Measuring the performance of business processes in the financial services sector can be tackled from different perspectives. The viewpoint of efficiency is one of them. This paper focuses on the analysis of process efficiency and proposes a new methodology for measuring process efficiency and for further identifying drivers of process inefficiency. It is suitable for a specific perspective on p...

In this paper, we provide a characterization of interim inefficiency in stochastic economies of overlapping generations under possibly sequentially incomplete markets. With respect to the established body of results in the literature, we remove the hypothesis of two-period horizons, by considering longer, though uniformly bounded, horizons for generations. The characterization exploits a suitab...

It is known that the incompleteness of asset markets causes inefficiency in almost every equilibrium. Yet unexplored is the ”size” of this inefficiency. The size of a Pareto improvement is the total willingness to pay for it, out of current consumption. Inefficiency is the maximum size of any Pareto improving reallocation. Inefficiency of US consumption in middle age is computed to be 10-11% of...

This paper attempts to identify sources of resource use inefficiency for cotton production in Pakistan’s Punjab. The use of a non-parametric method, Data Envelopment Analysis (DEA), is developed to study the relative technical and allocative efficiencies of individual farms which use similar inputs, produce the same product and operate under comparable circumstances. In the ‘cotton–wheat’ syste...

Previous research has argued that debt financing affects equityholders’ investment decisions, producing substantial inefficiency. This paper shows that the size of this inefficiency depends on the degree of investment reversibility. In a dynamic model of financing and investment, the paper provides an upper bound for the inefficiency produced by debt financing. The upper bound is decreasing in ...

X.efficiency theory challenges the maximization postulate of standard economic theory. This paper shows that X-inefficiency is. at times, as much as 30 times greater than allocative inefficiency and suggests reasons for the existence of X-inefficiency—-i.e., (a) incomplete employment contracts, (b) discretionary effort, and (c) nonmaximization of profits. [The Social Sciences Citation Index® (S...

This paper provides a concise review of a broad set of concepts, models and estimation issues in the field of stochastic frontier analysis. The goal is to provide practitioners with a quick guide to some key ideas. The review is restricted to single-output models estimated by econometric methods. Among the conceptual issues are the interpretation and the paths to reduce inefficiency. The modell...

This is the Second Edition of Lt.-Col. Hehir's book and is prefaced by a note from Sir O'Moore Creagh, the Commander-in-Chief in India. It is far and away the most useful book on Indian Military Hygiene that we have ever read and should be in the hands of all Medical Officers of the Army. It is so complete and thorough that it is difficult to give a full account of it, but in order that our rea...

Selfish routing in congested networks generally does not minimize total system travel time, and as its direct result, traffic equilibrium is typically inefficient. Bounding the inefficiency of selfish routing has become a recent emerging subject of researches by looking into the worst case ratio of the total cost in a deterministic User Equilibrium (UE) point to the total cost of System Optimum...