Under fairly general assumptions requiring neither a differentiable frontier nor a constant-returns-to-scale technology, this paper introduces a new definition of an optimal scale size based on the minimization of unit costs. The corresponding measure, average-cost efficiency, combines scale and...

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...

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...