The directional output distance function is used to measure the efficiency of 209 electric utilities in 1993 and 1997. Exploiting duality conditions, the directional output distance function is used to estimate the shadow price of sulfur dioxide and the Morishima elasticity of output substitution

We develop a new indicator of profit inefficiency, which is based on decision-makers choosing the amount to spend on each input and the amount to earn on each output, rather than choosing physical quantities of inputs and outputs. The method is suitable for situations when prices and quantities...

We apply recent advances in time substitution modeling to examine the environmental performance of firms in Sweden's pulp and paper industry for the years 2002-2008. Our data allow us to estimate the optimal reallocation of environmental investments, expenditures and energy use to simultaneously...

Some recent studies have been investigating the existence of market power in the European banking system, in general, and the Spanish banking industry, in particular. Although results are mixed, the evidence suggests some commercial banks and savings banks benefit from monopoly rents. Some other...