The INITB.TEX file consists of a macro collection designed to write books in a form standard to many handbooks. The macro file should be input before the text. Macros in this file automatically number chapters, sections, and print their titles in the proper format. It offers many useful...

One of the major tasks facing a transition economy is to create the competitive environment of a properly functioning market economy. It is widely believed that competition has a positive effect on efficiency, but the theoretical and empirical support is quite scarce. The objective of this paper...

All economies are heterogeneous. The behavior of the economic agents with different in important aspects. However, in a stable environment usually strong forces shape a typical behavior, thus many agents act similarly. On the one hand, the behavior of agents will be much less uniform in an...

This paper investigates the link between competition and efficiency for the Hungarian corporate sector during various phases of the transition process. We employ frontier production functions to explore differences among groups of firms, and to identify the typical adjustment process of each...

Under perfect competition and constant returns to scale, firms producing homogeneous products set their prices at their marginal costs which also equal their average costs. However, the departure from these standard assumptions has important implications with respects to the derived theoretical...

Transition from socialist to market economy brought drastic changes to the Hungarian labour market. Employment fell by 1.6 million, i.e., by more than 25% during the early transition period, while unemployment jumped from practically nil to over 14% within four years. The rapid economic growth...

All economies are heterogeneous. The behaviour of the economic agents will differ in important aspects. However, in a stable environment usually strong forces shape a typical behaviour, thus many agents act similarly. On the one hand, the behaviour of agents will be much less uniform in an...