Institute of Economic science

Belgrade, Serbia

Institute of Economic science

Belgrade, Serbia

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Djukic M.,Union University of Serbia | Jovanoski I.,Louis Berger Group Inc. | Ivanovic O.M.,Institute of Economic science | Lazic M.,Union University of Serbia | Bodroza D.,Institute of Economic science
Renewable and Sustainable Energy Reviews | Year: 2016

To prevent the environment from being adversely affected by the disposal of insufficiently-treated wastewater, the European Urban Wastewater Directive (Directives 91/271/EEC and 98/15/EEC) emphasizes the need for secondary or more stringent treatment of urban wastewater in sensitive areas. The EU Water Framework Directive (Directive 2000/60/EC) stresses the role of economic analysis to prevent the degradation and depletion of water resources. The wastewater treatment process results in external benefits that should be quantified in order to assess the economic feasibility of a proposed project. The principle of full cost recovery and "the polluter pays" principle are to be pursued. Using the European Commission methodology for cost-benefit analysis, economic performance indicators of an infrastructure project in Serbia requiring tertiary treatment of wastewater in a sensitive area are calculated. To ensure a financial sustainability, the authors assessed a cost-reflective tariff to be introduced following the start of wastewater treatment plant operations. The economic net present value is positive, while the economic internal rate of return is greater than the social discount rate. Full cost recovery implies a significant tariff increase that should be taken into account by water authorities and companies as the project should not be only economically feasible, but also socially affordable. © 2016 Elsevier B.V. All rights reserved.


Golusin M.,Educons University | Redzepagic S.,Institute of Economic science
Applied Energy | Year: 2013

The main aim of this paper is to review of the current state of energy systems in the Western Balkans countries. The paper gives a review of the individual parameters relating to energy development, defines the current state of the achieved level of sustainable energy development as a whole and defines possible strategic directions for energy development in the region. The paper also examines the possibility for implementation of the adopted EU target of 20% RES energy production. The main characteristics in the region are high energy consumption, high values of carbon emission, fossil fuels import dependency, constant production and electric energy supply, and high potential but minimal RES energy production. Further development of regulation framework and market liberalization is are basic preconditions of demanding energy reform in all countries. Increasing energy the second energy development priority. The third long term strategic goal is increasing the amount of the energy obtained from hydro and transition to clean coal technologies. Intensifying RES production is currently the fourth strategic priority. The analysis shows that production of energy from wind is priority for the region, but currently it is constrained by too great investment requirements for developing countries. © 2012 Elsevier Ltd.


Lukic R.,University of Belgrade | Hanic A.,University of Belgrade | Hanic A.,Institute of Economic science
Technics Technologies Education Management | Year: 2012

This paper presents the importance and specifics of applying the concept of target costing as an instrument of formation the realistic selling prices, improving competitiveness and managing business performance in retail companies. We strive to present complex-both theoretical and empirical-dimensions of applying the concept of target costing in retail companies. Within this framework we indicate not only the advantages but also certain limitations of applying the concept of target costing in retail companies. The reports are based on the analysis of the original practical examples, mainly retail companies from countries with developed market economies, in which the concept of target costing is substantially applied, especially in new services and products development, as it is the case, for instance, with the famous Swedish furniture company IKEA. Theoretical and practical knowledge systematically developed in this work should primarily serve as a fundamental framework for efficient application of the concept of target costing as a function of determining the realistic selling prices, improving competitiveness and business performance of modern retail companies. This is particularly true of retail companies in countries where the application of new concepts of cost management, including the calculation of target costs, is made only to a certain extent, as is the case with Serbia and many other countries in the region and beyond.


Minovic J.,Institute of Economic science | Eric D.,Banking and Finance Academy
Engineering Economics | Year: 2016

In this paper the impact of political risk on the movement of stock prices in the capital market of the Republic of Serbia is analysed. This is the market with a short history of trading, characterized by a high degree of volatility, with frequent and high jumps in prices. In addition, it is a very narrow and depth lacking market dominated by share trading in that period; the market where the trading in neither treasury, nor corporate bonds was well-developed. All stipulated above indicates a high degree of correlation between the stock price and the current local political events, with the exception of the financial crisis as a global factor. Serbian political shocks are frequent, unpredictable and well defined, which allows us to clearly identify political risk. We have identified the dates/periods when certain jumps in the volatility of the market index return happened, which were then brought into connection with the occurrence of appropriate political news. In that way we were able to quantify the effects of political events on the volatility of return. This is the first paper that deals with the impact of political risk on stock returns in Serbia. Additionally, it is shown that Serbia’s score of political risk in December 2009 was the highest in the Eastern Europe region. In 2015 it is around regional Balkan’s average, and it lies between Albanian and Macedonian score of political risk index. © 2016, Kauno Technologijos Universitetas. All rights reserved.


Boskovic G.,University of Kragujevac | Jovicic N.,University of Kragujevac | Jovanovic S.,University of Kragujevac | Simovic V.,Institute of Economic science
Waste Management and Research | Year: 2016

Waste collection and transport can generate up to 70% of the total costs of the system. Separated collection of recyclables implies additional costs for which the sale of recycled waste often does not compensate, but there is increased pressure to reach the long-term recycling objectives set by law. The proper estimation and monitoring of waste collection costs are essential to define the most cost-effective waste collection system. The aim of this study is to propose and implement a management tool to determine waste collection costs for different waste collection schemes. Based on input data, such as waste quantity and composition, the number of waste bins, the location of collection points, the type of collection vehicle, crew, collection route, etc., the developed tool can calculate the time and costs of waste collection (per vehicle, collection point or tonne of collected waste). This tool uses Excel spreadsheets and it was tested on a district in the central area of the city of Kragujevac to calculate the costs of waste collection for two scenarios: Collecting all waste as mixed waste, and collecting separately recyclables and residual waste. The developed tool can be useful for municipal solid waste management companies, since it allows benchmarking and variance analysis. © 2016 The Author(s).


PubMed | Institute of Economic science and University of Kragujevac
Type: Journal Article | Journal: Waste management & research : the journal of the International Solid Wastes and Public Cleansing Association, ISWA | Year: 2016

Waste collection and transport can generate up to 70% of the total costs of the system. Separated collection of recyclables implies additional costs for which the sale of recycled waste often does not compensate, but there is increased pressure to reach the long-term recycling objectives set by law. The proper estimation and monitoring of waste collection costs are essential to define the most cost-effective waste collection system. The aim of this study is to propose and implement a management tool to determine waste collection costs for different waste collection schemes. Based on input data, such as waste quantity and composition, the number of waste bins, the location of collection points, the type of collection vehicle, crew, collection route, etc., the developed tool can calculate the time and costs of waste collection (per vehicle, collection point or tonne of collected waste). This tool uses Excel spreadsheets and it was tested on a district in the central area of the city of Kragujevac to calculate the costs of waste collection for two scenarios: Collecting all waste as mixed waste, and collecting separately recyclables and residual waste. The developed tool can be useful for municipal solid waste management companies, since it allows benchmarking and variance analysis.


Draskovic B.,Institute of Economic science | Minovic J.,Institute of Economic science
Technics Technologies Education Management | Year: 2012

This paper presents modeling of turnover for non-specialized retail trade mainly food, drink and tobacco. We used different methods for modeling: Method of interpolation, Least Squares Method, and Generalized Lotka - Volterra (GLV) model for numerical simulation. We showed that the probability of measuring a particular value of retail trade turnover varies inversely as a power of that turnover. We showed that observed data, and numerical simulation of GLV model reflect power law (Pareto's law) for probability distribution of retail trade turnover, very well. We used data of retail trade turnover and a number of economic entities in Serbia for the year 2010. Thus, we found that retail trade turnover on the Serbian market is distributed according to Pareto distribution with the tail exponent (or parameter α) of 3.14, which means that a larger portion of the turnover (income) is owned by a smaller percentage of the big economic entity (0.03%) on this market. This is the first paper that shows the distribution of retail trade turnover possesses properties of Pareto's law on the Serbian market. We proved that each economic entity with a retail trade turnover below 7 million RSD cannot survive on this market. About 28% of the total number of economic entities, are small economic entities, and they have to go out from this market (or go into liquidation). In order to survive in the market, it is necessary to reorganize themselves and connect the clusters of procurement. It would also be necessary that the state institutions and agencies affect the reduction of existing discriminatory prices by regulatory measures.


Minovic J.,Institute of Economic science | Radovic-Markovic M.,Institute of Economic science | Draskovic B.,Institute of Economic science
International Journal of Engineering Education | Year: 2013

This paper presents the auxiliary learning tools, created as an educational game for a number of topics in financial engineering. The aim of this educational game is primarily to improve the students' understanding of financial engineering using the principle of situational learning. The game is conceived as a simulation of a small scale financial market, where students act as participants in the market transactions, with their own virtual capital. In a defined space of time the students build their portfolios, which contain only shares at the beginning of the game, and they make decisions using the methods and techniques from the given teaching unit. Changing the initial conditions, throughout the game, the students can expand their portfolio acquiring bonds and derivatives such as options, in order to better diversify their portfolios. This educational game has a twofold use, as an auxiliary teaching tool and as a tool for testing the students' achievement. In comparison with completing classic-type tasks, this game can help test the students' competence to apply the acquired knowledge in close-to-reality situations. © 2013 TEMPUS Publications.


Minovic J.,Institute of Economic science | Draskovic B.,Institute of Economic science | Stosic I.,Institute of Economic science
International Journal of Engineering Education | Year: 2016

In this paper we present educational game developed with major aim to educate and raise awareness of people about ecological issues in reserves of nature. In order to fulfil this aim, we decided to implement simulation game based on preypredator model. Another part of the game are flesh cards, with questions and answers targeting specific problems and species in nature reserves. Case study given in this paper is Special nature reserve Uvac from Serbia. This is the only one reserve in Europe which is the habitat of griffon vulture, which is endangered species, very important for protection of nature, preventing expansion of various infectious diseases. Developed game shows what would happen if there is no enough prey population (carcass in the case of Uvac) and also when there is no enough predator population (griffon vulture in this case). © 2016 TEMPUS Publications.


Markovic M.R.,Institute of Economic science
Journal of Security and Sustainability Issues | Year: 2011

While labour market research is not a new phenomenon, interest in it is growing. Literature frequently discusses changes in the market as separate disciplines, isolated from each other. On the other hand, it can be found that more and more scientists understand and choose interdisciplinary research as a powerful tool for understanding, critique, explanation and change. But some of these approaches have difficulty accounting for change and the co- existence of similarity and diversity, as well as being 'gender blind'. This article critically reviews a range of theoretical approaches to employment research and practice using the lens of feminism. The appropriate integration of gender awareness into mainstream theorizing, is advocated alongside its separate development. In addition, in this article we provide a multidisciplinary approach and attempt to integrate important aspects (knowledge, education, entrepreneurship, self-employment and informality, employment and globalization) that the analysis of labour market and research puts forward. In the light of this assessment, this paper sets out to indicate potentially useful approaches for conducting employment research in the future, where gender is a core component of analysis. Such approach aims to act as a catalyst to provoke a more extensive debate on this topic.

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