Janice Gross Stein’s “The Cult of Efficiency‚” read at a CBC Massey Lecture in 2001‚ attempts to define the concept of efficiency and how it has impacted our society in the past and present. Stein effectively applies this concept to many different sectors of our culture through examples and analysis of how it is delivered. Her thesis summarizes the overall ideas of her article‚ however it was not easily found in her introduction as it was not stated until the end of the fifth paragraph. The full
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Capital Market Efficiency and Its Implication for Financial Reporting MJAROCKS Capital market efficiency has been a widely debated topic since the term was introduced. The efficient market hypothesis was introduced by Eugene Fama in 1970 and is one of the most important topics that is covered in financial accounting theory. There have been many papers and studies that have backed the efficiency market hypothesis. There have also been many others that have tried to show that the markets are
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Pareto efficiency‚ or Pareto optimality‚ is a central theory in economics with broad applications in game theory‚ engineering and the social sciences. Given a set of alternative allocations and a set of individuals‚ a movement from one alternative allocation to another that can make at least one individual better off‚ without making any other individual worse off is called a Pareto improvement or Pareto optimization. An allocation of resources is Pareto efficient or Pareto optimal when no further
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Eco 225 – Intermediate Microeconomics Assignment 6 Question 1. (20 points) Explain the concept of Pareto efficiency. Question 2. (40 points) The Larry Summers Memo Explain the Economic Logic Summers is referring to in the following memo. DATE: December 12‚ 1991 TO: Distribution FR: Lawrence H. Summers Subject: GEP ’Dirty’ Industries: Just between you and me‚ shouldn’t the World Bank be encouraging MORE migration of the dirty industries to the LDCs [Less Developed Countries]? I can
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Care Union Management Pareto Low Low 0 3 Yes Low High 15 2 Yes High Low 5 1 No High High 20 0 Yes Option three‚ high pension and low health care is Pareto inefficient. You can see that visually in the graph (it is below the line of efficiency) and in the chart as well. It is Pareto efficient because both parties stand to gain from an alternative- the union would gain ten points if they moved to low pension and management would gain one. c. As you can see‚
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influence from investors’ and companies’ point of view. Highlighting the importance of markets being efficient is possible by mentioning
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There are three types of market efficiency: Ø - when prices are determined in a way that equates the marginal rates of return (adjusted for risk) for all producers and savers‚ market is said to be allocationally efficient; Ø - when the cost of transfering funds is “reasonable”‚ market is said to be operationally efficient; Ø - when prices fully reflect all available information‚ market is said to be informationally efficient. Bachelier (1900): In the opening paragraph of his
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study of bank efficiency and ownership in Taiwan TSER-YIETH CHEN Chung-Hua Institution for Economic Research‚ No. 75‚ Chang-shing St.‚ Taipei‚ Taiwan‚ 10671 Received 7 April 1997 This paper uses a data envelopment analysis (DEA) approach to create a benchmark measure for the relative operating efficiency of the publicly operated banks as well as their private counterparts in Taiwan. From the estimated results‚ we find that there are significant differences in efficiency between privately-owned
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Reprinted from Journal of Quantitative Economics Vol. 5 No. 2‚ July 2007‚ page 95-115 DETERMINANTS OF COST EFFICIENCY OF PUBLIC AND PRIVATE HOSPITALS OF KARNATAKA STATE IN INDIA MAATHAI K. MATHIYAZHAGAN1 Abstract The main objective of this paper is to analyze the determinants of cost efficiency of public and private hospitals of Karnataka State in India. This is estimated through the parametric (stochastic frontier) and nonparametric (data envelopment) methods by using the Hospitals Facility
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cost‚ increase equipment capacity and utilization. There are many variables in why we see continued increases. One of the major effects is raising fuel cost. Companies are constantly battling this variable. This is not the only issue facing companies today. But it is certainly a concerning one to companies who rely on fuel for their company to thrive. These challenges are aligned with rising material costs as well. The economics of transportation affects the lives of all U.S. citizens and citizens
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