In the study we introduce an extension to a stochastic volatility in mean model (SV-M), allowing for discrete regime switches in the risk premium parameter. The logic behind the idea is that neglecting a possibly regimechanging nature of the relation between the current volatility (conditional standard deviation) and asset return within an ordinary SV-M specication may lead to spurious insignicance of the risk premium parameter (as being ‛averaged out’ over the regimes). Therefore, we allow the volatility-in-mean eect to switch over dierent regimes according to a discrete homogeneous two-state Markov chain. We treat the new specication within the Bayesian framework, which allows to fully account for the uncertainty of model parameters, latent conditional variances and hidden Markov chain state variables. Standard Markov Chain Monte Carlo methods, including the Gibbs sampler and the Metropolis-Hastings algorithm, are adapted to estimate the model and to obtain predictive densities of selected quantities. Presented methodology is applied to analyse series of the Warsaw Stock Exchange index (WIG) and its sectoral subindices. Although rare, once spotted the switching in-mean eect substantially enhances the model t to the data, as measured by the value of the marginal data density.

This paper studies the long-run relationship between consumption, labour income and asset wealth in Poland. Within cointegrated VAR model dynamic responses of the variables in the system to shocks are studied. In addition, series are decomposed into permanent and transitory components on the basis of the cointegrating relation found in the system.

Main conclusion of this paper is that deviations of the three variables from their estimated long-run relationship are better explained with uctuations of labour income than assets. A tentative explanation of this nding is presented. Additionally, the magnitude of the asset wealth eect in Poland is calculated and compared with other studies for European countries and for the U.S.

The economy of Slovakia experienced a turning point in the 1st half of 2008 and entered a phase of decline. The negative impacts of the global economic crisis became evident in the 2nd half of 2008 and led into a recession in the 1st quarter of 2009. The composite leading indicator was originally intended for forecasting of business cycle turning points between the decline and growth phases. The aim of this paper is to transform the qualitative information from composite leading indicator into quantitative forecast and verify whether the beginning of recession in Slovakia could have been identied in advance. The ARIMAX and error correction models are used for the composite reference series and GDP forecasts respectively. The nal result shows that the composite leading indicator is useful not only for identifying turning points, but also for the prediction of recession phase.

We investigate the problem of setting revenue sharing rules in a team production environment with a principal and two agents. We assume that the project output is binary and that the principal can observe the level of agents’ actual eort, but does not know the production function. Identifying conditions that ensure the eciency of the revenue sharing rule, we show that the rule of equal percentage markups can lead to ination of project costs. This result provides an explanation for project cost overruns other than untruthful cost reporting.

The ductility of High Performance Concrete (HPC) can develop both in tension and compression.This aspect is evidenced in the present paper by measuring the mechanical response of normalvibrated concrete (NC), self-compacting concrete (SC) and some HPCs cylindrical specimensunder uniaxial and triaxial compression. The post-peak behaviour of these specimens is definedby a non-dimensional function that relates the inelastic displacement and the relative stress duringsoftening. Both for NC and SC, the increase of the fracture toughness with the confinement stressis observed. Conversely, all the tested HPCs, even in absence of confinement, show practically thesame ductility measured in normal and self-compacting concretes with a confining pressure. Thus,the presence of HPC in compressed columns is itself sufficient to create a sort of active distributedconfinement.

The first order variation of critical loads of thin-walled columns with bisymmetric open cross-sectiondue to some variations of the stiffness and location of bracing elements is derived. The con-siderations are based on the classical linear theory of thin-walled beams with non-deformablecross-section introduced by Vlasov [1]. Both lateral braces and braces that restraint warping andtorsion of the cross-section have been taken into account. In the numerical examples dealing withI-column, the functions describing the influence of location of the braces with unit stiffness on thecritical load of torsional and flexural buckling are derived. The linear approximation of the exactrelation of the critical load due to the variation of the stiffness and location of braces is determined.

Beam-to-column end-plate joints can be classified as rigid (fully restrained), semi-rigid (partiallyrestrained) or pinned, depending on their type, configuration and the connector arrangement. Fullyrestrained joints are needed for rigid frames in which there is assumed that the frame joints havesufficient rigidity to maintain – under the service state – the angles between the intersecting mem-bers, ensuring the full moment transfer. In contrast in semi-continuous frames, partially restrainedjoints are characterized by relative rotations occurring between the intersecting members so thatthe bending moment can only be transferred partially. In recent years, the idea of using partiallyrestrained, unstiffened joints in building structures has gained momentum since this idea appearsto be more practical and economical. Semi-continuous frames can resist actions by the bendingmoment transfer in partially restrained joints, allowing in the same time for a certain degree ofrotation that enhances the overall ductile performance of these structures. One of the effective waysthat affects ductility of end-plate beam-to-column joints is to use thinner end-plates than those usednowadays in practical applications. In the current study, a certain class of steel-concrete compositejoints is examined in which the thickness of end-plates is to be equivalent to approximately 40-60% of the bolt diameter used in all the composite joints investigated in the considered joint class. Thispaper is an extension of the authors’ earlier investigation on numerical modelling of the behaviourof steel frame joints. The aim of current investigations is to develop as simple as possible andyet reliable three-dimensional (3D) FE model of the composite joint behaviour that is capable ofcapturing the important factors controlling the performance of steel-concrete end-plate joints inwhich the end-plate thickness is chosen to be lesser than that used nowadays in conventional jointdetailing. A 3D FE model constructed for composite joints of the considered joint class is reportedin this paper and numerical simulations using the ABAQUS computer code are validated againstexperimental investigations conducted at the Warsaw University of Technology. Comparison betwe-en the nonlinear FE analysis and full scale experimental results of the considered class of compositejoints is presented which conclusively allows for the accuracy assessment of the modelling tech-nique developed. Comparison between the FE results and test data shows a reasonable agreementbetween the numerical FE model developed and physical model of experimentally examined jointspecimens. Finally, practical conclusions for engineering applications are drawn.

This paper presents the results of research on high performance concretes (HPC) modified by theaddition of polypropylene fibres
(PP fibres). The scope of the research was the measurement of theresidual transport properties of heated and recooled concretes: gas permeability and surface waterabsorption. Seven types of concrete modified with fibrillated PP fibres were tested. Three lengths: 6,12 and 19 mm and three amounts of fibres: 0, 0.9 and 1.8 kg/m3 were used. The research programmewas designed to determine which length of fibres, used in which minimum amount, will, after thefibres melt, permit the development of a connected network and pathway for gases and liquids.