Svoboda

One of the characteristics of stock markets is their permanent fluctuation. Periods of share price growth alternate with periods of share price decrease, both of different lengths. One of the possibilities applied for prediction of share price development and for simulation of this fluctuation is technical analysis (TA).
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A NOVEL SORTING METHOD TOPSIS-SORT: AN APPLICATION FOR TEHRAN ENVIRONMENTAL QUALITY EVALUATION

Hassanali Faraji Sabokbar, Ali Hosseini, Audrius Banaitis, Nerija Banaitiene

Multiple Criteria Decision Making (MCDM) is all about making choices in the presence of multiple, generally conflicting criteria. Many reallife problems are multi-objective by nature that requires evaluation of more than one criterion. Therefore, MCDM has become an important issue and many researches are devoted to help people make better decision (Montibeller & Franco, 2011; Wang et al., 2015).
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A GREY MULTI-OBJECTIVE LINEAR MODEL TO FIND CRITICAL PATH OF A PROJECT BY USING TIME, COST, QUALITY AND RISK PARAMETERS

Hannan Amoozad Mahdiraji, Seyed Hossein Razavi Hajiagha, Shide Sadat Hashemi, Edmundas Kazimieras Zavadskas

In today’s highly competitive business environment, project management’s ability to schedule activities and monitor progress within strict cost, time and performance guidelines is becoming increasingly significant to attain competitive priorities such as on time delivery and customization (Chen, 2007).
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RANKING OF PRIORITIES AMONG THE BALTIC CAPITAL CITIES FOR THE DEVELOPMENT OF SUSTAINABLE CONSTRUCTION

Marius Lazauskas, Edmundas Kazimieras Zavadskas, Jonas Šaparauskas

The financial crisis that commenced in 2007 and peaked in 2008, destabilised the real estate market. Changes in credit policy deprived property owners of their ability to settle accounts with banks. The construction sector was not the only one that fell victim to the economic downturn as it took its toll on other industries as well.
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MULTICRITERIA DECISION-MAKING WEIGHTS AND A COMPETITIVE PRODUCT DESIGN

Filip Tošenovský

Competitive environments exist or can be created for a majority of human activities. This is true because human activity can usually be performed by more than one subject, and to incite subjects to being competitive, it suffices to compare results of their activity on the basis of selected criteria or features which characterize these results.
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THE NUMERICAL EXAMPLE FOR EVALUATING THE CRITERIA DESCRIBING THE QUALITY OF THE TRIP BY INTERNATIONAL TRAIN

Henrikas Sivilevičius, Lijana Maskeliunaité

The main criteria, describing the development of railway systems refer to traffic safety, sustainability, competitiveness as well as quality and variety of services provided to passengers.
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