Farmers who produce multiple outputs are portfolio managers in the sense that they use inputs to balance expected economic return and variance of return. This article estimates the structure of the stochastic multioutput production technology in Norwegian dairy farming, allowing for a more...

International fish trade is growing, and fish exports represent an important source of foreign currency for many countries. For a few countries the exports are also an essential part of the economy. We revisit the seminal paper of Richardson (1978) that addresses the issue of exchange rate...

Relationships between prices are of interest when testing for market integration as well as analyses of supply chains. A feature that has received little attention is that if two supply chains are linked by market integration at some stage, then the whole supply chain will be linked....

The purpose of this paper is to test for price parity across different species of whitefish in the European Union. Price parity is defined by a system of cointegrated prices and would be evidence of a single European market for whitefish. Whitefish are of interest because EU fishers receive the...

This article deals with estimating efficiency of world health systems using panel data on World Health Organization (WHO) member countries. The Stochastic Frontier (SF) approach is used for this purpose. We evaluate absolute efficiency as well as rankings and their sensitivity across alternative...

This paper deals with the estimation of efficiency in a panel data framework. A oneway error component model (ECM) is generalized to accommodate firm-specific variances for the inefficiency component. A multi-step procedure is developed to estimate the cost function and predict increase in cost...