Prague Economic Papers - impact factor journal of the University of Economics, Prague

Virtual reality environments (VRE) allow users to visualize both real-life and imaginary activities. For this reason, they make appropriate training fields at universities, too. However, the positive or negative effects of VRE are still a subject of research. There is a need to verify methods of their deployment, student responses and the impact of VRE implementation. Science and medicine courses are frequently exploiting VRE, while their exploitation in humanities is much less frequent. In our paper, we describe and evaluate their application in finance and marketing courses. Both courses were designed and developed as part of a larger, potentially university-wide project. The courses were enriched by mazes including 3-D rooms with course content elements. Students could explore them and communicate with their lecturers and classmates. To allow anytime/anywhere access, the VRE does not require using any special interface. The finance course was organized as a pedagogical experiment with test and control groups. Due to organizational and scheduling reasons, the VRE in marketing served just as enrichment. At the end of the term, all students using VRE were given a questionnaire assessing their satisfaction. The majority expressed satisfaction. In the finance course, positive opinion was also supported by students’ improved grades. In total, 87.5% of students agreed that the application of VRE contributed to gaining knowledge. Based on the positive experience and outcomes, the university plans to expand and to intensify its VRE-supported education.

This paper aims to financially assess hard coal mining in a given region real option methodology. Hard coal mining in this mine resulted in a net loss for the owner during recent years due to the long-term unfavourable mining conditions and a drop in coal prices. Management plans to shut down the operation and abandon the project to reduce the loss. The goal is to assess whether shutting down the operation is the correct solution for this problem. In Section 4, the real option methodology procedure is described and applied to solve this problem. Results are subsequently commented and final solution is provided.