The paper presents a rigorous frontier-analysis of technical efficiency, returns to scale and the composition of productivity growth of the Italian prison system over the period 2003-2005. The study tries to fill some gaps in the literature on the subject, which mainly suffers from both...

The work discusses a basic proposition in the theory of competition in markets with adverse selection (Bester, 1985). By working out the sequence of market transactions, we show that the effectiveness of collateral in avoiding equilibrium rationing depends on an assumption of uncontestability of...

This paper, specifying the effects that liquidity management has on the profit function of a generic bank facing an adverse selection problem a la' Stiglitz and Weiss (1981), gives a microeconomic foundation, of a partial equilibrium nature, of credit rationing as a transmission mechanism of...

Reconstructing the whole debate on the finance motive, this work highlights the importance of Robertson's and Shaw's critical comments on the Keynesian theory of the rate of interest. Saving and liquidity cannot be conceived — as Keynes and the post-Keynesians claim — as separate categories,...

The paper illustrates and analyses the results of simulations meant to estimate - drawing upon data from the whole set of public primary and secondary schools - the efficiency gains coming from class sizing techniques and based on a decisionmaking level higher than the current one. Three...