This letter considers the following two questions: How much are the estimates of the parameters of stochastic cost frontier and cost inefficiency of Japanese hospitals affected (1) by the utilization of the panel structure of data in estimation; and (2) by considering a hospital-specific...

This study presents an empirical analysis of purchasing power parity for five developing Asian countries, namely India, Indonesia, Pakistan, Philippines and Turkey. This is done by using cointegration technique. Time series properties of nominal exchange rate and price series show that they are...

This paper addresses the question of whether there is a long run relationship between infrastructure and private capital productivity of Greek industry. Causality issues are also discussed. The results provide evidence in favour of productivity enhanced by public capital stock, and of no...

We consider a general real option model which allows finite values for all parameters influencing the value of waiting in case of uncertain and irreversible investment. We show that the traditional net present value rule and the commonly known Dixit-Pindyck approach are nested in the same...

This study was carried out to investigate technical inefficiency of production among the food crop farmers of the National Directorate of Employment in Ondo state of Nigeria. The study considers translog stochastic frontier production functions in which the technical inefficiency effects are...

This paper highlights the lower incidence of employer-funded on and off-the-job training received by full-time ethnic minority employees in Britain. Estimates of the determinants of on and off-the-job training, obtained using trinomial logistic models, are remarkably consistent across white and...

In a recent paper, Batabyal (Theory and Decision, 1997) has analysed the decision making process in arranged marriages. In particular, Batabyal shows that a marrying agent's optimal policy depends only on the nature of the current marriage proposal, independent of whether there is recall of...

One of the main benefits that has flowed from increasing capital markets liberalization has been the opportunities that this has provided to facilitate international diversification. This paper aims to determine the benefits of the asset allocation process undertaken by fund managers in 15...

We investigate empirically the influence of homogeneity of populations in fixed geographic jurisdictions on the structure of religious clubs in these same jurisdictions. Using county-level data, we find that variation in the number of religous clubs is influenced strongly by measured...

In this paper the theory of technical progress functions is briefly examined and its appropriate shape is tested. The main conclusion reached is that linearity is not supported by the data.