This paper constructs on principal-agent theory and its extensions to production theory to propose an incentive system for the agent. The incentive scheme suggested here rewards the agent (hospital manager) on the basis of the distance that separates observed output, the result of past decisions, and the potential output that would maximise principal’s welfare (health authority). But setting up...

Value at risk (VaR) is an important and widely used measure of the extent to which a given portfolio is subject to risk present in nancial markets. Considerable amount of research was dedicated during recent years to development of acceptable methods for evaluation of this risk measure. In this paper, we present a method of calculating the portfolio which gives the optimal VaR among those, whic...

The search for the next Standard Model of fundamental interactions is being carried out at two frontiers: the high energy frontier involving the Tevatron and Large Hadron Collider, and the high precision frontier where the focus is largely on low energy experiments. I discuss the unique and powerful window on new physics provided by the precision frontier and its complementarity to the informat...

technical and scale efficiencies of cotton farms, in khorasan province, were estimated through the parametric approach during the period 2000-2003. efficiency was estimated through stochastic translog frontier production function based on panel data. results indicated that technical efficiency wa rated as less than scale efficiency. means of technical and scale efficiency were found to be 63 an...