the adjustment cost model of the firm duality and productive efficiency we present the theoretical foundation for an adjustment cost technology that supports the intertemporal production decision making behavior using the directional distance function dynamic input efficiency measures are developed that can separate out the impact of variable and dynamic factors inefficiency levels an approach to implement this theory in a nonparametric fashion is developed and applied to an unbalanced panel of dutch glasshouse firms the application finds overuse of all variable inputs and overcapitalization of installations the overall dynamic efficiency gain of 16 remains possible with allocative inefficiencies indicating underinvestment in structures and installations a comparison of static and dynamic efficiency measures finds that the static overall cost inefficiency is overestimated with technical inefficiency being overstated and allocative inefficiency being understated

estimation of returns to scale using data envelopment analysis a comment banker 1984 introduced the idea that the sum of the intensity variables in the dea activity analysis model can be used to identify returns to scale a counterexample in chang and guh 1991 shows that banker s method may fail this prompted banker and thrall 1992 to develop an alternative approach to estimate scale efficiency using dea seemingly unaware of the work by byrnes fare and grosskopf 1984 fare grosskopf and lovell 1985 1994 and fare and grosskopf 1985 etc on the same topic their new approach is very similar to the methodology originated in these references the purpose of this comment is to make our method known and to contrast it to the banker and thrall 1992 approach

nonparametric production technologies with weakly disposable inputs abstract in models of production theory and efficiency analysis the inputs and outputs are assumed to satisfy some form of disposability in this paper we consider the assumption of weak input disposability it states that any activity remains feasible if its inputs are simultaneously scaled up in the same proportion as suggested in the literature the shephard technology incorporating weak input disposability could be used to evaluate the effect of input congestion we show that the shephard technology is not convex and therefore introduces bias in evaluation of congestion to address this we develop an alternative convex technology whose use in the evaluation of congestion removes the noted bias we undertake a further axiomatic investigation and obtain a range of production technologies all of which exhibit weak input disposability but are based on different progressively relaxed convexity assumptions apart from the evaluation of input congestion such technologies should also be useful in applications in which some inputs are closely related or are overlapping and therefore satisfy only the weak input disposability assumption incorporated in the new models

measurement of dynamic efficiency a directional distance function parametric approach this research proposes a parametric estimation of the structural dynamic efficiency measures proposed by silva and oude lansink 2009 overall technical and allocative efficiency measurements are derived based on a directional distance function and the duality between this function and the optimal value function the applicability of the parametric proposal is illustrated by assessing dynamic efficiency ratings for a sample of dutch dairy farms observed from 1995 to 2005

the structure of technical efficiency it is common practice to decompose measures of efficiency into component measures of technical and allocative efficiency in this paper we show how and why to decompose a general measure of technical efficiency into component measures of purely technical efficiency congestion and scale efficiency and we investigate the properties of each measure we do so for a multiple output technology which satisfies a weak axiom system that does not include either constant returns to scale or strong input disposability

some unsolved problems in data envelopment analysis a survey abstract the present study is a survey of a set of inherent characteristics and unsolved problems in current dea models we will focus on what types of local characteristics the dea estimated technology exhibits in relation to non jointness of a multi output multi input production no indicators are currently available telling the analysts whether or not the structure in data supports the existence of a joint technology if the estimated ccr technology has a sparse facet structure in the sense that few facets are active for output vectors in certain cones of the output space then the multi output multi input ccr technology is possibly locally non joint another important field of research relates to the inclusion of explicit distributional assumptions as part of the dea model specification and to the extension of the dea estimation from an estimation of a deterministic frontier towards an estimation of a stochastic frontier some recent results will be compared finally measures of scale economies from parametric models and dea models will be compared

optimizing inventory s contribution to profitability in a regulated utility the averch johnson effect the averch johnson effect is a well known economic phenomenon through which regulated utility companies prefer a capital resource input combination that differs from an efficient level through dynamic network data envelopment analysis ndea this paper first investigates the existence of this effect on a dynamic input that is inventory the analysis was performed for a group of public electric utilities from 2005 to 2014 the result implies that these firms procure a significant extra amount in inventory materials and supplies beyond their efficient levels in order to explore the connection of this effect to profit motives we construct an analytical model of the inventory policy controlling the extra buying of material and supplies that will be inventoried and added to the firm s rate base the model is based on maximizing the net present value of total profits in the deterministic case two results are observed i the firm could achieve a finite optimum by adding a finite amount of inventory above the normal base level which assumes no impact of inventory on the rate hearing and ii the firm could theoretically achieve infinite optimum under the unconstrained model the primary contribution of this paper is the special case of extending typical inventory replenishment models to including the impact on prices and in turn profits in a regulated supply chain

dynamic data envelopment analysis modeling intertemporal behavior of a firm in the presence of productive inefficiencies abstract this study extends data envelopment analysis dea to a dynamic framework our dynamic dea not only provides a measure of dynamic productive efficiency but can also be used as a nonparametric alternative to the econometric modeling of the intertemporal behavior of a firm

efficiency and environmental regulation this paper proposes an extension of the enhancedefficiency indices of fare grosskopf lovell andpasurka 1989 that considers undesirable outputsasymmetrically by assuming that firms can freelydispose of some undesirable productions but areduction of other bad outputs generates a cost interms of desirable outputs this methodologicalapproach is used to analyse the relative efficiency ofa sample of spanish producers of wooden goods andfurnishings whose production process generates fourdifferent wastes we obtain efficiency indices thatserve to measure the impact on firm performance inseveral scenarios related to environmental regulationsaimed to reduce the production of wastes whenenvironmental regulations are assumed it is foundthat firms would have to sacrifice important amountsof potential desirable output in order to reallocateinputs into waste reduction secondly we find thatfirms associated with a technological institute aswell as firms located at a marshallian type industrialdistrict are likely to be less affected byregulations

a progress report on marxian economic theory on the controversies in exploitation theory since okishio 1963 a progress report on marxian economic theory

sustainable supply chain management a case study of british aerospace bae systems sustainability is viewed as possessing environmental economic and social dimensions the sustainability approaches adopted by individual businesses and the supply chains to which they belong must include these facets these three components of sustainability are collectively termed the triple bottom line or 3bl the idea of a triple bottom line which originated in the 1990s implies attending to the traditional financial aspects of an organisation as well as to the social and environmental criteria the economic aspect of the 3bl refers to profit making and attaining and sustaining competitive advantage through sustainability the environmental dimension involves factors relating to climate change global warming air land and water pollution or preservation and ozone layer depletion the social aspect involves health and safety issues community well being employment opportunities charities cultural sensitivities and requirements and organisational behaviour as global warming climate change and depletion of resources are on a rise alongside greater demand for improvement in business processes economic standards and technology it has become necessary to sustain processes along the value chain in order to contribute to sustainability this paper examines the drivers of sustainability and related key features based on extant literature and a case study an overview is given of the british aerospace bae systems sustainability initiatives and activities on the basis of the bae systems case study two resultant frameworks emerge that display the interdependence of the triple bottom line and the essential elements required for a sustainable supply chain

a study on the persistence of farrell s efficiency measure under a dynamic framework abstract this article introduces a sequence of four systematic methods to examine the extent to which the economic efficiency of taiwan s commercial banks persists and to uncover the potential dynamic link between bank performance and various financial indicators quasi fixed inputs are explicitly incorporated in the dea model to account for possible adjustment costs regulation or indivisibilities among the four methods the dynamic panel data model and the markov model appear to be exploited for the first time in the area of the dea approach evidence is found that bank efficiency exhibits moderate persistence over the sample period implying that the given sample banks fail to adjust their production techniques in a timely manner regulatory authorities and bank managers are suggested to be aware of the level of undesirable non performing loans due to their close relationship with bank performance

agricultural externalities and environmental regulation evaluating good practice in citrus production economic activity takes place in a scenario characterized by an increasing number of environmental regulations aimed at bringing under control the emission of contaminating wastes in this paper we evaluate the impact of transforming a code of good practice in nitrogen fertilization on spanish citrus fruit farms into an environmental regulation of compulsory fulfilment using data envelopment techniques we calculate unrestricted and environmentally regulated short run maximum profits both profit values are then used to compute an index of the cost of regulation our results suggest that the cost of shifting from a merely recommended practice to a binding rule is low on average the loss of profit computed is only about 4 furthermore we find that farms overall efficiency is low and that the current gap between observed and regulated fertilization practices could be overcome by improving overall management efficiency

design of sustainable supply chains under the emission trading scheme increase in environmental concerns together with legislations are forcing industries to take a fresh look at the impact of their supply chain operations on the environment this paper introduces a mixed integer linear programming based framework for sustainable supply chain design that considers life cycle assessment lca principles in addition to the traditional material balance constraints at each node in the supply chain indeed the framework distinguishes between solid and liquid wastes as well as gaseous emissions due to various production processes and transportation systems the framework is used to evaluate the tradeoffs between economic and environmental objectives under various cost and operating strategies in the aluminum industry the results suggest that current legislation and emission trading schemes ets must be strengthened and harmonized at the global level in order to drive a meaningful environmental strategy moreover the model demonstrates that efficient carbon management strategies will help decision makers to achieve sustainability objectives in a cost effective manner

dynamic efficiency measurement theory and application nonparametric dynamic measures of production efficiency are developed in the context of an adjustment cost technology and intertemporal cost minimization bounds on each efficiency measure are derived for each firm using a nonparametric revealed preference approach long run efficiency measures indicate the relative efficiency of both variable and dynamic factors while short run measures of efficiency indicate whether variable inputs are employed efficiently in the production process the efficiency measures are temporal in nature by describing the degree of efficiency of the firm at a particular point along its adjustment path the empirical implementation is illustrated for a balanced panel of pennsylvania dairy operators during 1986 1992

collaborative mechanism of a sustainable supply chain with environmental constraints and carbon caps abstract negative impacts on environment such as carbon emissions and pollution resulting from the business activities of firms in a supply chain have attracted great attention worldwide hence one of the crucial issues for supply chain management is the trade off between economic objectives and environmental sustainability this paper focuses on investigating the government policy incentive mechanism with which supply chain members are motivated to work collaboratively to reduce carbon and pollutant emissions by investing in producing environmental friendly products efp such a mechanism affects the transfer price through negotiation between the supply chain firms and consequently it has an impact on the supply chain s value transition and profit allocation a collaborative supply chain decision making framework is formulated with environmental constraints and carbon caps its objective is to maximize the net present value of an integrated supply chain as well as satisfy the interests of its individual members our key contribution lies in exploring a decision making mechanism for an environmentally sustainable supply chain that is jointly constrained by environmental carrying capacities and carbon caps and also takes into account government policy incentives the results show that collaboration between supply chain members plays a crucial role in improving their environmental performance as the transfer price is determined through negotiations to share government subsidies to satisfy the individual interests of supply chain members while the level of pollutants and carbon emissions are in compliance with environmental standards

a reduced form model for dynamic efficiency measurement application to dairy farms in germany and the netherlands the stochastic distance function model is extended to allow for the inefficiency component of the error term to be autocorrelated as implied by a dynamic model of firm behavior the autocorrelation parameter can then be interpreted as a measure of the persistence of inefficiency the model is viewed from a state space perspective and kalman filtering techniques are proposed for estimation the model is applied to two panels of dairy farms from germany and the netherlands the results suggest a very high degree of persistence of inefficiency through time

production with storable and durable inputs nonparametric analysis of intertemporal efficiency abstract we propose a nonparametric methodology for intertemporal production analysis that accounts for durable as well as storable inputs durable inputs contribute to the production outputs in multiple consecutive periods storable inputs are non durable and can be stored in inventories for use in future periods we explicitly model the possibility that firms use several vintages of the durable inputs i e they invest in new durables and scrap older durables over time furthermore we allow for production delays of durable inputs and storage costs for storable inputs we characterize production behavior that is dynamically cost efficient which allows us to evaluate the efficiency of observed production decisions for cost inefficient behavior we propose a measure to quantify the degree of inefficiency an attractive feature of this measure is that it can be decomposed in period specific cost inefficiencies we demonstrate the usefulness of our methodology through an application to the italian manufacturing sector of fabricated metal products over the period 1995 2007 drawn from the amadeus dataset

on constructing numeraire free measures of price value deviation a note on the steedman tomkins distance this paper argues that there exists an infinite number of numeraire free measures a la steedman tomkins of price value deviation on the empirical side it provides an illustration of those measures using input output data from the swedish economy copyright the author 2010 published by oxford university press on behalf of the cambridge political economy society all rights reserved oxford university press

sustainable fashion supply chain management under oligopolistic competition and brand differentiation abstract in this paper we developed a new model of oligopolistic competition for fashion supply chains in the case of differentiated products with the inclusion of environmental concerns the model assumes that each fashion firm s product is distinct by brand and the firms compete until an equilibrium is achieved each fashion firm seeks to maximize its profits as well as to minimize its emissions throughout its supply chain with the latter criterion being weighted in an individual manner by each firm the competitive supply chain model is network based and variational inequality theory is utilized for the formulation of the governing nash equilibrium as well as for the solution of the case study examples the numerical examples illustrate both the generality of the modeling framework as well as how the model and computational scheme can be used in practice to explore the effects of changes in the demand functions in the total cost and total emission functions as well as in the weights

an ecological footprint approach to external debt relief abstract this paper applies martinez alier s environ values 2 1993 97 ecological debt concept to the problem of debt relief exploring the possibility of compensatory transfers from rich to poor countries based on existing ecological balances i employ recent estimates on ecological footprints and ecosystem values to estimate the ecological debt to be distributed among eligible transfer recipients all less developed countries ldcs the results provide a policy criterion for transfers in the event that future circumstances make large scale international debt relief compulsory the study probably underestimates the appropriate transfer amounts because of conservative assumptions regarding the environmental values and the size of the north s ecological debt in physical terms

anticipating the consequences of school reform a new use of dea we use dea type linear programming techniques to simulate a basic component of educational reform eliminating restrictions on the allocation of school personnel our technique allows us to identify potential output gains or equivalently potential cost savings from reform we can also identify which personnel groups are likely to gain and lose under this reform when we apply our model to a sample of texas school districts we find evidence that the educational establishment has substantial economic rents to protect from school reform and that the primary beneficiaries of reform are likely to be affluent school districts with few minority students the technique which relies on the relationship between the direct and indirect distance functions can be easily generalized to measure the potential gains from removing other input restrictions such as union work rules environmental regulations or deed restrictions

static efficiency decompositions and capacity utilisation integrating economic and technical capacity notions starting from existing static decompositions of overall economic efficiency on nonparametric production and cost frontiers this article proposes more comprehensive decompositions including several cost based notions of capacity utilization furthermore in case prices are lacking we develop additional decompositions of overall technical efficiency integrating a technical concept of capacity utilization these new efficiency decompositions provide a link between short and long run economic analysis and in empirical work avoid conflating inefficiency and differences in capacity utilization an empirical analysis using a monthly panel of chilean hydro electric power plants illustrates the potential of these decomposition proposals

data envelopment analysis on a relaxed set of assumptions data envelopment analysis is a procedure for evaluation of the relative efficiency of units in a production system dea involves construction of composite units as convex combinations of other units inputs and outputs under various conditions related to returns to scale the assumption of convexity is inconsistent with increasing returns to scale and not implied by constant or non increasing returns to scale an alternative dea approach which does not invoke the assumption of a convex production possibility set is developed in this paper it is implemented in two stages stage one is concerned with the spanning of isoquants and stage two with an evaluation of the position of an observed input output combination compared to the isoquants both stages involve linear programming techniques solely

dynamic pollution adjusted inefficiency under the by production of bad outputs abstract this article extends the by production model to the dynamic context of adjustment costs associated with investment the empirical application focuses on panel data of french suckler cow farms over the period 1978 2014 considering emissions of greenhouse gases as bad output the paper estimates input and output specific technical inefficiency scores in the dynamic context and compares them with efficiency measures from the conventional static context our results reveal significant differences between inefficiency scores derived from the static and the dynamic frameworks for all variables except meat production the good output the inefficiency score is lower in the dynamic context than in the static context

efficiency and technical change in the philippine rice sector a malmquist total factor productivity analysis regional differences in total factor productivity efficiency and technological change in the philippine rice sector are examined for the post green revolution era malmquist productivity indices were constructed for 1971 90 and were decomposed into efficiency and technological change the average annual malmquist productivity growth was only slightly positive productivity growth was negative during the early 1970s and was followed by a period of positive growth growth was negative again in the late 1980s the period of positive growth coincided with the introduction of new rice varieties while the declines are likely to have been caused by intensification of rice production in lowland farming systems certain regions such as central luzon western visayas and southern and northern mindanao had higher rates of technological change than others this may be due to higher investments in infrastructure and education increased adoption of tractors and a better agroclimatic environment

technical and scale efficiency of japanese commerical banks a non parametric approach not only are the nature and extent and scale efficiency of japanese commerical banks studied but a relationship between both organizational status and size efficiency is also announced the efficiency measures are computed from a 1990 sample of cross sectional data for the estimation we employ the non parametric approach which has recently been gaining popularity for the studies of banking efficiency outside japan

human development and economic sustainability abstract this paper attempts to integrate the concern for human development in the present with that in the future in arguing for sustainable human development it appeals to the notion of ethical universalism an elementary demand for impartiality of claims applied within and between generations economic sustainability is often seen as a matter of intergenerational equity but the specification of what is to be sustained is not always straightforward the addendum explores the relationship between distributional equity sustainable development optimal growth and pure time preference

the efficiency of conventional fuel power plants in south korea a comparison of parametric and non parametric approaches abstract the efficiencies of the 64 conventional fuel power plants operating in south korea were determined by data envelopment analysis dea approaches as well as by a stochastic frontier method the banker charnes and cooper bcc dea efficiencies were introduced into an econometric estimate of a standard production function model leading to a corrected factors version of the model with significant improvement of the statistical explanation of our data a statistical analysis of the dea efficiencies was carried out and these were compared to efficiencies revealed by a stochastic frontier method

one million miles to go taking the axiomatic road to defining exploitation this paper analyses the marxian theory of exploitation a general axiomatic approach is developed which is appropriate to study the concept of exploitation what it is and how it should be captured empirically two properties are presented that capture some fundamental marxian insights it is shown that contrary to the received view there exists a nonempty class of definitions of exploitation that preserve the relation between exploitation and profits called profitexploitation correspondence principle in general economies with heterogeneous agents complex class structures and production technologies with heterogeneous labour inputs however among the main approaches only the so called new interpretation satisfies the profitexploitation correspondence principle in general jel b51

effective interim collaboration how firms minimize transaction costs and maximise transaction value this study of automotive transaction relationships in the u s a and japan offers abta which indicate that transaction costs do not necessarily increase with an increase in reiation specijk investments we empirically examine the conditions under which transactors can simultaneously achieve the twin benejits of high asset specificity and low transaction costs this is possible because the dtfferent safeguards which can be employed to control opportunism have different set up costs and result in different transaction costs over dl erent time horizons we examine in detail the ractices of javanese firms which result in effective inteq n collaboration 1997 by john wiley sons ltd

measurement of multiperiod aggregative efficiency abstract this article proposes a new method for measuring an aggregative efficiency of multiple period production systems every organization or firm generates a time series of data that represent its performances in the resource utilization and output production over multiple periods and often desires an aggregated measure of efficiency for several periods of interest data envelopment analysis dea has become an accepted and well known approach to evaluating efficiency performance in a wide range of cases however most of the dea studies have dealt primarily with ways to gauge the efficiency of production in only a single period so this efficiency reflects the insufficient or partial performance of multiple period productions the new method is developed through extensions of the concept of debreu farrell technical efficiency and is applied to evaluating the efficiency of cable tv service units with 3 year data

performance evaluation and a flow allocation decision model for a sustainable supply chain of an apparel industry abstract there is a growing concern that business enterprises and their supply chains focus primarily on economic activities and ignore their impact on the environment and society this paper aims to help decision makers managers and practitioners to achieve economic growth societal development and environmental protection by developing sustainable supply chain performance measures and proposes a partner selection and flow allocation decision making model survey data from 278 business organizations from the indian apparel industry supply chain network were used and an integrated method of structural equation modeling fuzzy analytical hierarchy process and fuzzy multi objective linear programming was applied to the proposed model the results of the structural equation modeling analysis indicate that the survey respondents considered sustainable production performance to be of prime importance which thus indicates its significance in developing a sustainable supply chain for the apparel industry to illustrate the use of the proposed model for partner selection and flow allocation decision making real time data from an apparel manufacturer are presented optimal results were obtained for two strategies sustainability and cost saving to show a cost benefit trade off when developing a sustainable supply chain using comparative performance a decision maker can choose an appropriate strategy based on cost benefit analysis of the presented trade offs

measuring efficiency with quasiconcave production frontiers abstract comparing with the frontiers derived from the data envelopment analysis dea and banker charnes cooper bcc methods the frontier derived from the free disposal hull fdh method is the closest to observed decision making units dmus and hence it can give each dmu the highest efficiency score however the frontier from the fdh method may not be a quasiconcave production frontier the production frontiers derived by petersen on the other hand may overstate inefficiency for some quasiconcave production frontiers this paper has used the minimum convex input requirement set and maximum convex output possible set to construct the closest quasiconcave production frontier for dmus by ordering dmus by input output level the dea method can be employed to estimate input based and output based efficiency scores

accounting for slacks to measure dynamic inefficiency in data envelopment analysis abstract slacks that arise when nonparametrically constructing technologies are relevant because they can be an important source of technical inefficiency this paper extends the measurement of dynamic inefficiency in the full input output space in the adjustment cost theory framework to account for slacks in particular the paper develops the dynamic weighted additive model in data envelopment analysis dea and shows its main properties additionally the approach is illustrated by a real application the empirical application concerns data on large firms in the dairy manufacturing industry in the main dairy producing countries in the european union france germany italy spain poland and the czech republic from 2005 to 2012 the results show the differences in average dynamic inefficiency between the analyzed countries the findings also indicate that not surprisingly firms are on average closer to their own country frontier than the common frontier comprising all firms regardless of country greater inefficiency was also found on average in the new approach when related to the dynamic framework that does not account for slacks

returns to scale and most productive scale size in dea with negative data abstract non parametric evaluation of returns to scale of production units in standard dea models becomes problematic when their underlying technologies involve negative data the methodology recently offered by allahyar and rostamy malkhalifeh 2015 hence after called arm model is of some help to deal with this issue however there are two shortcomings underlying the arm model first it may not be capable of locating all the production units exhibiting constant returns to scale and second it is also not able to determine most productive scale size in order to deal with these two shortcomings the current paper contributes to the dea literature in two ways first it makes a unifying attempt to propose a general non radial dea model to determine both the most productive scale size and the returns to scale characterizations of production units in the presence of negative data second the proposed model can be adapted in a dynamic dea technology setting to determine growth efficiency and returns to growth behavior of production units facing hyper competition in a new economy

the measurement of productive efficiency a reconsideration the purpose of this paper is to generalize the farrell indexes of productive efficiency to nonhomothetic production technologies and at the same time maintain the cost interpretation of the farrell measures since the generalized indexes rely heavily on recent developments in the estimation of frontier cost and production functions several frontier models are reviewed in addition to generalized indexes of technical allocative and overall productive efficiency a variety of single factor efficiency measures are discussed the applicability of the proposed efficiency measures is illustrated with a numerical example of electric power generation

the role of the reference technology in measuring productive efficiency after a twenty year lull the measurement of productive efficiency is enjoying a revival in particular the index of efficiency developed by debreu i95i and later utilised by farrell i957 has received considerable attention these measures have been used fairly extensively in empirical work in both the operations research and economic literature these types of indexes have also appeared in the growing literature on testing for regularity conditions in production e g in afriat i972 diewert and parkan i983 and varian 1984 since the farrell type measure is the focus in this paper a brief review is useful in the farrell framework overall efficiency oe can be decomposed into two multiplicative components allocative efficiency ae and technical efficiency te

the lechatelier principle in a dea model abstract this paper aims to relate the lechatelier principle first introduced into economics by samuelson 1947 with the dea approach through two propositions these propositions allow for bridging the principle over a dea model with and without the presence of non discretionary inputs and enable one to make comparisons for the various efficiency measures under different conditions the quasi fixity of some inputs hinders a firm s capacity from instantly and freely adjusting its input combination in order to minimize its production costs the assumption that all inputs are discretionary tends to exaggerate managers ability to dispense resources and renders invalid information on the adjustment of the current input mix

heterogeneous labour and the fundamental marxian theorem as was pointed out by morishima at the end of his famous book on marx s economics the heterogeneity of labour is a serious dilemma for marx s theory of exploitation especially for the so called fundamental marxian theorem the problem which should be separated from the peculiarities of joint production consists in finding an appropriate reduction of the various types of labour to one common unit recently bowles and gintis have undertaken an interesting reformulation of the marxian theory of value with respect to heterogeneous labour by avoiding any reduction at all bowles and gintis 1977 1978 cf also steedman 1977 holliinder 1978 but for the purpose of the fundamental marxian theorem this only shifts the problem from the heterogeneity of labour to the heterogeneity of the respective rates of exploitation the aim of the present paper is to extend the fundamental marxian theorem without joint production from homogeneous to heterogeneous labour section 3 this extension is based on a new concept called the standard reduction of labour because of its dual relationship to sraffa s standard commodity section 2 for some arguments a certain type of matrices called sraffa matrices is needed which generalize the quasiirreducible matrices as introduced by bowles and gintis appendix standard reduction implies always a uniform rate of exploitation whereas the same is true for the reduction by wage rates only in special cases for example uniform consumption labour inputs only prices proportional to labour values for the first two cases cf morishima 1978 hence in general standard reduction and reduction by wage rates are different

rational inefficiency adjustment costs and sequential technologies abstract in this paper we propose a novel approach to estimate the rational inefficiency of decision making units in the presence of adjustment costs using sequential definitions of the production technology we show how cost inefficiency can be decomposed into rational and residual inefficiency as well as inefficiency caused by technical change furthermore we estimate lower bounds for the unobserved adjustment costs based on unexploited cost reductions due to rational inefficiency these adjustment costs are used to evaluate the feasibility of exploiting cost reductions caused by residual inefficiency we demonstrate the empirical applicability of our model by estimating and decomposing the cost inefficiency of u s coal fired power plants using panel data which cover the period between 1994 and 2009

a progress report on marxian economic theory on the controversies in exploitation theory since okishio 1963 this report explores the development of exploitation theory in mathematical marxian economics by reviewing the main controversies surrounding the proper definition of exploitation since the contribution of okishio the report first examines the debates on the fundamental marxian theorem and class exploitation correspondence principle developed mainly in the 1970s and 1980s followed by the property relation theory of exploitation by roemer then the more recent exploitation theory proposed by vrousalis and wright is introduced finally the report introduces and comments on recent axiomatic studies of exploitation by focusing on the work of veneziani and yoshihara

a note on banking efficiency in portugal new vs old banks following entry into the european community in 1986 portugal transformed rapidly its repressed banking system with deregulation the opening of borders the granting of new banking licenses and privatization in a more competitive banking system one would expect a priori an increase in operational efficiency this paper attempts to quantify the magnitude of efficiency gains over the years 1990 1995 moreover the paper documents the relative efficiency performance of new domestic banks not hampered by a legacy of inefficiency from the past they could operate nearer the efficiency frontier the case of portugal provides unique information on the joint effect of deregulation and the granting of new banking licenses on the change in operational efficiency of a previously repressed banking system

an indirect approach to the evaluation of producer performance in this paper we suggest a somewhat new analytical approach to producer performance evaluation the suggested approach is somewhat new in that it synthesizes existing analytical techniques from three areas and uses them to look at performance evaluation in a new way the approach is particularly relevant to public sector or service sector contexts in which the performance of alternative providers of a public service is to be evaluated in these contexts any of the following conditions may hold 1 the standard profit maximizing cost minimizing or revenue maximizing paradigms are inappropriate 2 prices of some services being provided or of some resources being consumed are either nonexistent or unobserved 3 observed prices are not exogenous due to monopoly or monopsony power examples abound it is frequently argued that the provision of medical legal educational transportation employment and many other services by public or private agencies is driven by goals other than the maximization of profit moreover these and many other services such as police and fire protection do not always have market prices with which to value them in addition the lack of competition in the provision of many such services and thus in the employment of specialized resources used in their provision makes it dangerous to use existing but distorted market prices to compare the performance of providers on the basis of revenue or cost much less profit

dynamic data envelopment analysis a relational analysis abstract this paper proposes a dynamic data envelopment analysis dea model to measure the system and period efficiencies at the same time for multi period systems where quasi fixed inputs or intermediate products are the source of inter temporal dependence between consecutive periods a mathematical relationship is derived in which the complement of the system efficiency is a linear combination of those of the period efficiencies the proposed model is also more discriminative than the existing ones in identifying the systems with better performance taiwanese forests where the forest stock plays the role of quasi fixed input are used to illustrate this approach the results show that the method for calculating the system efficiency in the literature produces over estimated scores when the dynamic nature is ignored this makes it necessary to conduct a dynamic analysis whenever data is available