Public choice and the allocation of public goods: an empirical analysis of local school expenditures

Article Abstract:

The demand for local school expenditures was estimated by using a 'revealed preference' approach to analyze community choice and by evaluating demand on the basis of survey data. The model used to estimate demand eliminated the problem of Tiebout bias, which could occur with the use of single-equation estimation methods. The model explained the difference between actual and desired levels of expenditure through residential choice. The application of the model to the Michigan public school system indicated that allocation was less than optimal.

Economic aspects, Public schools, Public goods, Social choice

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An event-study approach to measuring innovative output: the case of biotechnology

Article Abstract:

A study attempts to estimate the economic value of technological patents and their effect on rival firms. Patents that are linked to products are valued more highly than those that are not, and patents that are introduced in the press are highly valued when they issue. Patent value estimates are useful as indicators of innovative output when they are used to evaluate raw patent counts. The effects of key patent events on market structures can be measured by studying the rivalry effects of a patent.

Analysis, Innovations, Biotechnology industry, Biotechnology industries, Technological innovations, Patents

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Empirical estimation and partitioning of X-inefficiency: a data-envelopment approach

Article Abstract:

Data-envelopment analysis, a type of linear programming, is one method of determining efficiency frontiers. DEA should be one of the primary techniques in estimating and partitioning X-inefficiency. DEA, at first glance, does not appear to be suited for this purpose because it is based on the concept of maximization. The method is useful, however, because X-efficiency is based on the max/nonmax postulate, which does not preclude maximizing behavior.

Research, Usage, Data envelopment analysis, Production functions (Economics)

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