Background and Objectives: Efficient hospital management requires appropriate cost and price strategies. Informed decision on costs and prices of healthcare services needs estimation of costs of unit services using microeconomic techniques. There is lack of knowledge and skills for such costing methods in the healthcare sector of developing countries such as Iran. This study aims at detail des...

More than thirty years ago, Charnes, Cooper and Schinnar (1976) established an enlightening contact between economic production functions (epfs) — a cornerstone of neoclassical economics — and information theory, showing how a generalization of the Cobb-Douglas production function encodes homogeneous functions. As expected by Charnes et al., the contact turns out to be much broader: we show how...

I argue that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical physics. Special issue Reconstructing Macroeconomics JEL: B22, B41, C82, D87

Microeconomic theory shows that only under certain conditions higher background risk increases the propensity to insure against independent marketable risks. We provide empirical evidence for the case of labor income risk and car insurance in the UK. The main result is that households with higher labor income risk spend more on insurance. This finding is consistent with microeconomic theory if ...