This paper proposes a nonparametric efficiency measurement approach for the static portfolio selection problem in mean-variance-skewness space. A shortage function is defined that looks for possible increases in return and skewness and decreases in variance. Global optimality is guaranteed for...

This contribution provides a way to define and compute a tangency notion of economic capacity based upon the relation between the various directional distance functions and the profit and cost functions using non-parametric technologies. A new result relating profit and cost function-based...

This contribution revisits the debate on the axiomatic properties satisfied by various radial versus non-radial measures of technical efficiency in production. This issue arises whenever isoquant and efficient subset of technology diverge and hence traditional radial measurement does not comply...

The concept of efficiency in groups postulates that a coalition of firms has to record a smaller distance toward the aggregate technology frontier compared with the sum of individual distances. Efficiency analysis (either allocative or technical) is defined with respect to cooperative firm game...

Cecchetti et al. (2006) develop a method for allocating macroeconomic performance changes among the structure of the economy, variability of supply shocks and monetary policy. We propose a dual approach of their method by borrowing well-known tools from the production theory.

This contribution proposes a specification of strictly increasing and decreasing returns to scale in multi-output technologies. Along this line a notion of [alpha]-returns to scale is derived from that of homogeneous multi-output technology. For a large class of technologies we establish...

This note shows how the linear programs needed to compute cost and revenue functions under constant returns to scale and a single output or input, respectively, can be replaced with a more efficient enumeration algorithm. A numerical example illustrates this algorithm