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Book part
Publication date: 12 September 2017

Anna Bottasso and Maurizio Conti

This chapter examines the main methodological issues involved in the comprehension of the cost structure of the airport industry and suggests considerations for future airport…

Abstract

This chapter examines the main methodological issues involved in the comprehension of the cost structure of the airport industry and suggests considerations for future airport cost analyses. Such understanding has become a crucial concern for policy makers, regional planners, and managers in order to deal with optimal market design (e.g., regulation and market configuration) and airport strategies (e.g., pricing, investments, and alliances). An in-depth analysis of the economics of cost functions is presented, together with a description of the relevant multi-output cost economies measures (average incremental costs, scale and scope economies, and cost complementarities). We also discuss the assumptions underlying estimates of total versus variable cost functions and the importance of estimating a sufficiently flexible functional form. Moreover, we provide a critical survey of the international empirical literature on the cost structure of the airport industry, which highlights how econometric estimates strongly depend on the sample choice and the empirical model considered. Indeed, while econometric studies on international samples based on long-run cost function estimates show that long-run scale economies are never exhausted, single country studies mostly estimate variable cost functions and find lower values for scale economies at median sample points that tend to decrease with size. We discuss why we believe that studies based on the estimation of short-run variable cost functions offer more reliable results, given the reasonable assumption of airport overcapitalization in the short run. We conclude our work by noting that underlying policy issues related to planning and regulation, as well as to the optimal market structure of the airport sector, need to take into account the role played by vertical relationships between airports and airlines.

Details

The Economics of Airport Operations
Type: Book
ISBN: 978-1-78714-497-2

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Book part
Publication date: 5 April 2024

Luis Orea, Inmaculada Álvarez-Ayuso and Luis Servén

This chapter provides an empirical assessment of the effects of infrastructure provision on structural change and aggregate productivity using industrylevel data for a set of…

Abstract

This chapter provides an empirical assessment of the effects of infrastructure provision on structural change and aggregate productivity using industrylevel data for a set of developed and developing countries over 1995–2010. A distinctive feature of the empirical strategy followed is that it allows the measurement of the resource reallocation directly attributable to infrastructure provision. To achieve this, a two-level top-down decomposition of aggregate productivity that combines and extends several strands of the literature is proposed. The empirical application reveals significant production losses attributable to misallocation of inputs across firms, especially among African countries. Also, the results show that infrastructure provision has stimulated aggregate total factor productivity growth through both within and between industry productivity gains.

Book part
Publication date: 1 November 2011

Michael Binder and Susanne Bröck

This chapter advances a panel vector autoregressive/vector error correction model (PVAR/PVECM) framework for purposes of examining the sources and determinants of cross-country…

Abstract

This chapter advances a panel vector autoregressive/vector error correction model (PVAR/PVECM) framework for purposes of examining the sources and determinants of cross-country variations in macroeconomic performance using large cross-country data sets. Besides capturing the simultaneity of the potential determinants of cross-country variations in macroeconomic performance and carefully separating short- from long-run dynamics, the PVAR/PVECM framework advanced allows to capture a variety of other features typically present in cross-country macroeconomic data, including model heterogeneity and cross-sectional dependence. We use the PVAR/PVECM framework we advance to reexamine the dynamic interrelation between investment in physical capital and output growth. The empirical findings for an unbalanced panel of 90 countries over the time period from at most 1950 to 2000 suggest for most regions of the world surprisingly strong support for a long-run relationship between output and investment in physical capital that is in line with neoclassical growth theory. At the same time, the notion that there would be even a long-run (let alone short-run) causal relation between investment in physical capital and output (or vice versa) is strongly refuted. However, the size of the feedback from output growth to investment growth is estimated to strongly dominate the size of the feedback from investment growth to output growth.

Details

Economic Growth and Development
Type: Book
ISBN: 978-1-78052-397-2

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Abstract

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The Efficiency of Mutual Fund Families
Type: Book
ISBN: 978-1-78743-799-9

Book part
Publication date: 19 December 2012

Joseph H. Haslag and Yu-Chin Hsu

In this chapter, we examine the relationship between the cyclical components of output, the price level and the inflation rate. During the post-war period, there is a negative…

Abstract

In this chapter, we examine the relationship between the cyclical components of output, the price level and the inflation rate. During the post-war period, there is a negative correlation between output and the price level and a positive correlation between output and the inflation rate. A phase shift in the cyclical component between output and the price level can account for these two facts. The phase shift is consistent with movements in the price level Granger causes movements in output. In addition, we consider time-varying correlations between the two pairs of series. Spectral analysis suggest the price and output have different wavelengths, but the difference is not statistically significant.

Details

30th Anniversary Edition
Type: Book
ISBN: 978-1-78190-309-4

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Article
Publication date: 21 November 2023

Krishna Muniyoor and Rajan Pandey

Farmers producer organisations (FPOs) play the most crucial role in the agriculture supply chain system, aiming to redress the balance between farming and marketing activities of…

Abstract

Purpose

Farmers producer organisations (FPOs) play the most crucial role in the agriculture supply chain system, aiming to redress the balance between farming and marketing activities of agricultural produce. The purpose of this study is to assess the performance of FPOs using data envelopment analysis (usually referred to as DEA) on 34 FPO units selected from the state of Rajasthan.

Design/methodology/approach

One of the most commonly used techniques to examine business performance is the application of DEA. The application of DEA requires the selection of inputs and outputs. This study takes three inputs and three outputs based on the insights drawn from the field survey. While the input variables consist of total assets, paid-up capital and the number of economic activities, the three output variables are turnover, net profit and number of members benefitted. Broadly, these variables encapsulate the operational performance of the business units.

Findings

This study’s findings reveal that the estimated relative efficiency score of the input-oriented CCR (Charnes, Cooper, and Rhodes) model ranges from 0.06 to 1. Interestingly, only one FPO has reported a relative efficiency (RE) score of one, whereas the remaining FPOs fall below the efficiency frontier. However, 15 FPOs report an RE score of one in the output-oriented CCR approach. Considering the estimates obtained in the input- and output-oriented BCC (Banker, Charnes and Cooper) models, this study found that about 20% of the FPOs report an efficiency score greater than 0.80. Moreover, three FPOs are on the frontier line. An examination of the scale efficiency score in the input-oriented model, 45% of the FPOs have an efficiency score greater than 0.80, whereas almost all FPOs achieve a scale efficiency score greater than 0.80 in the output-oriented model. Overall, the results imply that the FPOs should place greater emphasis on the efficient utilisation of the inputs to enhance the overall business performance and productivity.

Research limitations/implications

The findings of this study provide vital insights into the specific inputs and outputs that determine the performance efficiency of FPOs and identify the potential areas for improving the existing inefficient FPOs.

Originality/value

This study contributes to the repository of the existing empirical studies in three distinct ways. First, the authors hardly found any previous studies that quantitatively assess the business performance of FPOs using the DEA technique. Second, the effort to identify the slacks associated with each input and output variable in input- and output-oriented models gives insights on improvable areas for inefficient FPOs. Third, the authors attempt to demystify the empirical obfuscations by highlighting the major challenges FPOs face in the state of Rajasthan.

Details

Journal of Global Operations and Strategic Sourcing, vol. 17 no. 1
Type: Research Article
ISSN: 2398-5364

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Book part
Publication date: 16 October 2007

Richard E. Just and Gordon C. Rausser

The lens used by the courts and much of the antitrust literature on predatory selling and/or buying is based on partial equilibrium methodology. We demonstrate that such…

Abstract

The lens used by the courts and much of the antitrust literature on predatory selling and/or buying is based on partial equilibrium methodology. We demonstrate that such methodology is unreliable for assessments of predatory monopoly or monopsony conduct. In contrast to the typical two-stage dynamic analysis involving a predation period followed by a recoupment period, we advance a general equilibrium analysis that demonstrates the critical role of related industries and markets. Substitutability versus complementarity of both inputs and outputs is critical. With either monopolistic or monopsonistic market power (but not both), neither predatory overselling nor predatory overbuying is profitably sustainable. Two-stage predation/recoupment is profitable only with irreversibility in production and cost functions, unlike typical estimated forms from the production economic literature. However, when the market structure admits both monopolistic and monopsonistic behavior, predatory overbuying can be profitably sustainable while overselling cannot. Useful distinctions are drawn between contract versus non-contract markets for input markets.

Details

Research in Law and Economics
Type: Book
ISBN: 978-1-84950-455-3

Abstract

Details

Handbook of Transport Modelling
Type: Book
ISBN: 978-0-08-045376-7

Abstract

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Transport Economic Theory
Type: Book
ISBN: 978-0-08-045028-5

Book part
Publication date: 7 October 2010

Feng Yang, Yanfang Yuan, Liang Liang and Zhimin Huang

The study on output allocative efficiency considering the emission trading is meaningful to allocate emission quota in order to promote production efficiency of industry. This…

Abstract

The study on output allocative efficiency considering the emission trading is meaningful to allocate emission quota in order to promote production efficiency of industry. This chapter studies the output allocation problem with constraints to profit and pollution goals, and proposes three types of output allocative efficiency measures, including the comprehensive output allocative efficiency, the profit-oriented output allocative efficiency based on pollution constraint, and the pollution-oriented output allocative efficiency based on profit constraint, which aim to maximize the total profit and (or) minimize the total pollution. The proposed measures are used to evaluate the output allocative efficiencies of 32 paper mills along the Huai River in China, and different parameters are tested with sensitivity analysis to examine the changes of optimal output combination. This chapter helps the enterprise to optimize the decision of production and helps the government to formulate a reasonable plan of pollution control and treatment.

Details

Applications in Multicriteria Decision Making, Data Envelopment Analysis, and Finance
Type: Book
ISBN: 978-0-85724-470-3

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21 – 30 of over 103000