We study the impact of the technological change on asset prices in a dynamic model economy that features a stochastic technology frontier and costly technology adoption. Firms adopt the latest technology embodied in new capital to reach the stochastic technology frontier, but this decision entails an adoption cost. The model predicts that firms operating with old capital are more risky and henc...

Stochastic dominance (SD) has been identified as an important method for effi cient diversification. However, the SD rule is too rigid in that it remains silent on some obvious preferences between two distributions for most investors as pointed out by Leshno and Levy (2002). Thus the purpose of this paper is to derive an effi cient frontier according to generalized almost stochastic dominance (...

Background & Aims: Hospitals are the most important centers that provide health services in the country. They have to use scientific and efficient management at all levels for promoting health. Intensive care units (ICU) are one of the most sensitive parts of the hospitals; therefore, paying attention to its efficiency is of particular importance. The purpose of this paper was to estimate the t...