On the Joint Estimation of Heterogeneous Technologies,Technical, and Allocative Inefficiency

In this article, we provide a semiparametric approach to the joint measurement of technical and allocative inefficiency in a way that the internal consistency of the specification of allocative errors in the objective function (e.g., cost function) and the derivative equations (e.g., share or input demand functions) is assured. We start from the Cobb–Douglas production and shadow cost system. We show that the shadow cost system has a closed-form likelihood function contrary to what was previously thought. In turn, we use the method of local maximum likelihood applied to a system of equations to obtain firm-specific parameter estimates (which reveal heterogeneity in production) as well as measures of technical and allocative inefficiency and its cost. We illustrate its practical application using data on U.S. electric utilities.     

A slacks-based inefficiency measure for a two-stage system with bad outputs

We model the performance of DMUs (decision-making units) using a two-stage network model. In the first stage of production DMUs use inputs to produce an intermediate output that becomes an input to a second stage where final outputs are produced. Previous black box DEA models allowed for non-radial scaling of outputs and inputs and accounted for slacks in the constraints that define the technology. We extend these models and build a performance measure that accounts for a network structure of production. We use our method to estimate the performance of Japanese banks, which use labor, physical capital, and financial equity capital in a first stage to produce an intermediate output of deposits. In the second stage, those deposits become an input in the production of loans and securities investments. The network estimates reveal greater bank inefficiency than do the estimates that treat the bank production process as a black box with all production taking place in a single stage.     

Estimation of long-run inefficiency levels: a dynamic frontier approach

Cornwell, Schmidt, and Sickles (1990) and Kumbhakar (1990), among others, developed stochasticfrontier production models which allow firm specific inefficiency levels to change over time. These studies assumed arbitrary restrictions on the short-run dynamics of efficiency levels which have little theoretical justification. Further, the models are inappropriate for estimation of long-run efficiencies. We consider estimation of an alternative frontier model in which firmspecific technical inefficiency levels are autoregressive. This model is particularly useful to examine a potential dynamic link between technical innovations and production inefficiency levels. We apply our methodology to a panel of US airlines.     

Stochastic Production Frontier and Technical Inefficiency: A Sensitivity Analysis

The present paper focuses attention on the sensitivity of technical inefficiency to most commonly used one-sided distributions of the inefficiency error term, namely the truncated normal, the half-normal, and the exponential distributions. A generalized version of the half-normal, which does not embody the zero-mean restriction, is also explored. For each distribution, the likelihood function and the counterpart of the estimator of technical efficiency are explicitly stated (Jondrow, J., Lovell, C. A. K., Materov, I. S., Schmidt, P. ([1982]), On estimation of technical inefficiency in the stochastic frontier production function model, J. Econometrics19:233-238). Based on our panel data set, related to Tunisian manufacturing firms over the period 1983-1993, formal tests lead to a strong rejection of the zero-mean restriction embodied in the half normal distribution. Our main conclusion is that the degree of measured inefficiency is very sensitive to the postulated assumptions about the distribution of the one-sided error term. The estimated inefficiency indices are, however, unaffected by the choice of the functional form for the production function.     

Parimutuel betting on the eSports duels: Evidence of the reverse favourite-longshot bias

We analyse betting behaviour patterns of the visitors of the specialized betting website dedicated to the popular eSports game Counter-Strike: Global Offensive. The reverse favourite-longshot bias is found, which is rather unusual for parimutuel betting markets, where favourite-longshot bias is more common. We define simple betting strategies based on the bets on underdogs and show that these strategies make a sufficiently large positive profit both on the in-sample and out-of-sample datasets, which is a sign of market inefficiency. In matches with popular underdogs, the sentiment bias decreases the market inefficiency caused by the reverse favourite-longshot bias. At the same time, the role of the geographical location of teams in the reverse favourite-longshot bias is only marginal.     

中国制造业要素配置效率的测算、变化机制与政府干预效应

本文利用改进的APG模型框架对中国各省份地区制造业部门生产效率增长进行分解和测算,并针对导致中国制造业要素配置效率低下的动因进行深入分析。主要的发现是：技术效率和企业净进入是推动中国制造业生产效率增长的主要来源,而要素配置效率对中国制造业生产效率增长的贡献非常有限,由此验证要素市场的发展滞后是造成中国经济增长乏力的重要内在因素。进一步的检验发现是,地方政府对要素市场的干预是造成制造业要素配置效率低下的主要动因,这种干预效应总体上呈现倒U型关系。更为细致的分解结果表明,政府干预对于资本要素配置效率的作用效应呈倒U型关系,而对劳动要素配置效率呈U型关系。这些检验结果均证明,全面推进要素市场的市场化导向改革,减少政府干预对微观经济部门的扭曲性影响,是维持中国制造业生产效率可持续增长的重要改革措施。     

发达市场下企业低效率探源:协调的视角

X低效率是当前学术界分析组织效率差异的主要理论。X低效率可以细分为两个方面:劳动低效率和协调低效率。传统上所指的X低效率仅仅是劳动低效率。在一个较发达的市场经济中,企业在劳动支出方面的差异是微小的,在协调水平方面的差异却是巨大的。协调低效率才是X低效率的主要原因和更重要的方面。在比较企业效率时,更重要的是关注劳动之间的协调,这包括经营者管理行为的显性协调,以及基于企业文化、组织结构的隐性协调。     

货币政策传导机制非效率性的原因及对策探析

本文论述了我国货币政策工具实施效果不佳的原因是由于货币政策传导机制中 ,商业银行货币供给弹性不足 ,以及企业投资和居民消费不旺造成的传导机制低效率而引起 ,并提出提高货币政策传导机制效率的对策。     

Distribution of cost inefficiency in stochastic frontier approach: evidence from Spanish banking

The aim of the paper is to demonstrate the appropriateness of an a priori analysis to determine the distributional assumption of the inefficiency term in a stochastic frontier model. To this end, theoretical distributions of estimated inefficiency were obtained when the inefficiency term is assumed to be distributed as a half normal and an exponential in a cost frontier model. Comparisons of such theoretical distributions with the respective cost inefficiency estimators using the goodness of fit test allow selecting the most appropriate distributional assumption. The application on three data sets of Spanish banking system in 2009 demonstrated the relevance of the research question. First, the results of estimated cost inefficiency with a half normal assumption are larger than with an exponential distribution significantly. Besides, half normal assumption was rejected and exponential was not rejected as the most appropriate distribution of inefficiency term in Spanish banking data set. However, the adjustment of saving banks data had been better with the former distribution than the latter. In the case of banks, any distribution results appropriate. To sum up, this work demonstrate that the distributional assumption on inefficiency term in Stochastic Frontier Approach must be established in a justified way, as it can significantly bias the results of estimated inefficiency and therefore, influences improving policies and strategies in the Spanish banking sector.     

空账运转下养老体制的现实选择

通过比较两种养老体制,我们得不出基金制比现收现付制更优的结论。我国养老保险改革以来,统筹账户入不敷出,个人账户出现空账运转。国内处于过度储蓄,企业投资收益不高,宏观经济实际上处于动态低效。这些问题迫使我们重新思考养老保险体制改革的出路和现收现付制在现阶段存在的必要性。