			Home About us Contact

Efficiency Properties (efficiency + property)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

THE EFFECT OF AUCTION FORMAT ON EFFICIENCY AND REVENUE IN DIVISIBLE GOODS AUCTIONS: A TEST USING KOREAN TREASURY AUCTIONS,

THE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 2 2008
BOO-SUNG KANG
This paper measures the efficiency and revenue properties of the two most popular formats for divisible goods auctions: the uniform-price and discriminatory auction. We analyze bids into the Korean Treasury auctions which have used both formats. We find that the discriminatory auction yields statistically higher revenue. Unlike previous work that uses data from only one format, we are able to compare the efficiency properties of the two formats. We find that the discriminatory auction better allocates treasury bills to the highest value financial institutions. However, the differences in revenue and efficiency are not large because the auctions are very competitive. [source]

ASYMPTOTIC EFFICIENCY OF THE BLEST-TYPE TESTS FOR INDEPENDENCE

AUSTRALIAN & NEW ZEALAND JOURNAL OF STATISTICS, Issue 3 2008
Natalia Stepanova
Summary Blest (2000, Aust. N. Z. J. Stat. 42, 101,111) proposed a new measure of rank correlation that is sensitive to discrepancies in the small ranks. This paper investigates the efficiency properties of non-parametric tests for independence based on Blest's correlation coefficient and its modifications. Pitman efficiency comparisons are made with analogous tests existing in the literature. Conditions for Pitman optimality of the Blest-type tests are established. [source]

QUALITY-CORRECTED PRICE CAPS

BULLETIN OF ECONOMIC RESEARCH, Issue 3 2007
Kevin M. Currier
L43; L51 ABSTRACT Although price caps have desirable efficiency properties, it is well known that they may create incentives for a regulated firm to attempt to lower its costs via reductions in service quality. Thus, the regulators often employ quality standards or other methods designed to have allowed prices reflect delivered service quality levels. In this paper, we present a system of quality-corrected price caps that results in efficient pricing and quality provision. [source]

MONEY AS A MECHANISM IN A BEWLEY ECONOMY*

INTERNATIONAL ECONOMIC REVIEW, Issue 2 2005
Edward J. Green
We investigate the efficiency property of a monetary economy with spot trade. We prove a conjecture that is essentially due to Bewley (Models of Monetary Economics (1980); Econometrica 51 (1983), 1485,504). The gist is that monetary spot trading is nearly efficient ex ante in an environment where very patient agents can accumulate large enough money stocks to be completely self-insured. We also study examples where a nonmonetary mechanism is preferred ex ante to any monetary mechanism in a stationary environment, and where an inflationary monetary mechanism is preferred ex ante to a laissez-faire or deflationary monetary mechanism in an environment with impatient agents. [source]