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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.
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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Journal ArticleDOI
TL;DR: In this paper, the economic efficiency of a sample of Portuguese hotels for the period 1998-2002 is analyzed with data envelopment analysis, and the efficiency scores of the hotels analyzed are decomposed into technical and allocative efficiency by using outputs, inputs and input prices.
Abstract: In this study, the economic efficiency of a sample of Portuguese hotels for the period 1998-2002 is analyzed with data envelopment analysis. The efficiency scores of the hotels analyzed are decomposed into technical and allocative efficiency by using outputs, inputs, and input prices. A range of managerial and economic implications arising from the study is proposed.

96 citations


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

  • ...DD’ is the isorevenue function representing the price information (Varian, 1987) of the hotels....

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  • ...Moreover, we also rely on microeconomics, Varian (1987), to choose outputs and inputs....

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Journal ArticleDOI
TL;DR: This work proposes a novel frequency control approach in between centralized and distributed architectures, that is a continuous-time feedback control version of the dual decomposition optimization method, and proves local asymptotic stability of the closed-loop equilibria of the considered power system model.

96 citations


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

  • ...Such a scheme is referred as an auction [9]....

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  • ...Our control approach falls square in between centralized and distributed architectures, and it is motivated and developed by exploiting parallels in dual decomposition methods in optimization [8], auctions in markets [9], mean field control [10], as well as classic AGC [2]....

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  • ...Market mechanism [9]: The control scheme in (17)–(18) corresponds to an auction mechanism, where the accumulated frequency error in (17) serves as pricing signal....

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Journal ArticleDOI
TL;DR: In this article, the authors used data envelopment analysis (DEA) to rank the airports according to their total productivity for the period 1990 to 2000, based on a DEA model that allows for the incorporation of multiple inputs and outputs in determining relative efficiencies.
Abstract: Economic efficiency can be defined as relative productivity over time or space, or both. It relates to the concept of a production possibility frontier and comprises both technical efficiency and allocative efficiency. This article reports on a study of the technical and allocative efficiency of 37 Portuguese airports. The authors used data envelopment analysis (DEA) to rank the airports according to their total productivity for the period 1990 to 2000. The analysis is based on a DEA model that allows for the incorporation of multiple inputs and outputs in determining relative efficiencies. The study was undertaken to seek the best peer airports for improving the performance of least performing airports. The authors' general conclusion is that the Portuguese airports should be privatized, and that an organizational government environment is needed to overcome the deficits in technical and allocative efficiency observed in the study period. The authors list recommendations for establishing a governance framework within the airports, with the aim of improving organizational efficiency.

93 citations

Journal ArticleDOI
TL;DR: The Arrow-Debreu (1954) proof of the existence of general equilibria was used by Arrow and Debreu as mentioned in this paper to formally summarize modern welfare economics.
Abstract: Modern welfare economics is formally summed up in two so-called fundamental theorems. The fi rst fundamental theorem states that, subject to certain exceptions—such as externalities, public goods, economies of scale, and imperfect information—every competitive equilibrium is Paretooptimal. The second fundamental theorem states that every Pareto-optimal allocation of resources is an equilibrium for a perfectly competitive economy, provided a redistribution of initial endowments and property rights is permitted; alternatively expressed, every Pareto-optimal allocation of resources can be realized as the outcome of competitive equilibrium after a lump-sum transfer of claims on income. The thinking behind these theorems was laid down in the 1950s after the publication of the Arrow-Debreu (1954) proof of the existence of general equilibrium. Nevertheless, the labels “fi rst and second fundamental theorems,” or rather “fi rst and second optimality theorems,” seem to have been fi rst used by Kenneth Arrow (1963, 942–43). These labels are not found in the many books and articles on welfare economics that appeared in the 1950s and 1960s (Boulding 1957; Koopmans 1957; De V. Graaff 1957; Little 1957; Baumol 1965), and yet by 1970 or thereabouts, these labels had become canonical (Varian 1987, 510–17; Layard and Walters 1978, 26).

93 citations

01 Jan 2008
TL;DR: In this paper, the authors examine a setting in which property rights are initially ambiguously defined, and show that if the parties do not negotiate and go to court, a simple rule for the initial ambiguous assignment of property rights maximizes net surplus.
Abstract: We examine a setting in which property rights are initially ambiguously defined. Whether the parties go to court to remove the ambiguity or bargain and settle before or after trial, they incur enforcement costs. When the parties bargain, a ver- sion of the Coase theorem holds. However, despite the additional costs of going to court, other ex-post inefficiencies, and the absence of incomplete information, going to court may ex-ante Pareto dominate settling out of court. This is especially true in dynamic settings, where obtaining a court decision today saves on future enforcement costs. When the parties do not negotiate and go to court, a simple rule for the initial ambiguous assignment of property rights maximizes net surplus.

93 citations