Selfish routing in congested networks generally does not minimize total system travel time, and as its direct result, traffic equilibrium is typically inefficient. Bounding the inefficiency of selfish routing has become a recent emerging subject of researches by looking into the worst case ratio of the total cost in a deterministic User Equilibrium (UE) point to the total cost of System Optimum...

Many developed countries face a growing need for long-term care provision because of population ageing. Japan is one such example, given its population's longevity and low birth rate. In this study, we examine the efficiency of Japan's regional long-term care system in FY2010 by performing a data envelopment analysis, a non-parametric frontier approach, on prefectural data and separating cost e...

Abstract The causes of market inefficiency are many. We suggest an additional cause — buyers’ random entry order. In a where identical sellers compete for buyers heterogeneous valuations, first come served is the norm. Since all choose cheapest available good, low-valuation buyer who enters late may find remaining goods unaffordable, which markets not to clear. therefore propose coordination so...

We demonstrate how earlier approaches to model the impact that corporate social responsibility (CSR) has on investment inefficiency are likely be incorrect and propose use of stochastic frontier methodology this relationship. apply approach a sample European listed companies, providing robust evidence CSR performance is negatively associated with inefficiency. This result consistent claim high ...

We analyze a dynamic market with a seller who can make a one-time investment that affects the returns of tradable assets. The potential buyers of the assets cannot observe the seller's investment prior to the trade or verify it in any way after the trade. The market faces two types of inefficiency: the ex-ante inefficiency, i.e., the seller's moral hazard problem, and the ex-post inefficiency, ...