Methodological Advances in DEA: A survey and an application for the Dutch electricity sector

We survey the methodological advances in DEA over the last 25 years and discuss the necessary conditions for a sound empirical application. We hope this survey will contribute to the further dissemination of DEA, the knowledge of its relative strengths and weaknesses, and the tools currently available for exploiting its full potential. Our main points are illustrated by the case of the DEA study used by the regulatory office of the Dutch electricity sector (Dienst Toezicht Elektriciteitswet; Dte) for setting price caps.     

Do corporate insiders circumvent insider trading regulations? The case of stock repurchases

We use calculated values of standardized abnormal insider trading activity to investigate for patterns of unusual insider activity around fixed-price and Dutch auction repurchase announcements. Firms are classified according to whether the repurchase is signaling information about future cash flows, about the distribution of excess free cash flows, or about management's attempts to maintain control in the presence of a takeover. We find below normal levels of sales well before the event and above normal levels of sales after the event. This tendency is strongest for fixed-price offers and for firm's conveying information about future cash flows, and is absent for firms involved in takeovers. No evidence exists of abnormal levels of purchases before or after the event. We interpret the evidence as consistent with insiders successfully circumventing policies and regulations designed to prevent the exploitation of private information by timing the pattern of their security sales.     

Belief consistency and trade consistency

Interpersonal consistency can be described in epistemic terms as a property of beliefs, or in economic terms as the impossibility of certain trades. The existence of a common prior from which all agentsʼ beliefs are derived is of the first kind. The non-existence of an agreeable bet, that is, a contingent zero-sum trade which is always favorable to all agents, is of the second kind. It is well established that these two notions of consistency are equivalent for finite type spaces but not for countable ones. We present three equivalences of epistemic consistency and economic consistency conditions for countable type spaces, defining in this way three levels of consistency of type spaces: weak consistency, consistency, and strong consistency. These three levels coincide in the finite case. We fully analyze the level of consistency of type spaces based on the knowledge structure of Rubinsteinʼs email game. The new notion of belief consistency introduced here helps to justify the requirement of boundedness of payoff functions in countable type spaces by showing that in a large class of spaces there exists an agreeable unbounded bet even when a common prior exists.     

Is current institutional quality linked to legal origins and disease endowments? Evidence from Africa

This paper empirically assesses if and to what extent cross-country differences in institutions inherited from the past affect current institutional quality in Africa. Specifically, the work evaluates if legal origins and disease endowments explain cross-country differences in the quality of contemporary institutions that are widely considered to be important for financial system development and other economic outcomes, such as those related to creditor rights protection and the credit information infrastructure, as well as the judicial, legal property and insolvency systems. Empirical tests are carried out on a sample of 46 African former European colonies with data on current institutional quality from 2004 to 2013. The findings reveal that the legal origins hypothesis receives strong support in the data: historical factors, rooted in legal origins, have long-lasting effects on current institutional quality in the African context. Mixed evidence is instead found for the endowment view.     

Medical resource utilisation and healthcare costs in patients with chronic hepatitis C viral infection and thrombocytopenia

Abstract

Background:

Thrombocytopenia is a significant risk for patients with chronic HCV infection and a common side-effect of treatment with pegylated (PEG) interferon (IFN). Thrombocytopenia predisposes patients to bleeding and requirements for platelet transfusions, and may thus place an increased burden on patients and on medical resource utilisation.

Scope:

In a retrospective analysis of an integrated, longitudinal database of medical and pharmacy claims and laboratory results in a US commercial health (insurance) plan, patients with chronic hepatitis C viral (HCV) infection were identified by reviewing ICD-9-CM HCV-, chronic liver disease-, and cirrhosis-related diagnoses. Medical resource utilisation and laboratory results were evaluated during the year following the HCV diagnosis index date as well as during the baseline year prior to that index date. Medical resource utilisation was determined by comparing outpatient visits, emergency department (ER) visits, and inpatient hospital stays for HCV patients with or without thrombocytopenia.

Findings:

HCV patients diagnosed with thrombocytopenia had a greater incidence of bleeding events (27.3 vs. 9.9%), platelet transfusions (8.5 vs. <1%), liver disease-related ambulatory visits (10.4 vs. 4.4; odds ratio [OR]?=?2.3; p?<?0.001), ER visits (OR?=?8.6; p?<?0.01), and inpatient hospital stays (OR?=?17.7; p?<?0.01) during the study period compared with HCV patients without a thrombocytopenia diagnosis. HCV patients with thrombocytopenia had significantly higher overall healthcare costs ($37,924 vs. $12,174; p?<?0.001) and liver disease-related costs ($14,569 vs. $4107; p?<?0.001) than patients without thrombocytopenia.

Limitations:

Administrative claims data are subject to coding errors; additionally, the patient population may not be completely representative of the general chronic HCV population.

Conclusions:

Diagnosis of thrombocytopenia in patients with HCV is associated with increased incidence of certain comorbidities, complications, and medical interventions, and significantly increased medical resource utilisation.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.     

Superhighway patrolman

This fictional prototype explores two of the future's major societal challenges: the delivery of healthcare to an increasingly ageing society; and the policing of a society, in which digital surveillance may predominate. It contrasts the author's vision of what life could be like in the United Kingdom in a decade's time (just as he contemplates retirement) with the simpler values of the 1980s, when he began his postgraduate career. The lyrics of the poignant 1982 Bruce Springsteen song, “Highway Patrolman” are used to bridge the epochs¹. The prototype relocates the two main ‘middle-America’ characters, brothers Joe and Frank Roberts, in London in the year 2025. Much has already changed politically and socially in ‘Western societies’ in the intervening period up to 2012, driven by the inexorable advances of technology. As further scientific advances drive us to an anticipated paradigm change,² one can only speculate on how society will advance, posing serious ethical dilemmas. Many of the changes will be positive. However, the story explores the potential negative consequences to the ageing population, in what appears to be a successful economy. Although somewhat pessimistic in outlook, a hopeful conclusion is that the ‘ties that bind’ will still predominate.     

Determining farm effects attributable to the introduction and use of a dairy management information system in The Netherlands

Yearly production and reproduction data on dairy farms in The Netherlands were obtained to determine whether management information systems significantly improved herd performance variables (management information systems (MIS) effects). The analysis included 357 adopters of a management information system and 357 herds were used as controls. The data comprised years 1987 through 1996, and included for the adopters both the ‘before’ and ‘after’ period. Panel data analysis enabled to estimate MIS effects both within and between farms, allowing for a separation of farm‐specific effects and common (trend) effects. Adoption and use of a management information system resulted in a significant annual increase in rolling herd average milk (carrier) and protein production of 62 and 2.36 kg per cow, respectively. Calving interval was shortened by 5 days. The pay‐back period was approximately 5 years of the system (including the hardware), and therefore, MIS appears to be economically profitable.     

Non‐Parametric Modelling of CO2 Emission Quota

Dutch glasshouse firms are facing the introduction of a system of tradable CO₂ emission quotas. This paper employs a non‐parametric method for modelling tradable CO₂ emissions of Dutch glasshouse firms. The method is capable of generating shifts in CO₂ emissions across the sample of firms. Moreover, changes in volumes of outputs produced and inputs used are computed. Results show that firms using a conventional heating technology will be net purchasers of CO₂ emissions, whereas firms using more advanced heating technologies will sell part of their emission quota.     

英美两国疾病管理模式比较

本文结合英美两国医疗卫生体制的特点，总结了疾病管理在两国的发展情况，全面分析了疾病管理模式中的相关利益主体，对我国学习国外疾病管理模式中的先进经验具有重要的启示作用。