Econometrics of Planning and Efficiency

198 Pages·1987·4.197 MB·English

by  G. K. Kadekodi, T. K. Kumar, J. K. Sengupta (auth.), Jati K. Sengupta, Gopal K. Kadekodi (eds.)

ECONOMETRICS OF PLANNING AND EFFICIENCY
ADVANCED STUDIES IN THEORETICAL AND APPLIED ECONOMETRICS
VOLUME 11
Managing Editors:
J.P. Ancot, Netherlands Economic Institute, Rotterdam, The Netherlands
A.J. Hughes Hallett, University of Newcastle, U.K.
Editorial Board:
F.G. Adams, University of Pennsylvania, Philadelphia, U.S.A.
P. Balestra, University of Geneva, Switzerland
M.G. Dagenais, University of Montreal, Canada
D. Kendrick, University of Texas, Austin, U.S.A.
J.H.P. Paelinck, Netherlands Economic Institute, Rotterdam, The Netherlands
R.S. Pindyck, Sloane School of Management, M.I.T., U.S.A.
H. Theil, University of Florida, Gainsville, U.S.A.
W. Welfe, University of Lodz, Poland
For a complete list of volumes in this series see final page of this volume.
Econometrics
of Planning
and Efficiency
edited by
Jati K. Sengupta
Professor of Economics and Operations Research,
University of California, Santa Barbara
Gopal K. Kadekodi
Professor of Economics, Institute of Economic Growth, Delhi, India
1988 KLUWER ACADEMIC PUBLISHERS.
DORDRECHT I BOSTON I LANCASTER ••~'
Distributors
for the United StatesandCanada: Kluwer Academic Publishers, P.O. Box 358,
Accord Station, Hingham, MA 02018-0358, USA
for the UK and Ireland: Kluwer Academic Publishers, MTP Press Limited,
Falcon House, Queen Square, Lancaster LA1 1RN, UK
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P.O. Box 322, 3300 AH Dordrecht, The Netherlands
Library of Congress Cataloging in Publication Data
EconometrIcs of plannIng and effIcIency I edIted by Jatl K. Sengupta
and Gopal K. Kadekodl.
p. cm. -- (Advanced studIes In theoretIcal and applIed
econometrIcs: v. 11)
ISBN 9024736021
1. EconometrIcs. 2. EconomIc pollcy. 3. EffIcIency. Industrial.
I. Sengupta. Jattkumar. II. Kadekodl. Gopal K. III. SerIes.
HB139.E32 1987
330'.028--dc19 87-21305
CIP
ISBN-13:978-94-0I0-8146-7 e-ISBN-13:978-94-009-3677-5
001: 10.1007/978-94-009-3677-5
Copyright
© 1988 by Martinus Nijhoff Publishers, Dordrecht.
Softcoverreprintofthehardcover1stedition 1988
All rights reserved. No part of this publication may be reproduced, stored in a
retrieval system, or transmitted in any form or by any means, mechanical,
photocopying, recording, or otherwise, without.the prior written permission of
the publishers,
Martinus Nijhoff Publishers, P.O. Box 163, 3300 AD Dordrecht,
The Netherlands.
Table ofContents
ListofContributors vu
J. K. Sengupta and G. K. Kadekodi / Presentation of the
Volume lX
PART I: METHODOLOGY 1
G. K. Kadekodi, T. K. Kumar, and 1. K. Sengupta / The
ScientificWorkofGerhardTintner 3
K. A. Fox / Econometrics Needs a History: Two Cases of
Conspicuous Neglect 23
PART II: PLANNING MODELS 49
G. K. Kadekodi / Energy Pricing in a Welfare Framework:
IssuesinEquity,EfficiencyandExhaustibility 51
1. B. Nugent / Foreign Aid, Economic Development and
Income Distribution: Some Inferences from a CGE Model
forEgypt 63
PART III: ANALYSIS OF EFFICIENCY 91
1. K. Sengupta / The Active Approach of Stochastic Optimiza-
tionwithNewApplications 93
P. van Moeseke / Efficient Portfolios: Risk Shares and Mone-
taryPolicy 109
A. Charnes, B. Golany, M. Keane, and J. Rousseau / Extremal
Principle Solutions of Games in Characteristic Function
Form:Core,ChebychevandShapleyValueGeneralizations 123
T. V. S. R. Rao / Econometric Estimation of Decision Models
underUncertainty 135
VI
J. H. Gapinski and T. K. Kumar / On Estimating the Elasticity
ofFactorSubstitutionbyNonlinearLeastSquares 157
J. K. Sengupta / Recent Nonparametric Measures of Produc-
tiveEfficiency 169
List ofContributors
A. CHARNES,UniversityofTexasatAustin,Texas,U.S.A.
K. A. FOX,IowaStateUniversityAmes,Iowa,U.S.A.
J. H. GAPINSKI, Florida State University, Tallahassee, Florida,
U.S.A.
B. GOLANY,UniversityofTexasatAustin,Texas,U.S.A.
G. K. KADEKODI,InstituteofEconomicGrowth,Delhi,India
M. KEANE,UniversityofTexasatAustin,Texas,U.S.A.
T. K. KUMAR,UniversityofHyderabad,Hyderabad,India
J. B. NUGENT, University of Southern California, Los Angeles,
California,U.S.A.
T. V. S. R. RAO,IndianInstituteofTechnology,Kanpur,India
1. ROUSSEAU,UniversityofTexasatAustin,Texas,U.S.A.
J. K. SENGUPTA, University of California at Santa Barbara, Cali
fornia,U.S.A.
P. VAN MOESEKE, Massey University, Palmerston North, New
Zealand
GERHARD TINTNER (1907-1983)
Presentationofthe Volume
This volume dedicated to the memory of Gerhard Tintner (1907
1983) presents a selected set of contributions to the three topics
where he himself made significant contributions. These topics are:
the methodology of econometrics, economic planning and efficiency
analysis.
Born of Austrian parents on September 29, 1907 in Nuremberg,
Gerhard Tintner became one of the most versatile econometricians of
his time, with seminal contributions to the theory of stochastic
economics, dynamic economic theory and stochastic programming. As
a distinguished teacher and versatile scholar he had a profound
influence on all the students and colleagues who came in close touch
with him. Much ahead of his time in many respects he made pioneer
ing attempts toward the development of a theory of uncertainty based
on the three disciplines of probability theory, econometrics and
operations research. He took the field of economic development as a
challenge where the techniques of stochastic planning need be increas
ingly applied and implemented. The generation of students he trained
bear adequate testimony to his profound expertise and universal
appeal. The philosophy and culture of India had a special fascination
for him, which is due in part to the intellectual link he established with
someofthe mosteminentIndianstatisticiansofhistime.
All the contributions of this memorial volume have been prepared
as a token of deep appreciation, lasting friendship and esteem for a
dedicated teacher who honored the profession by his original research
and universal outlook in teaching. To many of his students such as
ourselves his memory provides a perennial source of inspiration,
dedication to research and singular faith in the advancement of
knowledgefor abetterfuture.
JATI K. SENGUPTA GOPAL K. KADEKODI
UniversityofCalifornia, InstituteofEconomicGrowth,
SantaBarbara, Delhi, India
California, U.S.A.
PART I
METHODOLOGY