We estimate capacity when firms produce both desirable and undesirable outputs using a directional distance function model, and a hyperbolic model. We impose different assumptions regarding disposability of undesirable outputs in both models, and vary the direction of vectors in the directional...

In this note we extend the standard DEA paradigm to address the question of how one can price DMUs (decision-making units). To do this we use an adjoint transformation to the technology generated by these DMUs which links to traditional linear programming theory of the firm and is similar to...

We introduce and study the Travelling Salesman Problem with Multiple Time Windows and Hotel Selection (TSP-MTWHS), which generalises the well-known Travelling Salesman Problem with Time Windows and the recently introduced Travelling Salesman Problem with Hotel Selection. The TSP-MTWHS consists...

There is good reason to think that non-elite programs in economics may be producing relatively more research than in the past: research expectations have been ramped-up and new information technologies have changed how academic knowledge is produced and exchanged. This study investigates this...

Crew scheduling is a highly complex combinatorial problem that has substantial and consequential economic importance in practice. Although the core structure of the problem is the same in many different areas like urban transportation, airlines etc, the specific problem instances show...

This paper presents a method to schedule a triple round robin tournament, which involves minitournaments, each hosted by one team. A key issue is that at the end of the season the number of home games should be balanced over the teams, despite the fact that in minitournament matches only the...

Most delays in the air transport occur at the airport. A particular reason is the complexity of managing the large number of supporting flows in airport logistics. We consider the optimisation problem of scheduling de-icing vehicles that is one of the key supporting logistic flows in the...

The insurance industry has become more important for systemic financial stability. As a result, the supervision and disclosure of financial risks of insurance companies need to be strengthened. The insurance industry's increasing systemic importance also suggests that there is a need to search...

This paper asks whether the transfer of risk from banking to non-banking institutions, such as insurers, has reduced risk for the financial system as a whole or merely shifted it to less transparent sectors. If the latter is the case, then it may be that new forms of risk and vulnerability are...

The debate surrounding EMU enlargement is usually focused on the policy choices prior to EU accession, on Maastricht criteria and ERM-II, and on the existence of an optimum currency area between accession counties and the Euro Area. This paper reviews these issues from Estonia's perspective....