We examine pure no-load funds over a 5-year period. For equity funds, trading activity is negatively related to returns. Expense ratios are not significantly related to returns. Potential capital gains exposure and tax cost ratio are positively related to return. For fixed income funds, trading activity is positively related to return. Expense ratios and tax cost ratios are negatively related t...

Economies of size refer to the ability of a farm to lower costs of production by increasing production. Agriculture production displays an L-shaped average cost curve where costs are lower initially but reach a point where no further gains are achieved. Spreading fixed costs, bulk purchases, and marketing power are cited as reasons for economies of size. Labor-reducing technologies may be the p...

With economies of scale, a vertically integrated firm can lower its upstream cost by supplying downstream competitors. The competitors may strategically choose not to purchase from the integrated firm, unless the latter’s price for the intermediate good is sufficiently lower than those of alternative suppliers. In a simple model of dynamic scale economies through learning by doing, equilibrium ...

OBJECTIVE To evaluate technical efficiency and potential presence of scale and scope economies in Mexican private medical units (PMU) that will improve management decisions. MATERIALS AND METHODS We used data envelopment analysis methods with inputs and outputs for 2 105 Mexican PMU published in 2010 by the Instituto Nacional de Estadística y Geografía from the "Estadística de Unidades Médica...

This paper deals with the problem of incentive mechanism design in non-convex production economies when production sets and preferences both are unknown to the designer. We consider Nash-implementation of loss-free, average cost, marginal cost, voluntary trading, and quantity-taking pricing equilibrium allocations in economies involving increasing returns to scale or more general types of non-c...

We propose a model in which economic relations and institutions in advanced and less developed economies differ as these societies have access to different amounts of information. This lack of information makes it hard to give the right incentives to managers and entrepreneurs. We argue that differences in the amount of information arise because of the differences in the scale of activities in ...

We propose a model in which economic relations and institutions in advanced and less developed economies di er as these societies have access to di erent amounts of information. This lack of information makes it hard to give the right incentives to managers and entrepreneurs. We argue that di erences in the amount of information arise because of the di erences in the scale of activities in rich...

This paper considers implementation of marginal cost pricing equilibrium allocations with transfers for production economies with increasing returns to scale. We present a mechanism whose Nash equilibrium allocations coincide with the set of marginal cost pricing equilibrium allocations with transfers that characterizes Pareto efficient allocations for economies with non-convex production techn...