This paper presents an analytical approach, based on rank statistics, to the issue of comparing programs within Data Envelopment Analysis (DEA) efficiency evaluation framework. The program evaluation procedure distinguishes between managerial and programmatic inefficiency and uses the...

This paper considers choice between individual projects and shows that when the choice set includes arbitrary distributions, then any assumed relationship between expected utility theory and general moment preferences for individual decision makers is theoretically unsound. In particular, a risk...