This paper tackles the problem of aggregate TFP measurement using stochastic frontier analysis (SFA). Data from Penn World Table 6.1 are used to estimate a world production frontier for a sample of 75 countries over a long period (1950-2000) taking advantage of the model offered by Battese &...

When a price limit regime exists for all of the stocks involved in an index, the index return is an aggregate of limited variables and thereby it is restricted to the same limits. We argue that neither a censored nor a truncated distribution model is appropriate for the aggregate return. The...

This article lays down economic principles that should govern electricity transmission pricing when peak-load pricing is used to set tariffs. Transmission systems perform three different functions: to transport energy, to substitute for generation capacity, and to increase competition in the...

The paper analyzes calling party pays access pricing policies in a General Equilibrium two ways access charge model with consumers that choose between different telecommunication providers, and benefit from making calls to other consumers and from the calls that they receive. We obtain that...

In this paper we characterize equilibria in a quantity game where symmetric firms face a local demand together with an export-constrained demand. Firms have unlimited access to a local demand but a restricted access to a second market, like in the electricity network where generators compete to...

The static production efficiency model and the dynamic duality model of intertemporal decision making using a parametric approach have been continuously developed but in separate direction. The parametric approach takes statistical noise into account, which consequently provides accurate...

We define a segregation ordering as a ranking of cities from most segregated to least segregated. \ We propose a set of basic properties that any reasonable segregation ordering should have. \ We then fully characterize the class of segregation orderings that satisfy these basic properties. \ We...

We compare auction revenues from discriminatory auctions and uniform price auctions in the case of the Korean treasury bonds auction market. For this purpose, we employ detailed bidder level data for each of 16 discriminatory auctions recently carried out in Korea. We first theoretically recover...

The measurement of income inequality plays a pivotal role in the assessment of economic welfare and the design and implementation of social policies. A primary input of such measurement is data provided by household surveys. It is a well-documented fact that in these surveys some variables are...

Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a connection between aggregate growth and plant dynamics through their effect on productivity: the...