This study constructs dynamic welfare measures for a system of futures markets that express the allocative efficiency of a particular market as a function of its accuracy and speed of adjustment following a shock to the system. The system comprises futures prices for T-bills, exchange rates...

Choices among alternative transit capital investments are often complex and politically controversial. There is renewed interest in the use of performance indicators to assist in making rational and defensible choices for the investment of public funds. To improve the evaluation of rail and bus...