We report on an experiment investigating whether the Hayak Hypothesis (Smith, 1982) extends to the long run setting. We consider two environments; one with a common production technology having a U-shaped long run average cost curve and a single competitive equilibrium, and another with a common constant returns to scale technology having a constant long run average cost curve and multiple comp...

With a brief review of the studies on the industry in Data Envelopment Analysis (DEA) framework, the present paper proposes inner and outer technologies when only some basic information is available about the technology. Furthermore, applying Linear Programming techniques, it also determines lower and upper bounds for directional distance function (DDF) measure, overall and allocative efficienc...

In a two-stage survey, a cross-section of Australians were questioned about the importance of costs in setting priorities in health care. Generally, respondents felt that it is unfair to discriminate against patients who happen to have a high cost illness and that costs should therefore not be a major factor in prioritising. The majority maintained this view even when confronted with its implic...

This paper studies the allocative efficiency of two non-price allocation mechanisms — the lottery (random allocation) and the waiting-line auction (queue system) — for the cases where individuals possess identical time costs (the homogeneous case), and where time costs are correlated with valuations (the heterogeneous case). The relative efficiency of the two mechanisms is shown to depend criti...

Productive efficiency for Chinese hybrid and conventional rice production is estimated using a dual stochastic frontier efficiency decomposition model. Results reveal significant differences in technical and allocative efficiency between conventional and hybrid rice production, and indicate significant regional efficiency differences in hybrid rice production, but not in conventional rice produ...

The influence of IT investments on organizational performance is revisited. Bounded rationality, organizational controls, and political forces may constrain optimal selection of inputs and appropriate substitution between inputs. For example, firms may not be able to attain an optimal level of IT by substituting IT for labor (for reasons such as pressure from the labor union). Besides estimatin...

We study the impact of special interest politics on competition for a multinational between two countries. We show that whether a country will win this competition is determined by both economic factors, which include for which country foreign direct investment will bring more national welfare, and in which country the multinational will make more profits; and to what extent each country’s gove...

We present a stereo active vision system which performs tracking tasks on smoothly moving objects in complex backgrounds. Dynamic control of the camera vergence adapt the horopter geometry to the target position and allows to pick it up easily on the basis of stereoscopic disparity features. We introduce a novel vergence control strategy based on the computation of \virtual horopters" to track ...