dynamic efficiency

In data envelopment analysis, there are several methods for measuring efficiency change over time, e.g. the window analysis and the Malmquist index. However, they usually neglect carry-over activities between consecutive two terms. These carry-overs play an important role in measuring the efficiency of decision making units in each term as well as over the whole terms based on the long-term viewpoint. Dynamic DEA model proposed by Färe and Grosskopf is the first innovative contribution for such purpose. In this paper we develop their model in the slacks-based measure (SBM) framework, called Dynamic SBM (DSBM). The SBM model is non-radial and can deal with inputs/outputs individually, contrary to the radial approaches that assume proportional changes in inputs/outputs. Furthermore, according to the characteristics of carry-overs, we classify them into four categories, i.e. desirable, undesirable, free and fixed. Desirable carry-overs correspond, for example, to profit carried forward and net earned surplus carried to the next term, while undesirable carry-overs include, for example, loss carried forward, bad debt and dead stock. Free and fixed carry-overs indicate, respectively, discretionary and non-discretionary ones. We develop Dynamic SBM models that can evaluate the overall efficiency of decision making units for the whole terms as well as the term efficiencies.

In data envelopment analysis, there are several methods for measuring efficiency change over time, e.g. the window analysis and the Malmquist index. However, they usually neglect carry-over activities between consecutive two terms. These carry-overs play an important role in measuring the efficiency of decision making units in each term as well as over the whole terms based on the long-term viewpoint. Dynamic DEA model proposed by Färe and Grosskopf is the first innovative contribution for such purpose. In this paper we develop their model in the slacks-based measure (SBM) framework, called Dynamic SBM (DSBM). The SBM model is non-radial and can deal with inputs/outputs individually, contrary to the radial approaches that assume proportional changes in inputs/outputs. Furthermore, according to the characteristics of carry-overs, we classify them into four categories, i.e. desirable, undesirable, free and fixed. Desirable carry-overs correspond, for example, to profit carried forward and net earned surplus carried to the next term, while undesirable carry-overs include, for example, loss carried forward, bad debt and dead stock. Free and fixed carry-overs indicate, respectively, discretionary and non-discretionary ones. We develop Dynamic SBM models that can evaluate the overall efficiency of decision making units for the whole terms as well as the term efficiencies.

We apply recent advances in time substitution modeling to examine the environmental performance of firms in Sweden's pulp and paper industry for the years 2002 -2008. Our data allow us to estimate the optimal reallocation of environmental investments, expenditures and energy use to simultaneously maximize production output and minimize emissions reductions in the years immediately before and after the implementation of the European Union Emissions Trading Scheme. We find some evidence of overall productivity decline when considering both emissions and output objectives, due primarily to technological decline, and that cumulative dynamic inefficiency outweighs static inefficiency. A comparison of optimal investment time paths to observed investment levels indicates that firms could have improved their performance by reallocating environmental investments to early periods and production-oriented investment to later periods.

In his Scroogenomics, Joel Waldfogel argues that gifting creates enormous deadweight loss, as individuals give one another gifts that they do not want or cannot use. He views efficiency as static, calculating the gains from trade (or gifting) at the moment of transaction. A puzzle arises, however, when one realizes that gifting has been a nearly ubiquitous institution throughout history. If gifting wastes valuable resources, why does it persist? We argue that gift giving is dynamically efficient despite the possibility of generating short-term deadweight loss. A well-functioning market economy requires expanded social networks and trustworthiness among anonymous and quasi-anonymous exchange partners. Gifting allows individuals to signal trustworthiness by offering ‘burnt sacrifices’. Gifting practices that include a willingness to sacrifice via reciprocity norms, public visibility and ritual will tend to promote generalized trust. We consider these four elements – sacrifice, recipro...

Previous considerations on the theory of the efficiency of small enterprises in the literature have not led to the creation of a comprehensive model. This is due to the ambiguity of the concept of efficiency and the lack of consistency in the subject matter. In the traditional approach, the efficiency measures needed to be improved for managing small organisations that compete in a turbulent environment. The measures included in the literature mainly refer to financial issues, whereas to a minimal extent, they refer to the future efficiency of the organisation. Therefore, the need to organise the problems raised in theoretical and research areas was indicated. This study aims to create a dynamic model of efficiency in a small enterprise. Quantitative analysis based on a representative sample of 455 organisations allowed the verification of the hypotheses, resulting in a comprehensive model of the efficiency of small enterprises. The empirical model coincided with the conceptual model. The model was validated on a sample of 336 service companies. On this basis, the company's efficiency occurs in a continuous cycle of its elements: economic efficiency, manufacturing efficiency, and effectiveness.

Efficiency measurement is an important analysis for institutions in order to investigate their performance comparatively. On the other hand, evaluating efficiency of institutions carrying out more than one activity using common resources is important management problems. Since both efficiency and priorities may change in time, the problem set is getting more complex. Sub-activities of total system (Decision Making Sub-Units/DMSU) of institutions may act in different ways since they have different priorities or goals. In addition, factors effecting efficiencies of these DMSUs may differ. Each DMSUs' countermeasures can vary in order to reach the efficient frontier. Therefore, total system efficiency results may not represent the DMSUs' efficiencies. In line with these inferences, the aim of this study is to analyze efficiency differences between DMUs and DMSUs in terms of their behaviors, efficiencies and countermeasures in a dynamic manner. A hybrid non-parametric dynamic efficiency evaluation model, "Multi-Activity Window Data Envelopment Analysis (MA-WDEA)", is developed first 1. Then, internal dynamics of DMUs and DMSUs are analyzed via dynami c returns to scale(RTS) analysis and Tobit regression models. Both analysis are established on efficiency results of the MA-WDEA model. The proposed process is applied to measure the performance of Turkish banking system. The results first show that MA-WDEA is a suitable tool to measure efficiency trends of DMUs/DMSUs. There exist important differences among Turkish banks with respect to their operating and non-operating activities' efficiencies. The results of the dynamic RTS and regression models also show that behavioral attitudes of DMUs and DMSUs are significantly different.

Efficiency measurement is an important analysis for institutions in order to investigate their performance comparatively. On the other hand, evaluating efficiency of institutions carrying out more than one activity using common resources is important management problems. Since both efficiency and priorities may change in time, the problem set is getting more complex.Sub-activities of total system (Decision Making Sub-Units/DMSU) of institutions may act in different ways since they have different priorities or goals. In addition, factors effecting efficiencies of these DMSUs may differ. Each DMSUs' countermeasures can vary in order to reach the efficient frontier. Therefore, total system efficiency results may not represent the DMSUs' efficiencies.In line with these inferences, the aim of this study is to analyze efficiency differences between DMUs and DMSUs in terms of their behaviors, efficiencies and countermeasures in a dynamic manner. A hybrid non-parametric dynamic effi...

Existing methods for the measurement of technical efficiency in the dynamic production models obtain it from the implied distance functions without making use of the information about intertemporal economic behavior in the estimation beyond an indirect appeal to duality. The main limitation of such an estimation approach is that it does not allow for the dynamic evolution of efficiency that is explicitly optimized by the firm. This paper introduces a new conceptualization of efficiency that directly enters the firm's intertemporal production decisions and is both explicitly costly and endogenously determined. We build a moment-based multiple-equation system estimation procedure that incorporates both the dynamic and static optimality conditions derived from the firm's intertemporal expected cost minimization. We operationalize our methodology using a modified version of a Bayesian Exponentially Tilted Empirical Likelihood adjusted for the presence of dynamic latent variables in the model, which we showcase using the 1960-2004 U.S. agricultural farm production data. We find that allowing for potential endogenous adjustments in efficiency over time produces significantly higher estimates of technical efficiency, which is likely due to inherent inability of the more standard exogenous-efficiency model to properly credit firms for incurring efficiency-improvement adjustment costs. Our results also suggest material improvements in efficiency over time at an about 2.6% average annual rate, which contrasts with near-zero estimates of the exogenous efficiency change.

In his Scroogenomics, Joel Waldfogel argues that gifting creates enormous deadweight loss, as individuals give one another gifts that they do not want or cannot use. He views efficiency as static, calculating the gains from trade (or gifting) at the moment of transaction. A puzzle arises, however, when one realizes that gifting has been a nearly ubiquitous institution throughout history. If gifting wastes valuable resources, why does it persist? We argue that gift giving is dynamically efficient despite the possibility of generating short-term deadweight loss. A well-functioning market economy requires expanded social networks and trustworthiness among anonymous and quasi-anonymous exchange partners. Gifting allows individuals to signal trustworthiness by offering ‘burnt sacrifices’. Gifting practices that include a willingness to sacrifice via reciprocity norms, public visibility and ritual will tend to promote generalized trust. We consider these four elements – sacrifice, recipro...

In his Scroogenomics, Joel Waldfogel argues that gifting creates enormous deadweight loss, as individuals give one another gifts that they do not want or cannot use. He views efficiency as static, calculating the gains from trade (or gifting) at the moment of transaction. A puzzle arises, however, when one realizes that gifting has been a nearly ubiquitous institution throughout history. If gifting wastes valuable resources, why does it persist? We argue that gift giving is dynamically efficient despite the possibility of generating short-term deadweight loss. A well-functioning market economy requires expanded social networks and trustworthiness among anonymous and quasi-anonymous exchange partners. Gifting allows individuals to signal trustworthiness by offering ‘burnt sacrifices’. Gifting practices that include a willingness to sacrifice via reciprocity norms, public visibility and ritual will tend to promote generalized trust. We consider these four elements – sacrifice, recipro...

In his Scroogenomics, Joel Waldfogel argues that gifting creates enormous deadweight loss, as individuals give one another gifts that they do not want or cannot use. He views efficiency as static, calculating the gains from trade (or gifting) at the moment of transaction. A puzzle arises, however, when one realizes that gifting has been a nearly ubiquitous institution throughout history. If gifting wastes valuable resources, why does it persist? We argue that gift giving is dynamically efficient despite the possibility of generating short-term deadweight loss. A well-functioning market economy requires expanded social networks and trustworthiness among anonymous and quasi-anonymous exchange partners. Gifting allows individuals to signal trustworthiness by offering ‘burnt sacrifices’. Gifting practices that include a willingness to sacrifice via reciprocity norms, public visibility and ritual will tend to promote generalized trust. We consider these four elements – sacrifice, recipro...

h i g h l i g h t s • We develop a theoretical model with heterogeneous agents that differ in income. • We focus on two alternative public choice mechanisms. • We show that static inefficiency depends on the public choice mechanism. • We show that it depends also on the income elasticity of the public good. • We show that a trade-off may be at work between static and dynamic (in)efficiency.

We apply recent advances in time substitution modeling to examine the environmental performance of firms in Sweden's pulp and paper industry for the years 2002-2008. Our data allow us to estimate the optimal reallocation of environmental investments, expenditures and energy use to simultaneously maximize production output and minimize emissions reductions in the years immediately before and after the implementation of the European Union Emissions Trading Scheme. We find some evidence of overall productivity decline when considering both emissions and output objectives, due primarily to technological decline, and that cumulative dynamic inefficiency outweighs static inefficiency. A comparison of optimal investment time paths to observed investment levels indicates that firms could have improved their performance by reallocating environmental investments to early periods and production-oriented investment to later periods.

Firms often face significant challenges to stay competitive in the present economic environment, thus, dynamic capabilities are vital as it is a substantial factor in accomplishing better business performance. This study involved yearly data of 62 firms in the ACE market that engaged with dynamic capabilities, the data was collected from the year 2012-2021. The data was gathered from the firm's annual report and has been analyzed using two-step GMM. Generally, the ACE market is consistently associated with inferior performance and capital compared to the main market. Hence, the market has the possibility of being delisted and affecting capital market performance. Therefore, this study includes dynamic capabilities in the ACE market to study the market’s performance. The results obtained are consistent with the theory, whereby changes in dynamic capabilities contributed to a positive return on the firm’s performance. However, the small capital nature of the ACE Market limits the ...

The paper studies the incentive for providers to invest in new health care technologies under alternative payment systems, when the patients' benefits are uncertain. If the reimbursement by the purchaser includes both a variable (per patient) and a lump-sum component, efficiency can be ensured both in the timing of adoption (dynamic) and the intensity of use of the technology (static). If the second instrument is unavailable, a trade-off may emerge between static and dynamic efficiency. In this context, we also discuss how the regulator could use the control of the level of uncertainty faced by the provider as an instrument to mitigate the trade-off between static and dynamic efficiency. Finally, the model is calibrated to study a specific technology.

Taking into consideration the privatisation policy that has emerged in recent decades, significant researches have been carried out to compare the efficiency of public and private companies. However, there is a drop regarding the evolution of these companies over the years. In view of this, the present research tries to deal with the analysis of efficiency from a dynamic perspective, and to evaluate the process of changes occurring between the starting point (1990) and the finishing point (1998). The methodology is Indexes of Malmquist. Empirical data show that privatised enterprises have improved its technical efficiency more than private enterprises. Public enterprises are the firms that have improved least in this way. Finally a complementary analysis considers if determinant factors, such exports, R&D., presence of workers contracted, or human c Indexepital contribute to improve the efficiency. PALABRAS CLAVE: privatisation, efficiency, Indexes of Malmquist RESUMEN En los últimos años se han realizado significativas investigaciones con el objetivo de comparar la eficiencia de empresas públicas y privadas, como consecuencia, de la política de la privatización que ha emergido en décadas recientes.

We study a two-sector OLG economy in which a share of old age consumption expenditures must be paid out of money balances and we appraise its dynamic features. We first show that competitive equilibrium is dynamically efficient if and only if the share of capital on total income is large enough while a steady state capital per capita above its Golden Rule level is not consistent with a binding liquidity constraint. We thus focus on the gross substitutability in consumption and on dynamic efficiency assumptions and show that, gathered together, they ensure the local determinacy of equilibrium and, as a consequence, rule out sunspot fluctuations. In addition, we prove that the unique steady state may change its stability from a saddle configuration to a source one (undergoing a flip bifurcation) for a capital intensive investment good as well as for a capital intensive consumption good, when the elasticity of the interest rate is set low enough. However, when the investment good is not too capital intensive, the flip bifurcation turns out to be compatible with high elasticities of the interest rate too. Analogous results within dynamic efficiency are found in the non-monetary model, the existence of a flip bifurcation requiring now a capital intensive investment good. Eventually, under dynamic inefficiency, in the non-monetary economy local indeterminacy may instead appear, either through a Hopf bifurcation or through a flip one, and its scope improves as soon as the consumption good becomes more and more capital intensive.

We apply recent advances in time substitution modeling to examine the environmental performance of firms in Sweden's pulp and paper industry for the years 2002-2008. Our data allow us to estimate the optimal reallocation of environmental investments, expenditures and energy use to simultaneously maximize production output and minimize emissions reductions in the years immediately before and after the implementation of the European Union Emissions Trading Scheme. We find some evidence of overall productivity decline when considering both emissions and output objectives, due primarily to technological decline, and that cumulative dynamic inefficiency outweighs static inefficiency. A comparison of optimal investment time paths to observed investment levels indicates that firms could have improved their performance by reallocating environmental investments to early periods and production-oriented investment to later periods.

The existing literature on the subsidy-efficiency nexus is almost exclusively based on static modelling and thus ignores the inter-temporal nature of production decisions. The present paper contributes to this literature by developing a dynamic stochastic frontier model, which is then estimated using a sample of French farms over the period 1992-2011. For comparison purposes, the static counterpart of the dynamic model is also estimated. The results indicate that, in the dynamic case as well as in the static one, public subsidies are negatively associated with farm technical efficiency. Nevertheless, these linkages are found to be weak, and they are much weaker when dynamic aspects are taken into account.

An adequate normative regulation isa prerequisite for a successful implementation of the competition policy as a fundament of a market economy is. With current legal solutions in the fi eld of the competition policy, Serbia has provided the necessary institutional framework for the effi cient functioning of the market and the establishment of eff ective competition on it. The eff ectiveness of this framework is necessary to evaluate through a market analysis, based on the results achieved in creating a climate that encourages the development of competition. The compatibility of legislation with the European Union standards and its practical application are the basic assumptions of the purposeful operating of institutions. The modest results of the competition policy in Serbia impose the need to increase institutional capacity, upgrade the regulation and its conceiving in a manner that will ensure the construction of an effi cient market economy. In this sense, the paper analyzes the key elements of the institutional framework that determine the eff ectiveness of the competition policy. Special a$ ention will be paid to the practical application of this framework, which will be illustrated by a critical review of the manner and method of decision-making by the Serbian Commission for the Protection of Competition in its procedures in monopolized markets.

This paper examines the claim that dynamic considerations play a particularly important role in certain industries (in particular, those characterized by high rates of product innovation) and, consequently, render antitrust analysis based on static concepts inappropriate or misleading. By expositing and applying the fully dynamic model of Segal and Whinston, I argue that, in many cases, static analyses are not misleading and that dynamic considerations (such as competition for the market) are not decisive in these analyses. I argue, however, that dynamic considerations can be important when the predominant mode of commercialization by innovative entrants is via cooperation rather than competition with incumbent firms; examples of cooperation include acquisition and licensing. Therefore, this means that static measures of competition are likely to be reinforced in certain circumstances by related dynamic considerations.

Based on the AMSZ (1989) criterion, we exploit comprehensive datasets to estimate the dynamic efficiency of world economy. The results reveal that the representative economies conform to a "U-shaped pattern" in their evolution of capital accumulation. That is, a period of decreasing efficiency (over-accumulation) followed by increasing efficiency (deaccumulation). Contrary to previous evidence, the bias-corrected estimates show that major economies have been inconsistently dynamically efficient. As a prime example, China today is unquestionably in a state of severe dynamic inefficiency, and the inefficient status is likely to continue in near future. We also document the limitations of the AMSZ criterion and point out promising research directions in the efficiency literature.

This paper examines how dynamic strategies and underlying focusing devices lead to dynamic competitive advantage. Our methodology is an analysis based on the simple mode of focusing device and innovation. We show that quality-improving and cost-reducing strategies are facilitated under a productivity-based pricingscheme, while a hybrid strategy is favoured by having a marginal productivity-based pricing scheme as the underlying focusing device of innovation. We also argue that a hybrid strategy achieves dynamic efficiency, so that cost-reducing and quality-improving strategies should converge towards ahybrid strategy over time, to attain dynamic competitive advantage. The implications of these results are threefold. First, the firm should determine the appropriate direction of innovationtrajectories, rather than a competitive position. Second, the firm should identify its current focusing device and examine whether it is congruent with the desired dynamic strategy. Third, over the long term, the firm should adopt a hybrid strategy. The value of this paper is significant as it provides the formal model of dynamic strategies.

Trade-offs between imitation and innovation create natural tensions in the design of competition policy for the telecommunications industry. We explore the relationship between the prices of unbundled network elements (UNEs) and static/dynamic efficiency. We find that even when UNEs are priced to induce efficient make-or-buy decisions from a static perspective, mandatory unbundling reduces the incumbent's incentive to invest from a dynamic perspective. Moreover, while the literature focuses on disincentives for investment in innovation associated with low UNE prices, we find that raising prices for UNEs, when such prices preserve the efficient make-or-buy decision, can discourage investment in process innovation.

This paper explores the role of the essential facilities doctrine in circumscribing the scope of network sharing obligations in telecommunications. Among other things it argues that a proper application of the doctrine of essential facilities should recognize the prominence of dynamic over static efficiency in promoting consumer welfare. Regulators may be averse to recognizing these tradeoffs because unlike the behavior of prices the welfare losses from foregone innovation may be unobservable to the regulators' constituency. Moreover, an emphasis on dynamic efficiency requires the short-term regulator to take the "long view" – fostering the competitive process rather than emulating the competitive outcome.

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

Decision makers facing abatement targets need to decide which abatement measures to implement, and in which order. Measure-explicit marginal abatement cost curves depict the cost and abating potential of available mitigation options. Using a simple intertemporal optimization model, we demonstrate why this information is not sufficient to design emission reduction strategies. Because the measures required to achieve ambitious emission reductions cannot be implemented overnight, the optimal strategy to reach a short-term target depends on longer-term targets. For instance, the best strategy to achieve European's-20% by 2020 target may be to implement some expensive, high-potential, and long-to-implement options required to meet the-75% by 2050 target. Using just the cheapest abatement options to reach the 2020 target can create a carbonintensive lock-in and make the 2050 target too expensive to reach. Designing mitigation policies requires information on the speed at which various measures to curb greenhouse gas emissions can be implemented, in addition to the information on the costs and potential of such measures provided by marginal abatement cost curves.

Decision makers facing abatement targets need to decide which abatement measures to implement, and in which order. Measure-explicit marginal abatement cost curves depict the cost and abating potential of available mitigation options. Using a simple intertemporal optimization model, we demonstrate why this information is not sufficient to design emission reduction strategies. Because the measures required to achieve ambitious emission reductions cannot be implemented overnight, the optimal strategy to reach a short-term target depends on longer-term targets. For instance, the best strategy to achieve European's-20% by 2020 target may be to implement some expensive, high-potential, and long-to-implement options required to meet the-75% by 2050 target. Using just the cheapest abatement options to reach the 2020 target can create a carbonintensive lock-in and make the 2050 target too expensive to reach. Designing mitigation policies requires information on the speed at which various measures to curb greenhouse gas emissions can be implemented, in addition to the information on the costs and potential of such measures provided by marginal abatement cost curves.

This study used the by-production model specification to separate emission-generating technologies from 'desirable outputs' technology. It then employed the dynamic efficiency model, following the Dynamic Directional Input Distance Function specifications to compute the deterministic, dynamic environmental and technical efficiencies of large gold mines in developing countries. Using firm-level data from 2009 to 2018, the study found that on average, dynamic technical efficiency in these mines was 73%; the average dynamic technical efficiency was observed to have a decreasing trend, of 0.3% annually. The study also found that on average, dynamic environmental efficiency was 56%. However, the average dynamic environmental efficiency trend had a decrease of 0.6% annually. The poor performance and downward trends could be attributed partly to downward investment trends over time, and the increasing complexity of extracting gold deposits from low-grade ore, as well as to prices. They could also be the result either of poor institutional capacity, as far as environmental policies, regulations, and enforcement are concerned; or of supply-side structural rigidity-in particular, low-capacity, and unreliable energy supply, mostly from bad inputs such as coal and heavy fuels or both, which calls for the use of alternative energy sources.

Using an efficiency-based framework, this paper analyses the performance of New Zealand's telecommunications sector under competition law-based sector governance (the period from 1987 to 2001) and under industry-specific regulation (2001 to 2007). The framework considers the productive, allocative and dynamic efficiency effects of each regime, and the nature of the strategic interaction of sector participants. The analysis reveals that substantial gains in all forms of efficiency were achieved during the 1990s, both compared to historic New Zealand and contemporary OECD benchmarks. Under industry-specific regulation, however, transfers to consumers appear to have reduced, transaction costs have increased and delays are being incurred in the deployment of new applications and technologies relative to the competition law regime as participants engage in strategic gaming with politicians and the regulator and respond predictably to the range of incentives offered under the regulatory regime. The paper concludes that on balance in the New Zealand circumstances, the regime based predominantly upon competition law appears to have outperformed the industry-specific regulatory regime, albeit due in large part to sector participant interaction shaped by contractual obligations imposed by the government on the incumbent which have prevailed unchanged under both regimes.

Taking into consideration the privatisation policy that has emerged in recent decades, significant researches have been carried out to compare the efficiency of public and private companies. However, there is a drop regarding the evolution of these companies over the years. In view of this, the present research tries to deal with the analysis of efficiency from a dynamic perspective, and to evaluate the process of changes occurring between the starting point (1990) and the finishing point (1998). The methodology is Indexes of Malmquist. Empirical data show that privatised enterprises have improved its technical efficiency more than private enterprises. Public enterprises are the firms that have improved least in this way. Finally a complementary analysis considers if determinant factors, such exports, R&D., presence of workers contracted, or human c Indexepital contribute to improve the efficiency. PALABRAS CLAVE: privatisation, efficiency, Indexes of Malmquist RESUMEN En los últimos años se han realizado significativas investigaciones con el objetivo de comparar la eficiencia de empresas públicas y privadas, como consecuencia, de la política de la privatización que ha emergido en décadas recientes.

This study used the by-production model specification to separate emission-generating technologies from 'desirable outputs' technology. It then employed the dynamic efficiency model, following the Dynamic Directional Input Distance Function specifications to compute the deterministic, dynamic environmental and technical efficiencies of large gold mines in developing countries. Using firm-level data from 2009 to 2018, the study found that on average, dynamic technical efficiency in these mines was 73%; the average dynamic technical efficiency was observed to have a decreasing trend, of 0.3% annually. The study also found that on average, dynamic environmental efficiency was 56%. However, the average dynamic environmental efficiency trend had a decrease of 0.6% annually. The poor performance and downward trends could be attributed partly to downward investment trends over time, and the increasing complexity of extracting gold deposits from low-grade ore, as well as to prices. They could also be the result either of poor institutional capacity, as far as environmental policies, regulations, and enforcement are concerned; or of supply-side structural rigidity-in particular, low-capacity, and unreliable energy supply, mostly from bad inputs such as coal and heavy fuels or both, which calls for the use of alternative energy sources.

Esta investigación analiza el crecimiento económico desde la teoría de la eficiencia dinámica, utilizando un indicador global de competitividad y uno de libertad económica global, partiendo de la hipótesis de que mayor libertad económica se traduce en mayor competitividad y crecimiento económico. La eficiencia dinámica sustentada en autores de la economía austriaca pretende explicar cómo el incremento en la rentabilidad y productividad en la producción de bienes y servicios, depende principalmente de la creatividad empresarial. Desde el punto de vista metodológico, el estudio es descriptivo, correlacional y prospectivo, se empleó datos de panel de las 20 economías más grandes del continente americano; también analiza los principales indicadores macroeconómicos, la calidad de las instituciones, salud, educación primaria, infraestructura y el grado de innovación empresarial, correlacionado con variables que miden el nivel de libertad para hacer negocios, presión fiscal, tamaño del gob...

The majority of the current systems spread across the world require the value of pharmaceuticals to be demonstrated with an acceptable degree of certainty before a technology is funded. Often involving the notion of cost-effectiveness, one of the key characteristics of such assessments tends to be the consideration of efficiency as a static outcome; with a strong emphasis on current health gains but a disregard for the impact of decision making on the potential health value over time. In this article, we argue that current systems using cost-effectiveness thresholds may provide an incomplete indicator of value. We defend the idea that funding decisions should also be informed by dynamic efficiency considerations and reflect both the current and the future value of achieving a certain level of effectiveness in a specific disease area. We further lay down the foundations for the implementation of such a value assessment framework.

The Austrian school economics and neo-Marxist theories both have been reviving in recent years. However, the current academic discussion lacks a debate between two schools of economics with diametrically opposed views. This paper is the first and an initial Austrian challenge to Neo-Marxist scholars Nieto and Mateo’s argumentation that cyber-communism and the Austrian theory of dynamic efficiency are consistent to enhance economic development. Their argument focuses on two issues: (a) the existence of circular reasoning in the Austrian theory of dynamic efficiency, and (b) dynamic efficiency and full economic development could be strongly promoted in a socialist system through new information and communication technologies (ICT) and the democratization of all economic life. While cyber-communism refers to cyber-planning without private property rights through ICT, dynamic efficiency refers to the entrepreneurs’ creative and coordinative natures. In this paper, first, we argue that t...

Résultat d’une compétition pour l'accès aux bénéfices de la densité, l'économie spatiale est naturellement le support et le creuset de fortes inégalités. Les infrastructures de transport, et notamment les transports en commun, jouent un rôle majeur dans la structuration de celles-ci puisque c'est par elles que les habitants des lieux éloignés peuvent accéder aux espaces centraux bénéficiaires d'économies d'agglomération. Rien d'étonnant dès lors à ce que les enjeux d'équité prennent une forme spatiale et impliquent les infrastructures. Trois des plus importants mouvements sociaux des deux dernières décennies - les émeutes de 2005, les Bonnets Rouges de 2013 et les Gilets Jaunes de 2019 - ont pris racine dans des revendications d'équité spatiale, souvent associées à l'organisation -ou au prix- des transports. L'économie spatiale peut rencontrer deux types d'enjeux d'équité. L'équité verticale qui correspond à l'égalité de traitement entre ménages disposant de ressources différentes et l'équité horizontale, qui correspond à l'égalité de traitement entre ménages disposant des mêmes ressources. La première est surtout en jeu à l'intérieur des villes, puisque le marché du logement y agit comme un mécanisme de tri spatial qui organise la position des ménages par rapport aux équipements et agglomérations en fonction de leurs revenus. La seconde est surtout en jeu entre les villes, puisqu'elles peuvent être différemment dotées en biens publics et en particulier en infrastructures de transport selon leur taille, à population similaire. Dans un contexte d'accélération de la concentration des activités et des emplois dans les grandes métropoles, de renforcement de la ségrégation urbaine, et d’une possible augmentation des coûts de transport liée à l'augmentation de la fiscalité du carbone, ces enjeux d'équité pourraient devenir plus saillants dans les prochaines décennies. Cette thèse examine trois aspects de l'équité spatiale, à travers le prisme des infrastructures de transport. Les deux premiers chapitres évaluent si l'investissement dans les infrastructures de transport doit viser à satisfaire les enjeux d'équité verticale au sein des villes ou d'équité horizontale entre villes. Le troisième chapitre applique les réflexions des deux premiers à l'acceptabilité de la taxe carbone, et s'interroge sur la possibilité de mobiliser des politiques urbaines, en particulier de transport et d'aménagement urbain, pour répondre aux problèmes d'équité spatiale liés à l'introduction d'une telle taxe.

This research analyzes economic growth from the theory of dynamic efficiency, using a global indicator of competitiveness and
one of global economic freedom, starting from the hypothesis that greater economic freedom translates into greater competitiveness
and economic growth. The dynamic efficiency supported by authors of the Austrian economy aims to explain how the
increase in profitability and productivity in the production of goods and services depends mainly on business creativity. From
the methodological point of view, the study is descriptive, correlational and prospective, using panel data from the 20 largest
economies in the American continent. The study analyzes the main macroeconomic indicators, the quality of institutions,
health, primary education, infrastructure and the degree of business innovation, correlated with variables that measure the level
of freedom to do business, fiscal pressure, size of government, security Legal, competitiveness is measured through the factors
that determine the productivity of an economy. Among the main results, it was found that the index of economic freedom and
the GDP per capita show a bidirectional causal relationship in the Granger sense, thus revealing an endogenity relationship
between both variables. The degree of cointegration, causality and explanation of competitiveness and economic freedom with
economic growth was demonstrated.