The Zilcha Criteria for Dynamic Inefficiency Reconsidered
نویسندگان
چکیده
We reconsider necessary and suffcient conditions for dynamic inefficiency given in Zilcha (1990, 1991) and a critique by Rangazas and Russell (2005). First, we show that the characterization given in Zilcha (1990) for nonstationary economies is correct and complete Zilcha's proof. Second, using this insight, we complement Rangazas and Russell (2005)'s discussion of the counterexamples to Zilcha (1991). Third, we discuss consequences of our results for applied tests of (in-)efficiency based on the Zilcha criteria. The Zilcha Criteria for Dynamic Inefficiency Reconsidered Martin Barbie∗and Ashok Kaul† First Draft: August 2005. Final Version: October 2007
منابع مشابه
An extended of multiple criteria data envelopment analysis models for ratio data
One of the problems of the data envelopment analysis traditional models in the multiple form that is the weights corresponding to certain inputs and outputs are considered zero in the calculation of efficiency and this means that not all input and output components are utilized for the evaluation of efficiency, as some are ignored. The above issue causes the efficiency score of the under evalua...
متن کاملDynamic Inefficiency: Anarchy without Stability
The price of anarchy [16] is by now a standard measure for quantifying the inefficiency introduced in games due to selfish behavior, and is defined as the ratio between the optimal outcome and the worst Nash equilibrium. However, this notion is well defined only for games that always possess a Nash equilibrium (NE). We propose the dynamic inefficiency measure, which is roughly defined as the av...
متن کاملAn integrated multi-criteria decision-making methodology based on type-2 fuzzy sets for selection among energy alternatives in Turkey
Energy is a critical factor to obtain a sustainable development for countries and governments. Selection of the most appropriate energy alternative is a completely critical and a complex decision making problem. In this paper, an integrated multi-criteria decision-making (MCDM) methodology based on type-2 fuzzy sets is proposed for selection among energy alternatives. Then a roadmap has been cr...
متن کاملInefficiency persistence and heterogeneity in Colombian electricity distribution utilities
The electricity reform in Colombia has exhibited gains in terms of reliability but its effects on firms efficiency and service quality have not been clear. Previous studies evaluating the performance of distribution companies after the reform have not found evidence of improvements, although large differences in efficiency have been found among firms. This suggests high inefficiency persistence...
متن کاملEstimating Efficiency of Bank Branches by Dynamic Network Data Envelopment Analysis and Artificial Neural Network
Network data envelopment analysis models assess efficiency of decision-making unit and its sections using historical data but fail to measure efficiency of its units and their internal stages in the future. In this paper we aim to measure efficiency of stages of bank branches and obtain efficiency trend of stages during the time, then to estimate their efficiency in the future therefore we can ...
متن کامل