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Efficient Allocation (efficient + allocation)
Selected AbstractsEfficient Allocations in Club EconomiesJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 1 2004Marcus Berliant We explore the characteristics of Pareto-optimal allocations in the context of local public goods or clubs. A set of first-order conditions for Pareto optimality is provided. Classical treatments apparently neglect an important term related to migrant compensation, and thus are incorrect. A Pareto optimum is shown to exist. [source] Efficient allocation of resources to prevent HIV infection among injection drug users: the Prevention Point Philadelphia (PPP) needle exchange programHEALTH ECONOMICS, Issue 2 2006Zoë K. Harris Abstract The objective of this study is to determine the allocation of resources within a multi-site needle exchange program (NEP) that achieves the largest possible reduction in new HIV infections at minimum cost. We present a model that relates the number of injection drug user (IDU) clients and the number of syringes exchanged per client to both the costs of the NEP and the expected reduction in HIV infections per unit time. We show that cost-effective allocation within a multi-site NEP requires that sites be located where the density of IDUs is highest, and that the number of syringes exchanged per client be equal across sites. We apply these optimal allocation rules to a specific multi-site needle exchange program, Prevention Point Philadelphia (PPP). This NEP, we find, needs to add 2 or 3 new sites in neighborhoods with the highest density of IDU AIDS cases, and to increase its total IDU client base by about 28%, from approximately 6400 to 8200 IDU clients. The case-study NEP also needs to increase its hours of operation at two existing sites, where the number of needles distributed per client is currently sub-optimal, by 50%. At the optimal allocation, the estimated cost per case of HIV averted would be $2800 (range $2300,$4200). Such a favorable cost-effectiveness ratio derives primarily from PPP's low marginal costs per distributed needle. Copyright © 2005 John Wiley & Sons, Ltd. [source] Public Budget Choices and Private Willingness to PayPUBLIC BUDGETING AND FINANCE, Issue 2 2010BRANDON C. KOFORD Efficient allocation of public funds depends upon good information about citizens' values. The purpose of this paper is to demonstrate how citizens' values can be obtained by eliciting marginal willingness to tradeoff (MWTTO) ratios for public spending categories and linking these ratios to individual, private willingness to pay. The link enables estimation of the willingness to pay for an expansion to any of the budget categories based on the elicited willingness to pay and the marginal willingness to tradeoff ratios. Tradeoff ratios and willingness to pay are estimated for public budget categories in Kentucky based on a representative sample surveyed by mail and the web in 2007. Estimates show that individuals are willing to pay the most for an expansion to educational services, followed by health care. [source] Augmenting real data with synthetic data: an application in assessing Radio-Isotope identification algorithms,QUALITY AND RELIABILITY ENGINEERING INTERNATIONAL, Issue 8 2009T. Burr Abstract The performance of Radio-Isotope IDentification (RIID) algorithms using gamma spectroscopy is increasingly becoming important. For example, sensors at locations that screen for illicit nuclear material rely on isotope identification to resolve innocent nuisance alarms arising from naturally occurring radioactive material. Recent data collections for RIID testing consist of repeat measurements for each of several scenarios to test RIID algorithms. Efficient allocation of measurement resources requires an appropriate number of repeats for each scenario. To help allocate measurement resources in such data collections for RIID algorithm testing, we consider using only a few real repeats per scenario. In order to reduce uncertainty in the estimated RIID algorithm performance for each scenario, the potential merit of augmenting these real repeats with realistic synthetic repeats is also considered. Our results suggest that for the scenarios and algorithms considered, approximately 10 real repeats augmented with simulated repeats will result in an estimate having comparable uncertainty to the estimate based on using 60 real repeats. Published in 2009 by John Wiley & Sons, Ltd. [source] Algorithmic challenges and current problems in market coupling regimesEUROPEAN TRANSACTIONS ON ELECTRICAL POWER, Issue 4 2009Bernd Tersteegen Abstract Increasing cross-border trade at European borders has lead to the necessity of an efficient allocation of scarce cross-border capacities. Explicit auctions used to be the commonly applied auction method in the past at most borders, but due to the separation of the trade of electrical energy and the allocation of cross-border capacity, market inefficiencies arise. As a consequence, a trend toward a market coupling, which combines the trade of electrical energy with the allocation of cross-border capacity, can be observed across Europe. The most convincing approach to solve the complex optimization task associated with market couplings solves the problem by a maximization of the system-wide welfare based on a closed-form optimization. Practical experience shows that problems remain with such an approach. This paper thoroughly analyzes problems that may occur in market coupling regimes with a closed-form optimization. In this paper an extension of formerly presented formulations of the optimization problem is presented, which avoids the described problems. The extended formulation still assures practically feasible calculation times of far less than 10 minutes even for systems with up to 12 market areas. Further, a fair and transparent approach to determine feasible market clearing prices not neglecting the time and market coupling relationship between prices is shown in this paper and it is demonstrated that this approach does not lead to practically infeasible calculation times. Copyright © 2009 John Wiley & Sons, Ltd. [source] Information needs analysis to inform the development of a library and information service at the Marie Curie Centre, Newcastle upon Tyne, EnglandHEALTH INFORMATION & LIBRARIES JOURNAL, Issue 2 2000Pam Bailey In the summer of 1997 the Marie Curie Centre, Newcastle approached the libraries of the Universities of Newcastle and Northumbria at Newcastle to assist in developing a library and information service (LIS) strategy. It was acknowledged that before the LIS strategy could be established preparatory investigation was needed to ensure the effective and efficient allocation of resources. A user needs analysis was conducted over a 3-month period, including a literature search, questionnaire and interviews. The findings, which indicated that the appointment of a professional librarian was crucial, have ensured that the LIS being developed is underpinned by a strong evidence base. [source] Improving international nurse training: an American,Italian case studyINTERNATIONAL NURSING REVIEW, Issue 2 2006H. F. W. Dubois msc Background:, Institutionalized international nurse training organized by national educational institutions is a relatively new phenomenon. This, descriptive case study examines an early example of an American,Italian initiative of such training, in order to stimulate future international education of nurses. Aim:, To find out what factors have to be taken into account to improve training and what its potential effects are in exchange and also in the context of nurse migration. Method:, A questionnaire was sent to the 85 nurses who all participated in this particular international programme (response rate: 30.6%). Findings:, The collected data indicate that personalized and well-aimed training, preparatory language courses, predeparture exposure of nurses to the culture of the host country and well-prepared welcomes are among the most important ways to improve this programme. Implications for practice:, While the specific circumstances and cultures involved in this particular case study should not be ignored, these factors might also be applied to maximize the positive effects of nurse-migration. Two-way learning is among the positive effects of such an international training experience. Motivational and team-building effects can result in enhanced quality of care and a more efficient allocation of resources. However, the mind-opening effect seems to be the most important learning experience. Therefore, regardless of whether one system is considered better or worse than another, experiencing a different way of nursing/education is considered the most important, enriching element of an international learning experience. The effects of this experience could include avoiding cultural imposition in the increased cultural diversity of nursing in the country of origin. [source] Financial Markets, Development and Economic Growth: Tales of Informational AsymmetriesJOURNAL OF ECONOMIC SURVEYS, Issue 3 2004Salvatore Capasso Abstract., The development of financial systems is very often characterised by the development of innovative financial contracts which allow a more efficient allocation of resources and a higher level of capital productivity and economic growth. By exploiting the microeconomic theory of the optimal financial contract under asymmetric information, economists have recently managed to shed new light on the well studied issue of the relationship between financial market development and economic growth. This paper reviews the most recent progress of this literature which shows that the amount of information asymmetry in the credit market and the degree of heterogeneity between borrowers (typically firms) and lenders (typically workers or savers) determine the nature of the financial system. Differences in endowments and in the level of information distribution can give rise to very different financial contracts which affect, and in turn are affected, by capital accumulation and growth. [source] Progressive Taxes and the Labour Market: Is the Trade,off Between Equality and Efficiency Inevitable?JOURNAL OF ECONOMIC SURVEYS, Issue 1 2002Knut Røed Does an income tax harm economic efficiency more the more progressive it is? Public economics provides a strong case for a definite ,yes'. But at least three forces may pull in the other direction. First, low,wage workers may on average have more elastic labour supply schedules than high,wage workers, in which case progressive taxes contribute to a more efficient allocation of the total tax burden. Second, in non,competitive labour markets, progressive taxes may encourage wage moderation, and hence reduce the equilibrium level of unemployment. And third, if wage setters have egalitarian objectives, progressive taxes may reduce the need for redistribution in pre,tax wages, and hence increase the demand for low,skilled workers. This paper surveys the theoretical, as well as the empirical literature about labour supply, taxes and wage setting. We conclude that in a second best world, the trade,off between equality and efficiency is not always inevitable. [source] Pigouvian Taxes in General Equilibrium with a Fixed Tax Redistribution RuleJOURNAL OF PUBLIC ECONOMIC THEORY, Issue 1 2000Andreas Lange This paper establishes existence of a first-best emission tax in a general equilibrium model with pollution, when the redistribution rule of the tax income is chosen fixed and independently of the Pigouvian tax rate. It is known that under standard convexity assumptions each Pareto efficient allocation can be implemented by simultaneously choosing a Pigouvian tax rate and an appropriate lump sum redistribution of income. In real politics, however, tax redistribution schemes are often restricted to a small feasible set. Nonetheless we show that for any given lump sum redistribution rule, being continuous in overall tax income, an emission tax rate exists that leads to a Pareto efficient equilibrium. [source] Groundwater Banking in Aquifers that Interact With Surface Water: Aquifer Response Functions and Double-Entry Accounting,JOURNAL OF THE AMERICAN WATER RESOURCES ASSOCIATION, Issue 6 2009Bryce A. Contor Contor, Bryce A., 2009. Groundwater Banking in Aquifers That Interact With Surface Water: Aquifer Response Functions and Double-Entry Accounting. Journal of the American Water Resources Association (JAWRA) 45(6):1465-1474. Abstract:, Increasing worldwide demands for water call for mechanisms to facilitate storage of seasonal supplies and mechanisms to facilitate reallocation of water. Markets are economically efficient reallocation and incentive mechanisms when market conditions prevail, but special hydrologic and administrative conditions of water use and allocation interfere with required market conditions. Water banking in general can bring market forces to bear on water storage and reallocation, improving economic efficiency and therefore the welfare of society as a whole. Groundwater banking can utilize advantages of aquifers as storage vessels with vast capacity, low construction cost, and protection of stored water. For groundwater banking in aquifers that interact with surface water, an accounting system is needed that addresses the depletion of stored volumes of water as water migrates to surface water. Constructing such a system requires integration of hydrologic, economic, and legal principles with principles of financial accounting. Simple mass-balance accounting, even with allowances for depletion, is not adequate in these aquifers. Aquifer response functions are mathematical descriptions of the impact that aquifer pumping or recharge events have upon hydraulically connected surface water bodies. Double-entry accounting is a financial accounting methodology for tracking asset inventories and ownership claims upon assets. The powerful innovation of linking aquifer response functions with double-entry accounting technologies allows application of groundwater banking to aquifers where deposits can be depleted by migration to hydraulically connected surface water. It honors the hydrologic realities of groundwater/surface water interaction, the legal requirements of prior appropriation water law, and the economic requirements for equitable and efficient allocation of resources. [source] Optimizing the use of donated cadaver livers: Analysis and policy development to increase the application of split-liver transplantationLIVER TRANSPLANTATION, Issue 10 2002Jean C. Emond MD The American Society of Transplant Surgeons and the American Society of Transplantation jointly sponsored a conference in Crystal City, Virginia, on March 28th and 29th, 2001, to explore mechanisms for maximizing the cadaver-organ donor pool. Participants from transplantation medicine, surgery, organ procurement organizations, the general public, and government convened to address expanding utilization of each organ type. The committee assigned to review liver organ utilization identified multiple practices that could expand the potential donor pool including non,heart beating donors, marginal grafts, efficient allocation of cadaver organs, and wider application of split-liver transplantation. This article details the data reviewed by the liver committee and their recommendations on policy development for the expanded application of split-liver transplantation. [source] FORMALIZING WIESER's THEORY OF DISTRIBUTION: CONSISTENT IMPUTATION IN ALTERNATIVE THEORETICAL PERSPECTIVESMETROECONOMICA, Issue 2 2005Arrigo OpocherArticle first published online: 18 MAY 200 ABSTRACT Wieser's theory of value and distribution has been formalized and interpreted mainly in the framework of efficient allocation of scarce resources. To this end, the mathematical techniques of linear programming have been used by such authors as Samuelson and Uzawa. This paper presents briefly what may be called the Knight,Samuelson,Uzawa formalization and supplements it with different proposed formalizations of some further aspects consistently developed in Wieser's works. The formalization that we propose concerns Wieser's theory of interest and his theory of value for ,cost goods'. It is argued that in such cases the produced means of production, and not the endowments of scarce resources, are at the centre of Wieser's analysis. It is shown that some appropriately specified models in the Sraffa,von Neumann,Leontief tradition can very usefully be employed in order to strengthen Wieser's intuitive arguments and give them a sound analytical structure. [source] Irrigation water management policies: Allocation and pricing principles and implementation experienceNATURAL RESOURCES FORUM, Issue 2 2004Ariel Dinar Abstract Food security and sustainable development require efficient use of water resources, especially in irrigation. Economic pricing can be an effective tool to achieve more efficient water use, provided it is supported by other policies in implementation. Applying various water pricing and cost recovery arrangements is suggested for efficient allocation. Any adverse impact on farmers' incomes must be addressed and more reliable service must accompany higher prices. Experience from several countries suggests a variety of implementation issues. Essential complements to water pricing are water distribution rules and technological choices at critical nodes in the delivery system that allow farmers flexibility in conserving water in response to higher prices. Among supporting institutions, water users associations seem a higher priority than water markets. [source] MICROECONOMIC FOUNDATION OF LENDER OF LAST RESORT FROM THE VIEWPOINT OF PAYMENTS*THE JAPANESE ECONOMIC REVIEW, Issue 2 2008YASUO MAEDA We construct a model to clarify the mechanism by which the lender of last resort (LLR) can prevent bank runs. In our model, a bank has both the function of facilitating payments in which inside money is settled using outside money and the function of financial intermediation using a deposit contract. The deposit contract might lead to a bank run, and might even contribute to an efficient allocation. Therefore, to consider the liquidity supply by the LLR, we introduce the deposit contract as a factor of instability in the banking model. We show that the LLR can assist in the recovery of both the efficiency and stability of the financial system. [source] An empirical assessment of the value of irrigation water: the case study of Murrumbidgee catchment,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 1 2010Muhammad Ejaz Qureshi Evaluation of value of irrigation water is essential for supporting policy decision making relating to investments in the irrigation sector, efficient allocation of irrigation water and water pricing and for crafting policies to compare the variable impacts of water reform within and across sectors of the economy. This paper asks the question of how much an established irrigator would pay for water and at what price farmers planning to expand the area they have under irrigation would consider paying for the right to access water. An analytical framework is developed to estimate the net present value of both annual and perennial agricultural activities in the Murrumbidgee catchment. Using these estimates the total value of water used in Murrumbidgee catchment is estimated. An aggregate water supply curve is derived for the catchment from where water may be acquired from irrigators for environmental flows. [source] Conflicting uses of marine resources: can ITQs promote an efficient solution?,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 1 2009Ragnar Arnason This paper examines the allocation problem arising from conflicting demands for marine resource use by (i) commercial fishers, (ii) recreational fishers, and (iii) conservationists. It is shown that decentralised trading of individual transferable quotas (ITQs) is capable of an efficient allocation of resource use between the first two parties. In contrast, it is found that the standard ITQ system is not capable of performing the same ideal co-ordination between the conflicting interests of extractive users, that is, all fishers, and the non-extractive ones, that is, conservationists. The reason is that quota trades between individual fishers and conservationists are inevitably accompanied by (positive) externalities on both other fishers and conservationists. As a result, decentralised quota trades between these parties cannot be efficient. The fundamental economic observation is that quotas for conservation and for extraction constitute two different goods. It follows that a socially optimal market allocation of these two goods requires two prices instead of the single quota price in the standard ITQ system. Thus, to achieve efficiency, the ITQ system has to be extended to incorporate both types of goods. It is shown in the paper that if fishers and conservationists can organise themselves into groups, trades of conservation quotas between the two groups can in principle lead to fully efficient allocation. An interesting implication of this modified ITQ system is that the need for a fisheries authority to set the total allowable catch (TACs) disappears. [source] On economics and business ethicsBUSINESS ETHICS: A EUROPEAN REVIEW, Issue 2 2002Christos Pitelis Economics has an impoverished view of virtuous human behaviour in general, and corporate social responsibility in particular. We claim that this is due to a particular, albeit currently dominant approach to economics. This approach focuses on the pursuit of wealth through efficient allocation of scarce resources by ,rational' utility-maximizing economic agents and institutions, such as markets, firms and states, in the exclusive pursuit of ,efficiency'. This results in an ethic-free and often inimical approach to virtuous behaviour. However, a different approach to economics, which focuses on sustainable global resource creation and allocation, asserts virtuous responsible behaviour to be part and parcel of economic analysis and performance. [source] Forecasting Daily Patient Volumes in the Emergency DepartmentACADEMIC EMERGENCY MEDICINE, Issue 2 2008Spencer S. Jones MStat Abstract Background:, Shifts in the supply of and demand for emergency department (ED) resources make the efficient allocation of ED resources increasingly important. Forecasting is a vital activity that guides decision-making in many areas of economic, industrial, and scientific planning, but has gained little traction in the health care industry. There are few studies that explore the use of forecasting methods to predict patient volumes in the ED. Objectives:, The goals of this study are to explore and evaluate the use of several statistical forecasting methods to predict daily ED patient volumes at three diverse hospital EDs and to compare the accuracy of these methods to the accuracy of a previously proposed forecasting method. Methods:, Daily patient arrivals at three hospital EDs were collected for the period January 1, 2005, through March 31, 2007. The authors evaluated the use of seasonal autoregressive integrated moving average, time series regression, exponential smoothing, and artificial neural network models to forecast daily patient volumes at each facility. Forecasts were made for horizons ranging from 1 to 30 days in advance. The forecast accuracy achieved by the various forecasting methods was compared to the forecast accuracy achieved when using a benchmark forecasting method already available in the emergency medicine literature. Results:, All time series methods considered in this analysis provided improved in-sample model goodness of fit. However, postsample analysis revealed that time series regression models that augment linear regression models by accounting for serial autocorrelation offered only small improvements in terms of postsample forecast accuracy, relative to multiple linear regression models, while seasonal autoregressive integrated moving average, exponential smoothing, and artificial neural network forecasting models did not provide consistently accurate forecasts of daily ED volumes. Conclusions:, This study confirms the widely held belief that daily demand for ED services is characterized by seasonal and weekly patterns. The authors compared several time series forecasting methods to a benchmark multiple linear regression model. The results suggest that the existing methodology proposed in the literature, multiple linear regression based on calendar variables, is a reasonable approach to forecasting daily patient volumes in the ED. However, the authors conclude that regression-based models that incorporate calendar variables, account for site-specific special-day effects, and allow for residual autocorrelation provide a more appropriate, informative, and consistently accurate approach to forecasting daily ED patient volumes. [source] | ||||||||||||||||