Allocative and productive efficiency are static concepts in the sense that they relate to welfare at a point in time. Allocative and productive efficiency reflect the outcome at a single point in time of resource allocation and production decisions.

Until the late 1980s competition between universities was limited and the allocation of funding by the University Grants Committee created a system that was more akin to central planning than to a competitive market. Following the advice of the Treasury the Labour government of the late 1980s...

A problem that often arises in applied finance is one where decision-makers need to choose a value for some parameter that will affect the cash flows between two parties such as a rental rate or an exercise price. Because the values of the cash flows also depend on various unobservable...

Number 1 in the monograph series by ISCR. This issue published in July of 2001 has the following articles: Down on the farm is going global Can a large single Co-operative be efficient?The price of milk and the value of capitalThe discipline of open entry and exitWhat does open entry and exit...

In this Report we consider:1. How the potential for tacit and explicit collusion associated with joint dominance can best be assessed in merger applications.2. Whether the inclusion in section 47 of the Commerce Act of the competition test proposed above in place of the existing dominance test...

This supplement was published in May of 2003 and discusses: The Electricity IndustryPrices in the Electricity MarketCentral planning applied to electricity

This paper provides an economic assessment of the costs and benefits of harmonising New Zealand's commercial laws and regulations with those in Australia or with an OECD norm. It argues that unless the definition of harmonisation is limited to mutual recognition the economics literature surveyed...

Slides by Professor Neil Quigley presented at the Auckland seminar Calculating the Cost of Capital: A Revisionists' Appraisal are available for download here.

We use the telecommunications industry and electricity market in New Zealand and payments systems in Canada and New Zealand to examine the implications of modern network technology for the organisation and governance of deregulated markets. Our analysis identifies natural monopoly components of...

This paper provides some economic perspectives on the interaction between contract law and competition (antitrust) law. First it surveys some relevant aspects of the literature and provides some specific examples relating to:(i) The theory and development of contract enforcement institutions(ii)...