New PDF release: Aggregation, Efficiency, and Measurement (Studies in

By Rolf Färe, Shawna Grosskopf, Daniel Primont

ISBN-10: 0387369481

ISBN-13: 9780387369488

Economists have lengthy studied the potency of companies, industries, and full economies. This quantity brings jointly top students to make connections among potency and a few various parts of present curiosity to economists, together with an exam of the potency of tax structures throughout generations that overlap, and the potency of multinational mergers that highlights the tradeoff among the synergy of the merger and the matter of managerial oversight within the now better company. An empirical examine productiveness development of states makes use of a tripartite decomposition of work productiveness into technological innovation, development in potency, and the capital deepening caused by way of new company funding, laying off gentle on very important debates on their relative significance. The potency of patent legislation is tested in a contemporary version of financial development. those contributions are complemented by way of analyses of methodological difficulties serious about the size, estimation and aggregation of potency indices.

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For the rest of this section we will be content to show that the quadratic functional form still "works" for any direction vector (gx,gy). We will impose the translation property on the quadratic functional form and thereby derive the restrictions imposed by the translation property. For the quadratic functional form. n n n L aiZi + L L bjkZjZk j = l k=l i=l we want the following to hold identically for all a and for all z. L ai (Zi + agi) + L L bjk (Zj + agj) (Zk + agk) j = L ai (z, + agi) + L L bjk (ZjZk + aZj9k + aZk9j + a29jgk) j = k k Laizi + LLbjkzjZk - a k j Cancelling common terms and factoring out the a's we get a L aigi + a L L bjk (Zjgk j k + Zkgj) + a 2 L j L bjk9j9k = k -a Derivative Properties of Directional Technology Distance Functions 41 or 0: L aigi + 0: L Zj L + 0: L bjkgk k j L Zk k + 0: 2 L bjkgj j L bjkgjgk = -0: k j Divide both sides by 0: to get L aigi +L L Zj +L bjkgk k j Zk L k Differentiate (18) with respect to L + 0: L bjkgk L bjkgjgk = -1 (18) k j to get Z/ +L k or bjkgj j bjkgj = 0 bjkgj = 0, j L bkjgk +L k j using symmetry.

We specify a simple discrete-outcome agency model where an agent exerts unobservable effort to increase the probability of a high return. The agency cost derives from a limited liability constraint on the agent. Synergistic gains from merger of two firms arise because effort exerted by the agent in each of two firms is assumed to proportionally increase the probability of generating a high return in the other firm. When two firms with similar agency problems merge to achieve synergy, information on the returns on the individual businesses is assumed to be lost in that the principal is able to observe only aggregate performance as opposed to individual performance after merger.

Theorem 2 The second-best optimum of the overlapping generations model with generation-specific lump-sum taxes is characterized by shadow prices that are proportional to producer prices which, in turn, are proportional to consumer prices only when desired government saving is nonnegative. The set of Pareto-optima has a region of zero taxes and a region of non zero taxes . Both regions have dimension two. 6 Conclusion In this paper we have shown, in a finite-horizon overlapping-generations model, that government intervention in the markets in terms of taxes on commodities and on either savings or capital inputs (but not both) is required for a non negligible set of Pareto-optima.

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Aggregation, Efficiency, and Measurement (Studies in Productivity and Efficiency) by Rolf Färe, Shawna Grosskopf, Daniel Primont


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