A dual representation of a technology, e.g., a cost function, may not contain all of the technological information, but it will contain all of the information about input vectors that would be chosen by a cost-minimizing firm. At least this much is clear for deterministic technologies. The main ques
The Opportunity Cost of the NHS
β Scribed by Nick Bosanquet
- Book ID
- 111053235
- Publisher
- John Wiley and Sons
- Year
- 1987
- Tongue
- English
- Weight
- 797 KB
- Volume
- 7
- Category
- Article
- ISSN
- 0265-0665
No coin nor oath required. For personal study only.
π SIMILAR VOLUMES
## Abstract Innovation enables monopolists to lower their costs, expand their outputs, and reduce their prices. It is conventional to conclude that social welfare unambiguously increases as a result. Assuming linear demand and marginal cost, this paper shows, however, that innovation raises the opp
Unpaid time represents a potentially significant input into the health production function. The paper sets out the basis for valuation of time inputs consistent with the notion of opportunity cost. Such analysis requires consideration of whether time displaced in the production of health involves lo