This paper studies the time-consistent investment strategy for a defined contribution (DC) pension plan under the mean–variance criterion. Since the time horizon of a pension fund management problem is relatively long, two background risks are taken into account: the inflation risk and the salary risk. Meanwhile, there are a risk-free asset, a stock and an inflation-indexed bond available in th...

Although agenda of Water supply in sufficient quantity and standard quality is highlighted in India from last few years. But Yet Performance assessment and Efficiency evaluation of water supply services not in practice. However the analysis is confined to the realm of researchers and policy makers. The present paper spells inclusion of quality parameter in assessment of utilities through fronti...

In panel stochastic frontier models, the Fixed Effects (FE) approach produces biased technical efficiency scores when time-invariant variables are important in the production process, and the Random Effects (RE) approach imposes distributional assumptions about the inefficiency. Moreover, technical efficiency scores obtained from these models are biased when the sample contains a large number o...

There have been many previous studies of technical inefficiency in rice production in the Philippines, but none has focused simultaneously on production risk and technical inefficiency at the farm level. In this study, we analyse technical inefficiency in a rainfed lowland rice environment in Central Luzon using a stochastic frontier production function with a heteroskedastic error structure.