Assessing health efficiency across countries with a twostep and bootstrap analysis *


 Ashlynn Nelson
 1 years ago
 Views:
Transcription
1 Assessng health effcency across countres wth a twostep and bootstrap analyss * Antóno Afonso # $ and Mguel St. Aubyn # February 2007 Abstract We estmate a semparametrc model of health producton process usng a twostage approach for OECD countres. By regressng data envelopment analyss output effcency scores on nondscretonary varables, both usng Tobt analyss and a sngle and double bootstrap procedure, we show that neffcency s strongly related to GDP per head, the educaton level, and health behavour such as obesty and smokng habts. The bootstrappng procedure corrects lkely based DEA output scores takng nto account that envronmental varables are correlated to output and nput varables. JEL: C14, C61, H52, I11 Keywords: techncal effcency, health, DEA, bootstrap, semparametrc * The opnons expressed heren are those of the authors and do not necessarly reflect those of the author s employers. # UECE Research Unt on Complexty and Economcs; Department of Economcs, ISEG/TULsbon Techncal Unversty of Lsbon, R. Mguel Lup 20, Lsbon, Portugal, emals: UECE s supported by FCT (Fundação para a Cênca e a Tecnologa, Portugal), fnanced by ERDF and Portuguese funds. $ European Central Bank, Drectorate General Economcs, Kaserstraße 29, D Frankfurt am Man, Germany, emal:
2 Contents 1. INTRODUCTION MOTIVATION AND LITERATURE ANALYTICAL METHODOLOGY DEA FRAMEWORK NONDISCRETIONARY INPUTS AND THE DEA/TOBIT TWOSTEPS PROCEDURE NONDISCRETIONARY INPUTS AND BOOTSTRAP EMPIRICAL ANALYSIS DATA AND INDICATORS PRINCIPAL COMPONENT ANALYSIS DEA EFFICIENCY RESULTS EXPLAINING INEFFICIENCY THE ROLE OF NONDISCRETIONARY INPUTS CONCLUSION APPENDIX 1 SINGLE AND DOUBLE BOOTSRAP PROCEDURES APPENDIX 2 POTENTIAL YEARS OF LIFE NOT LOST REFERENCES ANNEX DATA AND SOURCES TABLES AND FIGURES
3 1. Introducton In ths paper we systematcally compare the output from the health system of a set of OECD countres wth resources employed (doctors, nurses, beds and dagnostc technology equpment). Usng data envelopment analyss (DEA), we derve a theoretcal producton fronter for health. In the most favourable case, a country s operatng on the fronter, and s consdered as effcent. However, most countres are found to perform below the fronter and an estmate of the dstance each country s from that border lne s provded the socalled effcency score. Moreover, by estmatng a semparametrc model of the health producton process usng a twostage approach, we show that neffcency n the health sector s strongly related to varables that are, at least n the short to medum run, beyond the control of governments. These are GDP per capta, the educaton level, and unhealthy lfestyles as obesty and smokng habts. In methodologcal terms, a twostage approach has become ncreasngly popular when DEA s used to assess effcency of decsonmakng unts (DMUs). The most usual twostage approach has been recently crtcsed n statstcal terms. 1 The fact that DEA output scores are lkely to be based, and that the envronmental varables are correlated to output and nput varables, recommend the use of bootstrappng technques, whch are well suted for the type of modellng we apply here. Therefore, we employ both a more usual DEA/Tobt approach and sngle and double bootstrap procedures suggested by Smar and Wlson (2007). Our paper s one of the frst applcatons of ths very recent technque. 2 Our results followng ths procedure are compared to the ones arsng from the more tradtonal one. The paper s organsed as follows. In secton two we provde motvaton and brefly revew some of the lterature and prevous results on health provson effcency. Secton three outlnes the methodologcal approach used n the paper and n secton four we present and dscuss the results of our effcency analyss. Secton fve provdes the conclusons. 1 See Smar and Wlson (2000, 2007). 2 See Afonso and St. Aubyn (2006) for an applcaton to the educaton system. 3
4 2. Motvaton and lterature Health s one of the most mportant servces provded by governments n almost every country. Accordng to OECD (2005), OECD countres expended an average of 8.7 per cent of GDP n 2003 on health nsttutons, of whch 6.3 per cent of GDP were from publc sources. In a general sense, health provson s effcent f ts producers make the best possble use of avalable nputs, and the sole fact that health nputs weght heavly on the publc purse would call for a careful effcency analyss. A health system not beng effcent would mean ether that results (or outputs ) could be ncreased wthout spendng more, or else that expense could actually be reduced wthout affectng the outputs, provded that more effcency s assured. Research results presented here ndcate that there are cases where consderable mprovements can be made n ths respect. The fact of health spendng beng predomnantly publc s partcularly true n OECD countres. Table 1 summarses some relevant data for thrty OECD countres concernng health spendng. For nstance, publc expendture as a share of total spendng averaged 72.5 per cent n 2003, rangng from 44.4 per cent n the USA to 90.1 per cent n the Czech Republc. For the EU15, average total spendng was 8.8 per cent of GDP n 2003, whch s close to the OECD value, slghtly up from the 8.1 per cent rato observed n On the other hand, average publc expendture as a share of total expendture n health was, n 2003, lower n the EU15 than n the OECD, the correspondng ratos beng equal to 69.9 and 72.5 percent, respectvely. Furthermore, data reported n Table 1 show that total per capta health spendng s very dverse across OECD countres. Indeed, the country that spends more on health n per capta terms, the USA, expends more than two tmes the OECD average and eleven tmes more than the country that spends the least, Turkey, even though the per capta GDP rato between those two countres s roughly fve and a half. [Insert Table 1 here] 4
5 Moreover, the relevance of assessng the qualty of publc spendng and redrectng t to more growth enhancng tems s stressed, for nstance, n EC (2004) as beng an mportant goal for governments to pursue. Internatonally, there s a shft n the focus of the analyss from the amount of publc resources used by a government, to servces delvered, and also to acheved outcomes and ther qualty (see OECD, 2003). In our research, we measure and compare health output across countres usng precsely the abovementoned type of qualty measures we resort to crossnatonally comparable evdence on health varables, as reported n OECD (2005). Prevous research on the nternatonal comparatve performance of the publc sector n general and of health outcomes n partcular, ncludng Afonso, Schuknecht and Tanz (2005) for publc expendture n the OECD, and Gupta and Verhoeven (2001) for educaton and health n Afrca, has already suggested that mportant neffcences are at work. These studes use free dsposable hull analyss (FDH) wth nputs measured n monetary terms. Spnks and Hollngsworth (2005) assess health effcency for OECD countres usng DEA based Malmqust ndexes. They report a mean value of for an OECD dataset suggestng that overall, member countres have moved slghtly away from the fronter, mplyng a decrease n techncal effcency, between 1995 and Usng both FDH and DEA analyss, Afonso and St. Aubyn (2005) studed effcency n provdng health and educaton n OECD countres usng physcally measured nputs and concluded that f all countres were effcent, nput usage could be reduced by about 13 per cent wthout affectng output. Usng a more extended sample Evans et al. (2000) evaluate the effcency of health expendture n 191 countres usng a parametrc methodology. In ths paper, we estmate semparametrc models of the health producton process usng a twostage approach. In a frst stage, we determne the output effcency score for each country, usng the mathematcal programmng approach known as DEA, relatng health nputs to outputs. In a second stage, these scores are explaned usng regresson analyss. Here, we show that nondscretonary factors are ndeed hghly correlated to neffcency,.e. they are sgnfcant envronmental varables, usng 5
6 DEA jargon. 3 They are, however, of a fundamentally dfferent nature from nput varables, n so far as ther values cannot be changed n a meanngful spell of tme by the DMU, here a country. 3. Analytcal methodology 3.1. DEA framework DEA, whch assumes the exstence of a convex producton fronter, allows the calculaton of techncal effcency measures that can be ether nput or output orented. The purpose of an outputorented study s to evaluate by how much output quanttes can be proportonally ncreased wthout changng the nput quanttes used. Ths s the perspectve taken n ths paper. Note, however, that one could also try to assess by how much nput quanttes can be reduced wthout varyng the output. Both output and nputorented models wll dentfy the same set of effcent/neffcent producers or DMUs. 4 The descrpton of the lnear programmng problem to be solved, output orented and assumng varable returns to scale hypothess, s sketched below. Suppose there are p nputs and q outputs for n DMUs. For the th DMU, y s the column vector of the outputs and x s the column vector of the nputs. We can also defne X as the (p n) nput matrx and Y as the (q n) output matrx. The DEA model s then specfed wth the followng mathematcal programmng problem, for a gven th DMU: Max s. to δ λ, δ δ y n1' λ = 1 λ 0 Yλ x Xλ. (1) 3 Throughout the paper we use nterchangeably the terms nondscretonary, exogenous and envronmental when qualfyng varables or factors not ntally consdered n the DEA programme. 4 See Farrell (1957) semnal work, popularsed by Charnes, Cooper and Rhodes (1978). Coell, Rao, O Donnell and Battese (2005) and Thanassouls (2001) offer good ntroductons to the DEA methodology. 6
7 In problem (1), δ s a scalar satsfyngδ 1, more specfcally t s the effcency score that measures techncal effcency of the th unt as the dstance to the effcency fronter, the latter beng defned as a lnear combnaton of best practce observatons. Wthδ > 1, the decson unt s nsde the fronter (.e. t s neffcent), whle δ = 1 mples that the decson unt s on the fronter (.e. t s effcent). The vector λ s a (n 1) vector of constants that measures the weghts used to compute the locaton of an neffcent DMU f t were to become effcent Nondscretonary nputs and the DEA/Tobt twosteps procedure The standard DEA models as the one descrbed n (1) ncorporate only dscretonary nputs, those whose quanttes can be changed at the DMU wll, and do not take nto account the presence of envronmental varables or factors, also known as nondscretonary nputs. However, socoeconomc dfferences may play a relevant role n determnng heterogenety across DMUs ether schools, hosptals or countres achevements n an nternatonal comparson and nfluence outcomes. In what health s concerned, these exogenous socoeconomc factors can nclude, for nstance, household wealth, eatng habts and educaton level. As nondscretonary and dscretonary nputs jontly contrbute to each DMU outputs, there are n the lterature several proposals on how to deal wth ths ssue, mplyng usually the use of twostage and even threestage models. 5 Let z be a (1 r) vector of nondscretonary outputs. In a typcal twostage approach, the followng regresson s estmated: ˆ, (2) δ = + zβ ε where δˆ s the effcency score that resulted from stage one,.e. from solvng (1). β s a (r 1) vector of parameters to be estmated n step two assocated wth each 5 See Ruggero (2004) and Smar and Wlson (2007) for an overvew. 7
8 consdered nondscretonary nput. The fact that ˆ δ 1 has led many researchers to estmate (2) usng censored regresson technques (Tobt), although others have used OLS Nondscretonary nputs and bootstrap The twostage DEA/Tobt method s lkely to be based n small samples for two reasons. Frstly, the fact that output scores are jontly estmated by DEA mples that the error term ε n equaton (2) s serally correlated. Secondly, nondscretonary varables z are correlated to the error term ε I. Ths derves from the fact that nondscretonary nputs are correlated to the outputs, and therefore to estmated effcency scores. To surmount ths, Smar and Wlson (2007) propose two alternatves based on bootstrap methods 7. Smlarly to the DEA/Tobt procedure, the effcency score depends lnearly on the envronmental varables, but the error term s a truncated, and not a censored, normal random varable. The frst bootstrap method ( algorthm 1 ) mples the estmaton of the effcency scores usng DEA, as n the DEA/Tobt analyss. However, the nfluence of nondscretonary nputs on effcency s estmated by means of a truncated lnear regresson. Bootstrappng then assesses coeffcent sgnfcance. We have consdered 2000 bootstrap estmates for that effect. The scores derved from DEA are based towards 1 n small samples. Smar and Wlson (2007) second bootstrap procedure, algorthm 2, ncludes a parametrc bootstrap n the frst stage problem, so that bascorrected estmates for the effcency scores are produced. These corrected scores replace the DEA orgnal ones, and estmaton of envronment effects proceeds lke n algorthm 1. 6 See Smar and Wlson (2007) for an extensve lst of publshed examples of the two step approach. 7 See Appendx 1, where the method s exposed n more detal. We mplemented these algorthms n Matlab. Programmes and functons are avalable on request. 8
9 4. Emprcal analyss 4.1. Data and ndcators OECD (2005) s our chosen health database for OECD countres. 8 Typcal nput varables nclude medcal technology ndcators and health employment. Output s to be measured by ndcators such as lfe expectancy and nfant mortalty, n order to assess potental years of added lfe. It s of course dffcult to measure somethng as complex as the health status of a populaton. We have not nnovated here, and took two usual measures of health attanment, nfant mortalty and lfe expectancy. 9 Effcency measurement technques used n ths paper mply that outputs are measured n such a way that more s better. Ths s clearly not the case wth nfant mortalty. Recall that the Infant Mortalty Rate (IMR) s equal to: (Number of chldren who ded before 12 months)/(number of born chldren) We have calculated an Infant Survval Rate, ISR, IMR ISR = 1000, (3) IMR whch has two nce propertes: t s drectly nterpretable as the rato of chldren that survved the frst year to the number of chldren that ded; and, of course, t ncreases wth a better health status. We have consdered a thrd output measure, whch we call Potental Years of Lfe Not Lost, PYLNL. Ths varable was computed on the bass of the ndcator Potental 8 The data and the sources used n the paper are presented n the Annex. 9 These health measures, or smlar ones, have been used n other studes on health and publc expendture effcency see Afonso, Schuknecht and Tanz (2004), and Gupta and Verhoeven (2001). 9
10 Years of Lfe Lost, PYLL, reported by OECD (2005). Ths last varable, PYLL, equals the number of lfe years lost due to all causes before the age of 70 and that could be, a pror, prevented. Therefore, and for our subsequent DEA analyss, and smlarly to the Infant Mortalty Rate, a transformaton had to be done, n order to provde an ncreasng monotonc relaton between the varable, number of years not lost, and health status. Our transformed varable s: PYNLL = λpyll, (4) where λ= s an estmate of the number of potental years of lfe for a populaton under 70 years. 10 Therefore, our fronter model for health s based upon three output varables:  the nfant survval rate,  lfe expectancy,  and potental years of lfe not lost. We compare physcally measured nputs to outcomes. Quanttatve nputs are the number of practsng physcans, practsng nurses, acute care beds per thousand habtants and hghtech dagnostc medcal equpment, specfcally magnetc resonance magers (MRI). 11 Table 2 reports the relevant statstcs for the set of OECD countres. [Insert Table 2 here] From Table 2 one notces that practsng nurses per one thousand persons, n the perod , ranged from 1.6 n Korea to 14.7 n Ireland. For the same perod there was also a hgh range of practsng physcans per one thousand persons, from n Turkey and n Korea to n Italy and n Greece. Addtonally, the 10 See detals n Appendx A commonly used ndcator of medcal technology; see, for nstance, RetzlaffRoberts et al. (2004). 10
11 number of MRI per mllon persons ranged from 0.2 n Mexco to 32.2 n Japan, and the hosptal acute care beds per one thousand persons ranged from 1.0 n Mexco to 9.1 n Japan. Table 2 also shows that for the perod lfe expectancy at brth ranged form 68.4 years n Turkey to 81.5 n Japan, and nfant mortalty ranged form 2.4 n Iceland to 36.3 n Turkey. In addton, the potental years of lfe not lost per populaton was 73 per cent above the average n Hungary and 29 per cent below average n Japan Prncpal component analyss In order to go around the eventual dffcultes posed to the DEA approach when there are a sgnfcant number of nputs and/or outputs, we used prncpal component analyss (PCA) to aggregate some of the ndcators. The use of PCA reduces the dmensonalty of multvarate data, whch s what we have regardng health status, and the health care resources used. The dea of PCA s to descrbe the varaton of a multvarate data set through lnear combnatons of the orgnal varables (see, for nstance, Evertt and Dunn, 2001). Generally, we are nterested n seeng f the frst few components portray most of the varaton of the orgnal data set, for nstance, 80 per cent or 90 per cent, wthout much loss of nformaton. In a nutshell, the prncpal components are uncorrelated lnear combnatons of the orgnal varables, whch are then ranked by ther varances n descendng order. Ths provdes a more parsmonous representaton of the data set and avods that n the DEA computatons too many DMUs are labelled effcent by default. Usually one apples PCA by mposng that the orgnal varables are normalzed to have zero mean. Ths means that the computed prncpal components scores also have zero mean, and therefore some of the results from PCA are negatve. Snce DEA nputs and outputs need to be strctly postve, PCA results wll be ncreased by the most negatve value n absolute value plus one, n order to ensure strctly postve data (see, for nstance, Adler and Golany, 2001). 11
12 We appled PCA to the four nput varables, doctors, nurses, beds and MRI unts. The results of such analyss (see Table 3) led us to use the frst three prncpal components as the three nput measures, whch explan around 88 per cent of the varaton of the four varables. Ths also mples that we only take nto account the components whose assocated egenvalues are above 0.7, a rule suggested by Jollfe (1972). Applyng PCA also to the set of our selected output varables, lfe expectancy, nfant survval rate and potental number of years of lfe not lost, we selected the frst prncpal component as the output measure snce t accounts for around 84 per cent of the varaton of the three varables (see Table 3). [Insert Table 3 here] We report n Table 4 the abovementoned prncpal components, to be used n the subsequent secton n DEA computatons. [Insert Table 4 here] 4.3. DEA effcency results In Table 5 we report results for the standard DEA varablereturnstoscale techncal effcency output scores and peers of each of the consdered countres. The specfcaton used ncludes as nputs the frst three components of the PCA performed to the base varables doctors, nurses, beds and MRI unts. As output we use the frst component of the PCA appled to the base varables nfant survval rate, lfe expectancy, and potental years of lfe not lost, as explaned n the prevous secton. [Insert Table 5 here] It s possble to observe n Table 5 that seven countres would be located on the theoretcal producton possblty fronter wth the standard DEA approach: Canada, 12
13 Fnland, Japan, Korea, Span, Sweden and the USA 12. Canada, Fnland, Japan, Span and Sweden are located n the effcent fronter because they perform qute well n the output ndcator, gettng above average results. On the other hand, Korea and the USA are generally below average regardng the use of resources n all the frst three components selected. Another set of three countres s located on the opposte end Hungary, the Slovak Republc and Poland. DEA analyss ndcates that ther output could be substantally ncreased f they were to become located on the effcency fronter. On average and as a conservatve estmate, countres could have ncreased ther results by 40 per cent usng the same resources Explanng neffcency the role of nondscretonary nputs Usng the DEA effcency scores computed n the prevous subsecton, we now evaluate the mportance of nondscretonary nputs. We present results both from Tobt regressons and bootstrap algorthms. Even f Tobt results are possbly based, t s not clear that bootstrap estmates are necessarly more relable. In fact, the latter are based on a set of assumptons concernng the data generaton process and the perturbaton term dstrbuton that may be dsputed. Takng the pros and cons of both methods nto account, t seems sensble to apply both of them. If outcomes are comparable, ths adds robustness and confdence to the results we are nterested n. In order to explan the effcency scores, we regress them on GDP per capta, Y, educatonal level, E, obesty, O, and tobacco consumpon, T, as follows 13 δ = β + β Y + β E + β O + β T + ε. (5) ˆ One can brefly compare our results wth the ones reported by Afonso and St. Aubyn (2005) that addressed health effcency for 2000 usng a smlar set of nformaton but wthout prncpal component analyss. Interestngly, they reported that countres labelled as effcent were: Canada, Denmark, France, Japan, Korea, Norway, Portugal, Span, Sweden, the Unted Kngdom and the Unted States, rather along the lnes of our results. 13 Educatonal level s gven by the percentage of populaton that acheved tertary educaton n , GDP per capta refers to PPP USD n 2003, obesty refers to the percentage of obese populaton n 2002, and smokng refers to the percentage of populaton that consumed tobacco n 2003 (see the Annex for detals). 13
14 We frst report n Table 6 results from the censored normal Tobt regressons for several alternatve specfcatons of equaton (5). [Insert Table 6 here] Ineffcency n the health sector s strongly related to the four varables that are, at least n the short to medum run, beyond the control of governments: the economc background, proxed here by the country GDP per capta, the level of educaton, smokng habts, and obesty. The estmated coeffcents of the frst two nondscretonary nputs are statstcally sgnfcant and negatvely related to the effcency measure. For nstance, an ncrease n educaton achevement reduces neffcency, mplyng that the relevant DMU moves closer to the theoretcal producton possblty fronter. Therefore, the better the level of educaton, the hgher the effcency of health provson n a gven country. The same reasonng apples to GDP, wth hgher GDP per capta resultng n more effcency. On the other hand, effcency s lower the stronger smokng habts are and the hgher the percentage of obese populaton s. We also consdered other varables as nondscretonary nputs: ncome nequalty va the Gn coeffcent, the rato of publctototal expendture n health, spendng on pharmaceutcals as a percentage of health expendture, percentage of populaton over 65 years, per capta alcohol and sugar consumpton, and total calores ntake. However, none of these varables prove to be statstcally sgnfcant and the estmaton results are not reported for the sake of space. Table 7 reports the estmaton results from the bootstrap procedures employng algorthms 1 and 2, as descrbed n subsecton 3.3. Estmated coeffcents are essentally smlar rrespectve of the algorthm used to estmate them. Moreover, they are also close to the estmates derved from the more usual Tobt procedure, and, very mportantly, they are hghly sgnfcant. [Insert Table 7 here] Sgnfcance across dfferent model formulatons and estmaton methods s mportant and consttutes robust emprcal evdence that effcency n health depends drectly on 14
15 a country s wealth and on educaton levels, and nversely on tobacco consumpton and obesty. In a nutshell, populaton of poorer countres where educaton levels are low tend to under perform, so that results are further away from the effcency fronter. The same reasonng apples to the other two envronmental factors, wth hgher smokng habts and obesty levels drawng countres away from health related effcent performance. Equaton (5) can be regarded as a decomposton of the output effcency score nto two dstnct parts: the one that s the result of a country s envronment, and gven by β + β Y + β E + β O + β T ; the one that ncludes all other factors havng an nfluence on effcency, ncludng therefore neffcences assocated wth the health system tself, and gven byε t. We choose models 2 and 4 from Table 7 for our exercse of correctng for envronmental varables n order to use versons wth and wthout educaton as an exogenous factor 14. The frst column n Table 8 ncludes the bas corrected scores for Model 2, the one wth the best ft usng bootstrap algorthms (as can be seen by the lower estmated standard devaton of ε). Algorthm 2 mples a bas correcton after estmatng output effcency scores, takng nto account the correlaton between these scores and the envronmental varables. We also present score correctons for the three envronmental varables. GDP, obesty, and tobacco consumpton correctons were computed as the changes n scores by artfcally consderng that Y, O, and T vared to the sample average n each country. Fully corrected scores, presented n column fve, are estmates of output scores purged from envronmental effects and result from the summaton of the prevous four columns, truncated to one when necessary. [Insert Table 8 here] 14 Models 2 and 4 dffer from models 1 and 3 because ncome s ntroduced n logs. Ths formulaton seems to provde a better ft, as checked by comparatve values of σˆ. ε 15
16 Comparng the ranks n the last column of Table 8, resultng from correctons for both bas and envronmental varables, wth the prevously presented rankng from the standard DEA analyss (see Table 5 above), t s apparent that sgnfcant changes occurred. For the purpose of such comparson one should notce that the number of countres consdered dropped from twentyone n the DEA calculatons to nneteen n the twostep analyss, snce tobacco consumpton data was not avalable for Austra and Portugal. Some countres poorly ranked prevously are now closer to the producton possblty fronter ths s the case of Denmark, the Czech Republc, Hungary, Luxembourg, Poland, the Slovak Republc, and the UK. On the other hand, other countres see a worsenng n ther relatve poston after takng nto account envronmental varables, namely Canada, Sweden, and the US, and to a less extent, Japan. At last, countres lke Korea and Span keep ther good postonng. Addtonally, by lookng at GDP, obesty and tobacco consumpton correctons n Table 8, t s apparent that n some countres, envronmental harshness essentally results from low GDP per head, as n the Czech Republc, Korea, Poland and Span. For nstance, for the US, lower than average tobacco consumpton s offset by above average obesty, whle for Japan, Korea, Luxembourg, and Swtzerland we see an opposte pattern. Fnally, note that n countres lke Germany and Italy, all three envronmental varables push down performance, whle an nverse result can be observed for Hungary. Alternatvely, a smlar analyss can be conducted for Model 4, where we now have four envronmental varables: GDP, educaton, obesty, and tobacco consumpton (see Table 9). [Insert Table 9 here] From the results n Table 9 t s possble to conclude that educaton correcton s not benefcal for countres such as Canada, the US, Japan or Korea. Indeed, and as results from both Tobt and bootstrap analyss ndcate, the percentage of populaton wth 16
17 tertary educaton s a relevant exogenous varable n explanng health effcency scores. On the other hand, the below average results n ths varable for several other countres, such as the Czech Republc, Italy and Luxembourg, allow for an mprovement n ther effcency rankngs after makng the correctons related to all four nondscretonary factors used n Model Concluson In ths paper, we have evaluated effcency n health servces across countres by assessng outputs (lfe expectancy, nfant survval rate, potental years of lfe not lost) aganst nputs drectly used n the heath system (doctors, nurses, beds, MRI unts) and envronment varables (wealth and country educaton level, smokng habts and obesty). In methodologcal terms, we have employed a twostage semparametrc procedure. Frstly, output effcency scores were estmated by solvng a standard DEA problem wth countres as DMUs. Secondly, these scores were explaned n a regresson wth the envronmental varables as ndependent varables. Results from the frststage mply that neffcences may be qute hgh. On average and as a conservatve estmate, countres could have ncreased ther results by 40 per cent usng the same resources. Countres lke Hungary, the Slovak Republc and Poland dsplay sgnfcant room for mprovement. The fact that a country s seen as far away from the effcency fronter s not necessarly a result of neffcences engendered wthn the health system. Our second stage procedures shows that GDP per head, educatonal attanment, tobacco consumpton, and obesty are hghly and sgnfcantly correlated to output scores a wealther and more cultvated envronment are mportant condtons for a better health performance, whle a more obese populaton and prevalence of smokng habts worsen health performance. Moreover, t becomes possble to correct output scores by consderng the harshness of the envronment where the health system operates. Country rankngs and output scores derved from ths correcton can be substantally dfferent from standard DEA results. 17
18 Nondscretonary outputs consdered here cannot be changed n the short run. For example, educatonal attanment s essentally gven n the comng year. However, contemporaneous educatonal and socal polcy wll have an mpact on future educatonal attanment. A smlar reasonng apples to smokng habts, whch are dffcult to change, but where, for nstance, tax measures are usually consdered and mplemented by the governments. Obesty problems also mpnge negatvely on the performance of the health system, and may be related to cultural tradtons. Fnally, note that we have appled both the usual DEA/Tobt procedure and two very recently proposed bootstrap algorthms. Results were strkngly smlar wth these three dfferent estmaton processes, whch brng ncreased confdence to obtaned conclusons. 18
19 Appendx 1 Sngle and Double Bootsrap Procedures Ths appendx brefly descrbes the sngle and double procedure proposed by Smar and Wlson (2007) and appled n ths paper. By assumpton, the true effcency score depends on the envronmental varables z, so that δ = zβ + ε 1, (A1.1) where β s a vector of parameters. ε s a truncated normal random varable, 2 dstrbuted N (0, ) wth lefttruncaton at 1 ψ ( z, β ) σ ε 15. The effcency score that solves problem (1) n the man text (the DEA problem), δˆ, s then consdered as an estmate for δ, and ths s the frst stage n the procedure. The second stage s desgned to assess the nfluence of nondscretonary nputs on effcency. The frst algorthm nvolves the followng steps: [1] The computaton of δˆ for all n decson unts by solvng (1). [2] The estmaton of equaton (A1.1) by maxmum lkelhood, consderng t s a truncated regresson (and not a censored or Tobt regresson). Denote by βˆ and the maxmum lkelhood estmates of β and σ ε. [3] The computaton of L bootstrap estmates for β and σ ε, n the followng way: For = 1,..., n draw ε from a normal dstrbuton wth varance σˆ ε 2 ˆ σ ε and left truncaton at * 1 zβˆ and compute δ = z ˆ β + ε. Then estmate the truncated 15 In a truncated normal dstrbuton, ε s not observed when t would fall below 1 β z. In a censored model (the Tobt model), ε s always observed, even f there s some nformaton loss (t s exactly equal to 1 β z when t would fall below ths value). 19
20 * regresson of δ on z by maxmum lkelhood, yeldng a bootstrap estmate * * ( ˆ β, ˆ ). σ ε Wth a large number of bootstrap estmates (e.g. L=2000), t becomes possble to test hypotheses and to construct confdence ntervals for β and σ ε. For example, suppose that we want to determne the pvalue for a gven estmate ˆ1 β < 0. Ths wll be gven by the relatve frequency of nonnegatve * 1 ˆβ bootstrap estmates. It can be shown that the estmate δˆ s based towards 1 n small samples. Smar and Wlson (2007) second bootstrap procedure, algorthm 2, ncludes a parametrc bootstrap n the frst stage problem, so that bascorrected estmates for the effcency scores are produced. The producton of these bascorrected scores s done as follows: [1] Compute δˆ for all n decson unts by solvng problem (1); [2] Estmate equaton (A1) by maxmum lkelhood, consderng t s a truncated regresson. Let βˆ and σˆ ε be the maxmum lkelhood estmates of β and σ ε. [3] Obtan L 1 bootstrap estmates for each δ, the followng way: For = 1,..., n draw ε from a normal dstrbuton wth varance 2 ˆ σ ε and left truncaton at ˆ * 1 zβˆ and compute δ = z ˆ * δ β + ε. Let y = y *, be a δ modfed output measure. Compute * * * man text, where Y s replaced by [ y y ] ˆ* δ by solvng the DEA problem (1) n the Y = 1... n. (But note that y s not replaced by y * n the lefthand sde of the frst restrcton of the problem.) [4] Compute the bascorrected output neffcency estmator as ˆ ˆ ˆ * δ = 2. δ δ, where ˆ* δ s the bootstrap average of ˆ* δ. Once these frst stage bascorrected measures are produced, algorthm 2 contnues by replacng δˆ wth Wlson (2007), we set L 1 =100. δˆ n algorthm 1, from step 2 onwards. Followng Smar and 20
Can Auto Liability Insurance Purchases Signal Risk Attitude?
Internatonal Journal of Busness and Economcs, 2011, Vol. 10, No. 2, 159164 Can Auto Lablty Insurance Purchases Sgnal Rsk Atttude? ChuShu L Department of Internatonal Busness, Asa Unversty, Tawan ShengChang
More informationAn Alternative Way to Measure Private Equity Performance
An Alternatve Way to Measure Prvate Equty Performance Peter Todd Parlux Investment Technology LLC Summary Internal Rate of Return (IRR) s probably the most common way to measure the performance of prvate
More informationInequality and The Accounting Period. Quentin Wodon and Shlomo Yitzhaki. World Bank and Hebrew University. September 2001.
Inequalty and The Accountng Perod Quentn Wodon and Shlomo Ytzha World Ban and Hebrew Unversty September Abstract Income nequalty typcally declnes wth the length of tme taen nto account for measurement.
More informationStudy on CET4 Marks in China s Graded English Teaching
Study on CET4 Marks n Chna s Graded Englsh Teachng CHE We College of Foregn Studes, Shandong Insttute of Busness and Technology, P.R.Chna, 264005 Abstract: Ths paper deploys Logt model, and decomposes
More informationAnswer: A). There is a flatter IS curve in the high MPC economy. Original LM LM after increase in M. IS curve for low MPC economy
4.02 Quz Solutons Fall 2004 MultpleChoce Questons (30/00 ponts) Please, crcle the correct answer for each of the followng 0 multplechoce questons. For each queston, only one of the answers s correct.
More informationHOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA*
HOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA* Luísa Farnha** 1. INTRODUCTION The rapd growth n Portuguese households ndebtedness n the past few years ncreased the concerns that debt
More information1. Measuring association using correlation and regression
How to measure assocaton I: Correlaton. 1. Measurng assocaton usng correlaton and regresson We often would lke to know how one varable, such as a mother's weght, s related to another varable, such as a
More informationInstitute of Informatics, Faculty of Business and Management, Brno University of Technology,Czech Republic
Lagrange Multplers as Quanttatve Indcators n Economcs Ivan Mezník Insttute of Informatcs, Faculty of Busness and Management, Brno Unversty of TechnologCzech Republc Abstract The quanttatve role of Lagrange
More informationWage inequality and returns to schooling in Europe: a semiparametric approach using EUSILC data
MPRA Munch Personal RePEc Archve Wage nequalty and returns to schoolng n Europe: a semparametrc approach usng EUSILC data Marco Bagett and Sergo Sccchtano Unversty La Sapenza Rome, Mnstry of Economc
More informationData Mining from the Information Systems: Performance Indicators at Masaryk University in Brno
Data Mnng from the Informaton Systems: Performance Indcators at Masaryk Unversty n Brno Mkuláš Bek EUA Workshop Strasbourg, 12 December 2006 1 Locaton of Brno Brno EUA Workshop Strasbourg, 12 December
More informationOn the Optimal Control of a Cascade of HydroElectric Power Stations
On the Optmal Control of a Cascade of HydroElectrc Power Statons M.C.M. Guedes a, A.F. Rbero a, G.V. Smrnov b and S. Vlela c a Department of Mathematcs, School of Scences, Unversty of Porto, Portugal;
More informationbenefit is 2, paid if the policyholder dies within the year, and probability of death within the year is ).
REVIEW OF RISK MANAGEMENT CONCEPTS LOSS DISTRIBUTIONS AND INSURANCE Loss and nsurance: When someone s subject to the rsk of ncurrng a fnancal loss, the loss s generally modeled usng a random varable or
More informationTrafficlight a stress test for life insurance provisions
MEMORANDUM Date 006097 Authors Bengt von Bahr, Göran Ronge Traffclght a stress test for lfe nsurance provsons Fnansnspetonen P.O. Box 6750 SE113 85 Stocholm [Sveavägen 167] Tel +46 8 787 80 00 Fax
More informationCalculation of Sampling Weights
Perre Foy Statstcs Canada 4 Calculaton of Samplng Weghts 4.1 OVERVIEW The basc sample desgn used n TIMSS Populatons 1 and 2 was a twostage stratfed cluster desgn. 1 The frst stage conssted of a sample
More informationSIMPLE LINEAR CORRELATION
SIMPLE LINEAR CORRELATION Smple lnear correlaton s a measure of the degree to whch two varables vary together, or a measure of the ntensty of the assocaton between two varables. Correlaton often s abused.
More informationCausal, Explanatory Forecasting. Analysis. Regression Analysis. Simple Linear Regression. Which is Independent? Forecasting
Causal, Explanatory Forecastng Assumes causeandeffect relatonshp between system nputs and ts output Forecastng wth Regresson Analyss Rchard S. Barr Inputs System Cause + Effect Relatonshp The job of
More informationPRIVATE SCHOOL CHOICE: THE EFFECTS OF RELIGIOUS AFFILIATION AND PARTICIPATION
PRIVATE SCHOOL CHOICE: THE EFFECTS OF RELIIOUS AFFILIATION AND PARTICIPATION Danny CohenZada Department of Economcs, Benuron Unversty, BeerSheva 84105, Israel Wllam Sander Department of Economcs, DePaul
More informationThe Analysis of Outliers in Statistical Data
THALES Project No. xxxx The Analyss of Outlers n Statstcal Data Research Team Chrysses Caron, Assocate Professor (P.I.) Vaslk Karot, Doctoral canddate Polychrons Economou, Chrstna Perrakou, Postgraduate
More information1. Introduction. 2. The modified Gini index
. ntroducton The n coeffcent s a popular and wdelused ndex for measurng nequalt (Lerman and Ytzha, 984. Evdence for the OECD countres ndcates that there has been a sgnfcant and wdespread ncrease n ncome
More informationThe covariance is the two variable analog to the variance. The formula for the covariance between two variables is
Regresson Lectures So far we have talked only about statstcs that descrbe one varable. What we are gong to be dscussng for much of the remander of the course s relatonshps between two or more varables.
More informationDEFINING %COMPLETE IN MICROSOFT PROJECT
CelersSystems DEFINING %COMPLETE IN MICROSOFT PROJECT PREPARED BY James E Aksel, PMP, PMISP, MVP For Addtonal Informaton about Earned Value Management Systems and reportng, please contact: CelersSystems,
More informationMarginal Benefit Incidence Analysis Using a Single Crosssection of Data. Mohamed Ihsan Ajwad and Quentin Wodon 1. World Bank.
Margnal Beneft Incdence Analyss Usng a Sngle Crosssecton of Data Mohamed Ihsan Ajwad and uentn Wodon World Bank August 200 Abstract In a recent paper, Lanjouw and Ravallon proposed an attractve and smple
More informationMEASURING OPERATION EFFICIENCY OF THAI HOTELS INDUSTRY: EVIDENCE FROM METAFRONTIER ANALYSIS. Abstract
Internatonal Conference On Appled Economcs ICOAE 2011 315 MEASURING OPERATION EFFICIENCY OF THAI HOTELS INDUSTRY: EVIDENCE FROM METAFRONTIER ANALYSIS PHANIN KHRUEATHAI 1, AKARAPONG UNTONG 2, MINGSARN KAOSAARD
More informationTHE DISTRIBUTION OF LOAN PORTFOLIO VALUE * Oldrich Alfons Vasicek
HE DISRIBUION OF LOAN PORFOLIO VALUE * Oldrch Alfons Vascek he amount of captal necessary to support a portfolo of debt securtes depends on the probablty dstrbuton of the portfolo loss. Consder a portfolo
More informationAnalysis of Premium Liabilities for Australian Lines of Business
Summary of Analyss of Premum Labltes for Australan Lnes of Busness Emly Tao Honours Research Paper, The Unversty of Melbourne Emly Tao Acknowledgements I am grateful to the Australan Prudental Regulaton
More informationCHAPTER 14 MORE ABOUT REGRESSION
CHAPTER 14 MORE ABOUT REGRESSION We learned n Chapter 5 that often a straght lne descrbes the pattern of a relatonshp between two quanttatve varables. For nstance, n Example 5.1 we explored the relatonshp
More informationModule 2 LOSSLESS IMAGE COMPRESSION SYSTEMS. Version 2 ECE IIT, Kharagpur
Module LOSSLESS IMAGE COMPRESSION SYSTEMS Lesson 3 Lossless Compresson: Huffman Codng Instructonal Objectves At the end of ths lesson, the students should be able to:. Defne and measure source entropy..
More informationRiskbased Fatigue Estimate of Deep Water Risers  Course Project for EM388F: Fracture Mechanics, Spring 2008
Rskbased Fatgue Estmate of Deep Water Rsers  Course Project for EM388F: Fracture Mechancs, Sprng 2008 Chen Sh Department of Cvl, Archtectural, and Envronmental Engneerng The Unversty of Texas at Austn
More informationNumber of Levels Cumulative Annual operating Income per year construction costs costs ($) ($) ($) 1 600,000 35,000 100,000 2 2,200,000 60,000 350,000
Problem Set 5 Solutons 1 MIT s consderng buldng a new car park near Kendall Square. o unversty funds are avalable (overhead rates are under pressure and the new faclty would have to pay for tself from
More information1 De nitions and Censoring
De ntons and Censorng. Survval Analyss We begn by consderng smple analyses but we wll lead up to and take a look at regresson on explanatory factors., as n lnear regresson part A. The mportant d erence
More informationRisk Model of LongTerm Production Scheduling in Open Pit Gold Mining
Rsk Model of LongTerm Producton Schedulng n Open Pt Gold Mnng R Halatchev 1 and P Lever 2 ABSTRACT Open pt gold mnng s an mportant sector of the Australan mnng ndustry. It uses large amounts of nvestments,
More information! # %& ( ) +,../ 0 1 2 3 4 0 4 # 5##&.6 7% 8 # 0 4 2 #...
! # %& ( ) +,../ 0 1 2 3 4 0 4 # 5##&.6 7% 8 # 0 4 2 #... 9 Sheffeld Economc Research Paper Seres SERP Number: 2011010 ISSN 17498368 Sarah Brown, Aurora OrtzNúñez and Karl Taylor Educatonal loans and
More information! ## % & ( ) + & ) ) ),. / 0 ## #1#
! ## % & ( ) + & ) ) ),. / 0 12 345 4 ## #1# 6 Sheffeld Economc Research Paper Seres SERP Number: 2006010 ISSN 17498368 Pamela Lenton* The Cost Structure of Hgher Educaton n Further Educaton Colleges
More informationThe Development of Web Log Mining Based on ImproveKMeans Clustering Analysis
The Development of Web Log Mnng Based on ImproveKMeans Clusterng Analyss TngZhong Wang * College of Informaton Technology, Luoyang Normal Unversty, Luoyang, 471022, Chna wangtngzhong2@sna.cn Abstract.
More informationStatistical Methods to Develop Rating Models
Statstcal Methods to Develop Ratng Models [Evelyn Hayden and Danel Porath, Österrechsche Natonalbank and Unversty of Appled Scences at Manz] Source: The Basel II Rsk Parameters Estmaton, Valdaton, and
More informationWhat is Candidate Sampling
What s Canddate Samplng Say we have a multclass or mult label problem where each tranng example ( x, T ) conssts of a context x a small (mult)set of target classes T out of a large unverse L of possble
More informationMAPP. MERIS level 3 cloud and water vapour products. Issue: 1. Revision: 0. Date: 9.12.1998. Function Name Organisation Signature Date
Ttel: Project: Doc. No.: MERIS level 3 cloud and water vapour products MAPP MAPPATBDClWVL3 Issue: 1 Revson: 0 Date: 9.12.1998 Functon Name Organsaton Sgnature Date Author: Bennartz FUB Preusker FUB Schüller
More informationThe OC Curve of Attribute Acceptance Plans
The OC Curve of Attrbute Acceptance Plans The Operatng Characterstc (OC) curve descrbes the probablty of acceptng a lot as a functon of the lot s qualty. Fgure 1 shows a typcal OC Curve. 10 8 6 4 1 3 4
More informationBrigid Mullany, Ph.D University of North Carolina, Charlotte
Evaluaton And Comparson Of The Dfferent Standards Used To Defne The Postonal Accuracy And Repeatablty Of Numercally Controlled Machnng Center Axes Brgd Mullany, Ph.D Unversty of North Carolna, Charlotte
More informationManagement Quality and Equity Issue Characteristics: A Comparison of SEOs and IPOs
Management Qualty and Equty Issue Characterstcs: A Comparson of SEOs and IPOs Thomas J. Chemmanur * Imants Paegls ** and Karen Smonyan *** Current verson: November 2009 (Accepted, Fnancal Management, February
More informationPSYCHOLOGICAL RESEARCH (PYC 304C) Lecture 12
14 The Chsquared dstrbuton PSYCHOLOGICAL RESEARCH (PYC 304C) Lecture 1 If a normal varable X, havng mean µ and varance σ, s standardsed, the new varable Z has a mean 0 and varance 1. When ths standardsed
More informationThe Analysis of Covariance. ERSH 8310 Keppel and Wickens Chapter 15
The Analyss of Covarance ERSH 830 Keppel and Wckens Chapter 5 Today s Class Intal Consderatons Covarance and Lnear Regresson The Lnear Regresson Equaton TheAnalyss of Covarance Assumptons Underlyng the
More informationRecurrence. 1 Definitions and main statements
Recurrence 1 Defntons and man statements Let X n, n = 0, 1, 2,... be a MC wth the state space S = (1, 2,...), transton probabltes p j = P {X n+1 = j X n = }, and the transton matrx P = (p j ),j S def.
More informationDECOMPOSING ALLOCATIVE EFFICIENCY FOR MULTIPRODUCT PRODUCTION SYSTEMS
DECOMPOSING ALLOCATIVE EFFICIENCY FOR MULTIPRODUCT PRODUCTION SYSTEMS EKONOMIKA A MANAGEMENT Tao Zhang Introducton Data envelopment analyss (DEA, the nonparametrc approach to measurng effcency, was frst
More informationNPAR TESTS. OneSample ChiSquare Test. Cell Specification. Observed Frequencies 1O i 6. Expected Frequencies 1EXP i 6
PAR TESTS If a WEIGHT varable s specfed, t s used to replcate a case as many tmes as ndcated by the weght value rounded to the nearest nteger. If the workspace requrements are exceeded and samplng has
More informationCommunication Networks II Contents
8 / 1  Communcaton Networs II (Görg)  www.comnets.unbremen.de Communcaton Networs II Contents 1 Fundamentals of probablty theory 2 Traffc n communcaton networs 3 Stochastc & Marovan Processes (SP
More information8 Algorithm for Binary Searching in Trees
8 Algorthm for Bnary Searchng n Trees In ths secton we present our algorthm for bnary searchng n trees. A crucal observaton employed by the algorthm s that ths problem can be effcently solved when the
More informationAn Empirical Study of Search Engine Advertising Effectiveness
An Emprcal Study of Search Engne Advertsng Effectveness Sanjog Msra, Smon School of Busness Unversty of Rochester Edeal Pnker, Smon School of Busness Unversty of Rochester Alan RmmKaufman, RmmKaufman
More informationPRACTICE 1: MUTUAL FUNDS EVALUATION USING MATLAB.
PRACTICE 1: MUTUAL FUNDS EVALUATION USING MATLAB. INDEX 1. Load data usng the Edtor wndow and mfle 2. Learnng to save results from the Edtor wndow. 3. Computng the Sharpe Rato 4. Obtanng the Treynor Rato
More informationCourse outline. Financial Time Series Analysis. Overview. Data analysis. Predictive signal. Trading strategy
Fnancal Tme Seres Analyss Patrck McSharry patrck@mcsharry.net www.mcsharry.net Trnty Term 2014 Mathematcal Insttute Unversty of Oxford Course outlne 1. Data analyss, probablty, correlatons, vsualsaton
More informationL10: Linear discriminants analysis
L0: Lnear dscrmnants analyss Lnear dscrmnant analyss, two classes Lnear dscrmnant analyss, C classes LDA vs. PCA Lmtatons of LDA Varants of LDA Other dmensonalty reducton methods CSCE 666 Pattern Analyss
More informationStaff Paper. Farm Savings Accounts: Examining Income Variability, Eligibility, and Benefits. Brent Gloy, Eddy LaDue, and Charles Cuykendall
SP 200502 August 2005 Staff Paper Department of Appled Economcs and Management Cornell Unversty, Ithaca, New York 148537801 USA Farm Savngs Accounts: Examnng Income Varablty, Elgblty, and Benefts Brent
More informationHigh Correlation between Net Promoter Score and the Development of Consumers' Willingness to Pay (Empirical Evidence from European Mobile Markets)
Hgh Correlaton between et Promoter Score and the Development of Consumers' Wllngness to Pay (Emprcal Evdence from European Moble Marets Ths paper shows that the correlaton between the et Promoter Score
More informationA Novel Methodology of Working Capital Management for Large. Public Constructions by Using Fuzzy Scurve Regression
Novel Methodology of Workng Captal Management for Large Publc Constructons by Usng Fuzzy Scurve Regresson ChengWu Chen, Morrs H. L. Wang and TngYa Hseh Department of Cvl Engneerng, Natonal Central Unversty,
More informationThe Use of Analytics for Claim Fraud Detection Roosevelt C. Mosley, Jr., FCAS, MAAA Nick Kucera Pinnacle Actuarial Resources Inc.
Paper 18372014 The Use of Analytcs for Clam Fraud Detecton Roosevelt C. Mosley, Jr., FCAS, MAAA Nck Kucera Pnnacle Actuaral Resources Inc., Bloomngton, IL ABSTRACT As t has been wdely reported n the nsurance
More informationA householdbased Human Development Index. Kenneth Harttgen and Stephan Klasen Göttingen University, Germany
A householdbased Human Development Index Kenneth Harttgen and Stephan Klasen Göttngen Unversty, Germany Introducton Motvaton HDI tres to operatonalze capablty approach at crossnatonal level. HDI measures
More informationCalculating the high frequency transmission line parameters of power cables
< ' Calculatng the hgh frequency transmsson lne parameters of power cables Authors: Dr. John Dcknson, Laboratory Servces Manager, N 0 RW E B Communcatons Mr. Peter J. Ncholson, Project Assgnment Manager,
More informationBERNSTEIN POLYNOMIALS
OnLne Geometrc Modelng Notes BERNSTEIN POLYNOMIALS Kenneth I. Joy Vsualzaton and Graphcs Research Group Department of Computer Scence Unversty of Calforna, Davs Overvew Polynomals are ncredbly useful
More informationx f(x) 1 0.25 1 0.75 x 1 0 1 1 0.04 0.01 0.20 1 0.12 0.03 0.60
BIVARIATE DISTRIBUTIONS Let be a varable that assumes the values { 1,,..., n }. Then, a functon that epresses the relatve frequenc of these values s called a unvarate frequenc functon. It must be true
More information8.5 UNITARY AND HERMITIAN MATRICES. The conjugate transpose of a complex matrix A, denoted by A*, is given by
6 CHAPTER 8 COMPLEX VECTOR SPACES 5. Fnd the kernel of the lnear transformaton gven n Exercse 5. In Exercses 55 and 56, fnd the mage of v, for the ndcated composton, where and are gven by the followng
More informationIDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS
IDENTIFICATION AND CORRECTION OF A COMMON ERROR IN GENERAL ANNUITY CALCULATIONS Chrs Deeley* Last revsed: September 22, 200 * Chrs Deeley s a Senor Lecturer n the School of Accountng, Charles Sturt Unversty,
More informationSTAMP DUTY ON SHARES AND ITS EFFECT ON SHARE PRICES
STAMP UTY ON SHARES AN ITS EFFECT ON SHARE PRICES Steve Bond Mke Hawkns Alexander Klemm THE INSTITUTE FOR FISCAL STUIES WP04/11 STAMP UTY ON SHARES AN ITS EFFECT ON SHARE PRICES Steve Bond (IFS and Unversty
More informationGender differences in revealed risk taking: evidence from mutual fund investors
Economcs Letters 76 (2002) 151 158 www.elsever.com/ locate/ econbase Gender dfferences n revealed rsk takng: evdence from mutual fund nvestors a b c, * Peggy D. Dwyer, James H. Glkeson, John A. Lst a Unversty
More informationOverview of monitoring and evaluation
540 Toolkt to Combat Traffckng n Persons Tool 10.1 Overvew of montorng and evaluaton Overvew Ths tool brefly descrbes both montorng and evaluaton, and the dstncton between the two. What s montorng? Montorng
More informationOn the allocation of resources for secondary education schools
On the allocaton of resources for secondary educaton schools C. Haelermans, K. De Wtte and J. Blank TIER WORKING PAPER SERIES TIER WP /08 On the allocaton of resources for secondary educaton schools Carla
More informationWORKING PAPERS. The Impact of Technological Change and Lifestyles on the Energy Demand of Households
ÖSTERREICHISCHES INSTITUT FÜR WIRTSCHAFTSFORSCHUNG WORKING PAPERS The Impact of Technologcal Change and Lfestyles on the Energy Demand of Households A Combnaton of Aggregate and Indvdual Household Analyss
More informationLocation Factors for NonFerrous Exploration Investments
Locaton Factors for NonFerrous Exploraton Investments Irna Khndanova Unversty of Denver Ths paper analyzes the relatve mportance of geologcal potental and nvestment clmate for nonferrous mnerals exploraton
More informationPowerofTwo Policies for Single Warehouse MultiRetailer Inventory Systems with Order Frequency Discounts
Powerofwo Polces for Sngle Warehouse MultRetaler Inventory Systems wth Order Frequency Dscounts José A. Ventura Pennsylvana State Unversty (USA) Yale. Herer echnon Israel Insttute of echnology (Israel)
More informationCriminal Justice System on Crime *
On the Impact of the NSW Crmnal Justce System on Crme * Dr Vasls Sarafds, Dscplne of Operatons Management and Econometrcs Unversty of Sydney * Ths presentaton s based on jont work wth Rchard Kelaher 1
More informationThe Application of Fractional Brownian Motion in Option Pricing
Vol. 0, No. (05), pp. 738 http://dx.do.org/0.457/jmue.05.0..6 The Applcaton of Fractonal Brownan Moton n Opton Prcng Qngxn Zhou School of Basc Scence,arbn Unversty of Commerce,arbn zhouqngxn98@6.com
More informationQuantification of qualitative data: the case of the Central Bank of Armenia
Quantfcaton of qualtatve data: the case of the Central Bank of Armena Martn Galstyan 1 and Vahe Movssyan 2 Overvew The effect of nonfnancal organsatons and consumers atttudes on economc actvty s a subject
More informationEVALUATING EUROPEAN RAILWAY DEREGULATION USING DIFFERENT APPROACHES
EVALUATING EUROPEAN RAILWAY DEREGULATION USING DIFFERENT APPROACHES Pedro Cantos (Unverstat de Valenca and ERICES) José Manuel Pastor (Unverstat de Valènca and Ive) Lorenzo Serrano (Unverstat de Valènca
More informationHow Sets of Coherent Probabilities May Serve as Models for Degrees of Incoherence
1 st Internatonal Symposum on Imprecse Probabltes and Ther Applcatons, Ghent, Belgum, 29 June 2 July 1999 How Sets of Coherent Probabltes May Serve as Models for Degrees of Incoherence Mar J. Schervsh
More informationCHOLESTEROL REFERENCE METHOD LABORATORY NETWORK. Sample Stability Protocol
CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK Sample Stablty Protocol Background The Cholesterol Reference Method Laboratory Network (CRMLN) developed certfcaton protocols for total cholesterol, HDL
More informationNEUROFUZZY INFERENCE SYSTEM FOR ECOMMERCE WEBSITE EVALUATION
NEUROFUZZY INFERENE SYSTEM FOR EOMMERE WEBSITE EVALUATION Huan Lu, School of Software, Harbn Unversty of Scence and Technology, Harbn, hna Faculty of Appled Mathematcs and omputer Scence, Belarusan State
More informationExhaustive Regression. An Exploration of RegressionBased Data Mining Techniques Using Super Computation
Exhaustve Regresson An Exploraton of RegressonBased Data Mnng Technques Usng Super Computaton Antony Daves, Ph.D. Assocate Professor of Economcs Duquesne Unversty Pttsburgh, PA 58 Research Fellow The
More informationHeterogeneous Paths Through College: Detailed Patterns and Relationships with Graduation and Earnings
Heterogeneous Paths Through College: Detaled Patterns and Relatonshps wth Graduaton and Earnngs Rodney J. Andrews The Unversty of Texas at Dallas and the Texas Schools Project Jng L The Unversty of Tulsa
More informationAvailable online www.bmdynamics.com ISSN: 20477031. Society for Business and Management Dynamics
Vol., No.6, Dec 20, pp.2332 Comparson of the Ratng of Socal Securty Insurance Branches of Sstan and Baluchestan Provnce Based on Effcency Usng DEA and SFA Models Peymaneh ahmad pour, Nazar Dahmardeh 2,
More informationTHE METHOD OF LEAST SQUARES THE METHOD OF LEAST SQUARES
The goal: to measure (determne) an unknown quantty x (the value of a RV X) Realsaton: n results: y 1, y 2,..., y j,..., y n, (the measured values of Y 1, Y 2,..., Y j,..., Y n ) every result s encumbered
More informationAn Evaluation of the Extended Logistic, Simple Logistic, and Gompertz Models for Forecasting Short Lifecycle Products and Services
An Evaluaton of the Extended Logstc, Smple Logstc, and Gompertz Models for Forecastng Short Lfecycle Products and Servces Charles V. Trappey a,1, Hsnyng Wu b a Professor (Management Scence), Natonal Chao
More informationMultiplePeriod Attribution: Residuals and Compounding
MultplePerod Attrbuton: Resduals and Compoundng Our revewer gave these authors full marks for dealng wth an ssue that performance measurers and vendors often regard as propretary nformaton. In 1994, Dens
More informationAPPLICATION OF PROBE DATA COLLECTED VIA INFRARED BEACONS TO TRAFFIC MANEGEMENT
APPLICATION OF PROBE DATA COLLECTED VIA INFRARED BEACONS TO TRAFFIC MANEGEMENT Toshhko Oda (1), Kochro Iwaoka (2) (1), (2) Infrastructure Systems Busness Unt, Panasonc System Networks Co., Ltd. Saedocho
More informationEnergy efficiency measurement in agriculture with imprecise energy content information
UMR 1041 INRA AGROSUP CESAER Centre d Econome et Socologe applquées à l Agrculture et aux Espaces Ruraux Energy effcency measurement n agrculture wth mprecse energy content nformaton Stéphane Blancard
More informationPhysical activity patterns of European 50+ populations
Orgnal Paper. Advances n Rehabltaton 3, 6 13, 2010 DOI 10.2478/v1002901000027 Physcal actvty patterns of European 50+ populatons Mchał Myck German Insttute for Economc Research, Berln, Centre for Economc
More informationForecasting the Direction and Strength of Stock Market Movement
Forecastng the Drecton and Strength of Stock Market Movement Jngwe Chen Mng Chen Nan Ye cjngwe@stanford.edu mchen5@stanford.edu nanye@stanford.edu Abstract  Stock market s one of the most complcated systems
More informationEvaluating the Effects of FUNDEF on Wages and Test Scores in Brazil *
Evaluatng the Effects of FUNDEF on Wages and Test Scores n Brazl * Naérco MenezesFlho Elane Pazello Unversty of São Paulo Abstract In ths paper we nvestgate the effects of the 1998 reform n the fundng
More informationProject Networks With MixedTime Constraints
Project Networs Wth MxedTme Constrants L Caccetta and B Wattananon Western Australan Centre of Excellence n Industral Optmsaton (WACEIO) Curtn Unversty of Technology GPO Box U1987 Perth Western Australa
More informationInequality of Opportunities in Health in France: A first pass.
HEDG Workng Paper 08/24 Inequalty of Opportuntes n Health n France: A frst pass. Alan Trannoy Sandy Tubeuf Florence Jusot Maron Devaux October 2008 http://www.york.ac.uk/res/herc/research/hedg/wp.htm Inequalty
More informationSPEE Recommended Evaluation Practice #6 Definition of Decline Curve Parameters Background:
SPEE Recommended Evaluaton Practce #6 efnton of eclne Curve Parameters Background: The producton hstores of ol and gas wells can be analyzed to estmate reserves and future ol and gas producton rates and
More informationThe influence of supplementary health insurance on switching behaviour: evidence on Swiss data
Workng Paper n 0702 The nfluence of supplementary health nsurance on swtchng behavour: evdence on Swss data Brgtte Dormont, Perre Yves Geoffard, Karne Lamraud The nfluence of supplementary health nsurance
More informationAn InterestOriented Network Evolution Mechanism for Online Communities
An InterestOrented Network Evoluton Mechansm for Onlne Communtes Cahong Sun and Xaopng Yang School of Informaton, Renmn Unversty of Chna, Bejng 100872, P.R. Chna {chsun,yang}@ruc.edu.cn Abstract. Onlne
More informationTime Series Analysis in Studies of AGN Variability. Bradley M. Peterson The Ohio State University
Tme Seres Analyss n Studes of AGN Varablty Bradley M. Peterson The Oho State Unversty 1 Lnear Correlaton Degree to whch two parameters are lnearly correlated can be expressed n terms of the lnear correlaton
More information14.74 Lecture 5: Health (2)
14.74 Lecture 5: Health (2) Esther Duflo February 17, 2004 1 Possble Interventons Last tme we dscussed possble nterventons. Let s take one: provdng ron supplements to people, for example. From the data,
More informationSearching and Switching: Empirical estimates of consumer behaviour in regulated markets
Searchng and Swtchng: Emprcal estmates of consumer behavour n regulated markets Catherne Waddams Prce Centre for Competton Polcy, Unversty of East Angla Catherne Webster Centre for Competton Polcy, Unversty
More informationPortfolio Loss Distribution
Portfolo Loss Dstrbuton Rsky assets n loan ortfolo hghly llqud assets holdtomaturty n the bank s balance sheet Outstandngs The orton of the bank asset that has already been extended to borrowers. Commtment
More informationAddendum to: Importing SkillBiased Technology
Addendum to: Importng SkllBased Technology Arel Bursten UCLA and NBER Javer Cravno UCLA August 202 Jonathan Vogel Columba and NBER Abstract Ths Addendum derves the results dscussed n secton 3.3 of our
More informationManagement Quality, Financial and Investment Policies, and. Asymmetric Information
Management Qualty, Fnancal and Investment Polces, and Asymmetrc Informaton Thomas J. Chemmanur * Imants Paegls ** and Karen Smonyan *** Current verson: December 2007 * Professor of Fnance, Carroll School
More informationTo manage leave, meeting institutional requirements and treating individual staff members fairly and consistently.
Corporate Polces & Procedures Human Resources  Document CPP216 Leave Management Frst Produced: Current Verson: Past Revsons: Revew Cycle: Apples From: 09/09/09 26/10/12 09/09/09 3 years Immedately Authorsaton:
More informationThe Effects of Tax Rate Changes on Tax Bases and the Marginal Cost of Public Funds for Canadian Provincial Governments
The Effects of Tax Rate Changes on Tax Bases and the Margnal Cost of Publc Funds for Canadan Provncal Governments Bev Dahlby a and Ergete Ferede b a Department of Economcs, Unversty of Alberta, Edmonton,
More informationSurvival analysis methods in Insurance Applications in car insurance contracts
Survval analyss methods n Insurance Applcatons n car nsurance contracts Abder OULIDI 1 JeanMare MARION 2 Hervé GANACHAUD 3 Abstract In ths wor, we are nterested n survval models and ther applcatons on
More information