Analysis of the influence of energy prices on stove saleability as an alternative source of heating

Since it is possible to observe quite stable rise in prices of energies, the question whether households are reacting by substituting the sources of energies arises. In this aspect, households can reduce their costs mainly on heating. That is why this thesis analyses the link between prices of coal, electricity, natural gas, wood (in exchange and supplier forms -- these being the independent variables) and sales of stoves which are used as dependent variable and are viewed as an alternative source of heating leading to possible cost reduction. We also calculate with the average wage, unemployment and temperature. The data source consists of time series following years 2011 and 2012 which were collected on daily basis in Czech Republic. To quantify this link, we introduce 8 different OLS estimates differing in price and properties of the stoves. We managed to verify the link between energy prices, unemployment, average wage and sales of stoves. We have found out that there is negative relation between wood and even coal prices, which are accounted as complements to stoves. Positive significant relation is present for prices of natural gas and also for the average wage. When we divided the dataset according to average price of stoves, we acquired different magnitudes of response for data obtained from stock exchange and suppliers of energies. By this division, we detected positive effect of unemployment (unfortunately slightly nonsignificant) with cheaper stoves and negative effect with more expensive ones.