Intermediate microeconomics : A modern approach

Book•

Intermediate microeconomics : A modern approach

01 Jan 2006-

TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.

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Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.

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Dissertation•

QoS signalling and charging in a multi-service internet using RSVP

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Martin Karsten

31 Jul 2000

TL;DR: It is concluded that an extended version of RSVP is indeed a good candidate to form the basic building block for an overall commercial QoS signalling architecture.

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Abstract: Because of the high level of uncertainty about the future traffic mix and the heterogeneous nature of Quality of Service (QoS) technologies and service contracts, it is very likely that a future commercial multi-service Internet requires a general service signalling architecture to reliably deliver end-to-end QoS. In this thesis, the suitability of the Resource Reservation Protocol (RSVP) for this purpose is investigated and assessed. The thesis presents the following contributions: A flexible QoS signalling architecture is described, based on an extended version of RSVP. A new protocol engine has been designed and implemented, containing a number of design and algorithmic improvements over previous work. This implementation has been used to experimentally verify the technical suitability of RSVP. Additionally, new protocol elements have been developed to allow for flexible charging mechanisms of service invocations. Based on several calculation models for service invocations, these protocol elements are assessed to cover a variety of potential usage cases, namely cost-based pricing, auction-based pricing and advance service invocations. As a result, it is concluded that an extended version of RSVP is indeed a good candidate to form the basic building block for an overall commercial QoS signalling architecture.

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9 citations

Modelling the efficiency of health care foodservice operations : a stochastic frontier approach

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Abdallah G Assaf

01 Jan 2007

TL;DR: In this paper, a stochastic frontier approach was used to assess the efficiency of the health care foodservice sector. But the authors did not consider the effects of other related variables, such as age of quipment, quality of labour or skill level of employees and the degree of readiness of materials.

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Abstract: The important role of efficiency in the health care foodservice sector has been widely addressed in the literature. Different methods for assessing performance have been proposed. In general, most measures were calculated as simple ratios such as food an d labour cost per meal or limited parametric techniques such as regression analysis. These approaches are meaningful indicators of which operational performance areas require attentions; however, problems arise when managers interpret partial productivity measures of this type as indicators of overall performance without considering the effects of other related variables. This could create further problems in complex applications such as the health care foodservice sector where multiple inputs (number of full time employees, energy cost, capital, overheads) outputs (number of meals and patient satisfaction) and environmental or interfering variables (age of quipment, quality of labour or skill level of employees and the degree of readiness of materials) should be considered in the assessment of efficiency. This study contributes to overcoming thes e limitations by introducing the stochastic frontier approach to assess the efficiency of the health care foodservice sector. It is superior to the traditional productivity approaches as it allows for the integrations of multiple inputs and outputs in evaluating relative efficiencies. The overall objective of the study was to determine the level of cost, technical and allocative efficiency in a sample of health care foodservice operations. More specifically, the objective was pursued by es timating stochastic production and cost frontiers models, which provided the basis for measuring technical (TE), allocative (AE) and cost efficiency (CE). The factors that significantly contribute to increasing inefficiency in health care foodservice operations were also identified. In this way, this study has policy implications because it not only provided empirical measures of different efficiency indices, but also identifies some key variables that are correlated with these indices. It goes beyond much of the published literature concerning efficiency because most research in the area of efficiency analysis focuses exclusively on the measurement of technical and cost efficiency. The stochastic frontier approach was tested in a cross sectional data set f rom a sample of 101 health care foodservice operations in Australia and the USA. Results showed that the models and all the parameters coefficients were plausible, significant and satisfy all theoretical requirements. Further, results also showed that the average cost, technical and cost efficiency were around 70 percent, 80 percent and 88 percent respectively. These figures suggest that substantial gains in output and/or decreases in cost can be attained if hospital foodservice operations were to improve their current performance. Finally, the results indicated that an increase in the level of manager’s experience and the level of manager’s education could have a positive impact on decreasing the level of inefficiency in health care foodservice operations.

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9 citations

Journal Article•DOI•

Electric Power Network Oligopoly as a Dynamic Stackelberg Game

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Pedro A. Neto, Terry L. Friesz¹, Ke Han²•Institutions (2)

Pennsylvania State University¹, Imperial College London²

15 Dec 2016-Networks and Spatial Economics

TL;DR: In this article, the authors proposed a new market of dynamic spatial network equilibrium among consumers, system operators and electricity generators as solution of a dynamic Stackelberg game, where generators form an oligopoly and act as Cournot-Nash competitors who non-cooperatively maximize their own profits.

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Abstract: Over the last two decades, the electricity industry has shifted from regulation of monopolistic and centralized utilities towards deregulation and promoted competition. With increased competition in electric power markets, system operators are recognizing their pivotal role in ensuring the efficient operation of the electric grid and the maximization of social welfare. In this article, we propose a hypothetical new market of dynamic spatial network equilibrium among consumers, system operators and electricity generators as solution of a dynamic Stackelberg game. In that game, generators form an oligopoly and act as Cournot-Nash competitors who non-cooperatively maximize their own profits. The market monitor attempts to increase social welfare by intelligently employing equilibrium congestion pricing anticipating the actions of generators. The market monitor influences the generators by charging network access fees that influence power flows towards a perfectly competitive scenario. Our approach anticipates uncompetitive behavior and minimizes the impacts upon society. The resulting game is modeled as a Mathematical Program with Equilibrium Constraints (MPEC). We present an illustrative example as well as a stylized 15-node network of the Western European electric grid.

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9 citations

Cites background from "Intermediate microeconomics : A mod..."

...Bid-based systems, typically referred to as POOLCO models, represent pool based systems where firms bid a supply curve to the central operator of the grid Ventosa et al. (2005). The supply curve is typically submitted as quantity increments and corresponding prices. The central operator collects all bids from firms and then decides how best to operate the grid. The specific decisions depend on the planning horizon the operator is interested. For example, a day ahead planning model may be referred to as a unit commitment model (UC) where the central operator will inform each firm which of the generation assets will need to be operational the next day. The central planner may not yet know how much power will be required from each firm but allows firms to plan their own operations with greater certainty. An economic dispatch problem (EDP) is typically run either an hour or five minutes ahead of when the power will be consumed. In this scenario, the central operator dispatches the generator to transmit certain amounts of power into the grid Wood and Wollenberg (1996). These models require a fixed demand for the planning-horizon of interest....
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...3 Differential and Dynamic Games Game theory can be originally attributed to the works of VonNeumann and Morgenstern (1944). However, the computable game theory framework that we build upon in this research is largely a result of Isaacs (1999)....
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...1 Differential and Dynamic Games Game theory can be originally attributed to the works of VonNeumann and Morgenstern (1944). However, the computable game theory framework that we build upon in this research is largely a result of Isaacs (1999)....
[...]
...Bid-based systems, typically referred to as POOLCO models, represent pool based systems where firms bid a supply curve to the central operator of the grid Ventosa et al. (2005). The supply curve is typically submitted as quantity increments and corresponding prices....
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...A realistic generation cost function typically exerts a quadratic or nonlinear property as a result of decreasing returns to scale (Varian, 2006)....
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Analyzing efficiency of vegetable production in Benin

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Alphonse. Singbo

01 Jan 2012

TL;DR: In this article, the authors investigate the production technology and efficiency of vegetable production and marketing at the farm level in Benin using recent advances in cross sectional efficiency analysis, and analyze two samples of vegetable producers following different perspectives.

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Abstract: The objective of this research is to investigate the production technology and efficiency of vegetable production and marketing at the farm level in Benin. Using recent advances in cross sectional efficiency analysis, we analyze two samples of vegetable producers following different perspectives. First, the empirical results show that farms’ inefficiency in lowland farming systems is the most diverse. Second, the results suggest that vegetable producers are more inefficient with respect to marketing than production and that marketing inefficiency is affected by the type of marketing arrangements. Third, the analysis shows that vegetable producers have an incentive for specialization and that the degree of specialization has a positive effect on technical efficiency. Finally, the results on pesticide use provide evidence that pesticides are overused while there is no evidence of technical interdependence between pesticides and productive inputs

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9 citations

Dissertation•

Optimisation of retirement benefits for Australians

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Eileen O'Leary

01 Jan 2015

TL;DR: Most Australians hold a personal super-annuation account into which is contributed a mandatory percentage of labour income, known as the Superannuation Guarantee as discussed by the authors, and can also receive discretionary, tax-advantaged contributions.

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Abstract: Australians have three principal sources for retirement funding - the Age Pension, individual superannuation and individual savings outside of the superannuation umbrella. The Age Pension, a non-contributory payment that, alone, provides only for a modest lifestyle, is means tested for both assets and income, with the provision available to receive either a full or part pension. Most Australians also hold a personal superannuation account into which is contributed a mandatory percentage of labour income, known as the Superannuation Guarantee. These accounts, for which the individual is responsible for the investment strategy and for which the individual bears the risk, can also receive discretionary, tax-advantaged contributions.

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9 citations

Cites background from "Intermediate microeconomics : A mod..."

...Regarding reverse mortgages, Venti and Wise (1991) found that in the USA a reverse mortgage makes a difference only when the retiree is older than 85 years....
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...…between A and B. Transitivity ensures that if the household prefers A to B and B to C, then it follows that A is preferred to C. 18 Continuity infers that if the household prefers A to B, then the household will prefer a situation very close to A rather than one close to B (Varian, 2003)....
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...1 the SEM assumes that choice behaviour is rational with the axioms of completeness, and transitivity holding (Varian, 2003)....
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...18 Continuity infers that if the household prefers A to B, then the household will prefer a situation very close to A rather than one close to B (Varian, 2003)....
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Intermediate microeconomics : A modern approach

Citations

Cites background from "Intermediate microeconomics : A mod..."

Cites background from "Intermediate microeconomics : A mod..."

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