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Profit sharing has been proposed as a solution to underemploymentresulting from collective bargaining, but the empirical results areambiguous and the theoretical basis for this claim is weak. This papershows equity sharing can, in theory, solve the principle shortcomings ofprofit sharing. First, equity sharing can resolve both underemployment andover employment. Second, the results do not depend on assuming thatinsiders and the firm are prevented from bargaining over employmentlevel. Third the system does not require government intervention sinceboth sides can benefit from adopting equity sharing.Keywords: Bargaining game, profit sharing model, equity sharing.

As a system, the emergency department reveals detailed and dynamic complexity of its interaction between inter-departmental units and intra-departmental elements. Discrete-event simulation (DES) has been recognised for its ability to comprehend operational problems with detailed complexity.Whilst using DES to model the complexities of the integrated emergency department system, we also use system dynamics (SD) to capture the interdependency relationships between the emergency department and other subunits in a hospital.This paper presents the integration of DES and SD modelling approach, hereby named as hybrid simulation, to better understand emergency department operations from a whole system perspective.

M/G/C/C analytical and simulation models have long been used to evaluate the performance of a large and complex topological network. However, such evaluation is only founded on a network’s total arrival rate and its weighted distance. Thus, this paper discusses some concepts and issues in building an M/G/C/C simulation model of a complex geometric system where all its arrival sources and their exact distances to the end of their networks (i.e., corridors) have been taken into consideration in measuring the impacts of various evacuation rates to its throughput, blocking probability, expected service time and expected number of pedestrians. For this purpose, the Dewan Tuanku Syed Putra hall, Universiti Sains Malaysia, Malaysia has been selected as a case study for various evaluations of complex pedestrian flows. These results were analyzed and compared with the results of our analytical and weighted distance simulation models. We then documented the ranges of arrival rates for each of the model where their results exhibited significant discrepancies and suggest ideal rates to best evacuate occupants from the hall. Our model can be utilized by policy makers to recommend suitable actions especially in emergency cases and be modified to build and measure the performance of other real-life complex systems.

The most commonly used non-parametric tool for measuring the relative efficiency of Decision Making Units (DMU) is Data Envelopment Analysis (DEA). In this article, a method for measuring the efficiency level of a DMU when it is in an unfavourable situation as well as estimating the efficiency using uniform distribution is shown. The efficiency score from the traditional BCC-DEA model and the efficiency score in an unfavourable situation form an interval.This interval, known as interval efficiency, is used to estimate efficiency using uniform distribution.In an empirical example, a 95 percent confidence interval (CI) is calculated for the efficiency score using a three-point estimation method.The analysis indicated that the efficiencies that were estimated from uniform distribution are all within the confidence interval. In addition, a statistical test shows that there is no significant different between the estimated efficiency and the efficiency from DEA.

Malaysian employees' public pension plan was studied to analyze pension expenditure due to salary risk and demographic risk.By integrating risk management and System Dynamics (SD) approach, the risk factors involved were identified, a causal loop diagram was constructed, and the SD model was developed.By using a sample of actual data, the proposed model was then validated through behavior validity test and a risk analysis was conducted.Then, risk monitoring was performed through policy evaluation in which the impact of different policy scenarios on pension expenditure was analyzed.Risk management and dynamics simulation approach in analyzing pension expenditure were shown to be useful in evaluating the impact of changes and policy decisions on risk.

Due to the diversity of patient flows and interdependency of the emergency department (ED) with other units in hospital, the use of analytical models seems not practical for ED modeling.One effective approach to study the dynamic complexity of ED problems is by developing a computer simulation model that could be used to understand the structure and behavior of the system.Attempts to build a holistic model using DES only will be too complex while if only using SD will lack the detailed characteristics of the system. This paper discusses the combination of DES and SD in order to get a better representation of the actual system than using either modeling paradigm solely.The model is developed using Any Logic software that will enable us to study patient flows and the complex interactions among hospital resources for ED operations.Results from the model show that patients’ length of stay is influenced by laboratories turnaround time, bed occupancy rate and ward admission rate.

The study considers stochastic frontier model to investigate the technical efficiency of randomly selected eight Asian countries namely Pakistan, China, India, Bangladesh, Indonesia, Thailand, Philippine and Malaysia applied to unbalanced panel data sets for the period 2002-2010.A half-normal distribution assumption with a simple specification of the time-varying inefficiencies was incorporated to the model. A Cobb-Douglas stochastic frontier production function with time-varying technical inefficiency effects was estimated.Year wise mean technical efficiency of the parliament of eight Asian countries during the reference period decreased from 46.8-42.8%. Among the selected Asian countries, China and Pakistan were experienced highest (87.58%) and lowest (33.40%) parliament mean efficiencies, respectively.In case of time-invariant inefficiency effect model, the estimated overall average technical efficiency was found 54.96% for the parliament of selected Asian countries and it is of potential output for the half-normal distribution.

Data envelopment analysis (DEA) measures relative efficiency among the decision making units (DMU) without considering noise in data.The least efficient DMU indicates that it is in the worst situation. In this paper, we measure efficiency of individual DMU whenever it losses the maximum output, and the efficiency of other DMUs is measured in the observed situation. This efficiency is the minimum efficiency of a DMU.The concept of stochastic data envelopment analysis (SDEA) is a DEA method which considers the noise in data which is proposed in this study.Using bounded Pareto distribution, we estimate theDEA efficiency fromefficiency interval. Small value of shape parameter can estimate the efficiencymore accurately using the Pareto distribution. Rank correlations were estimated between observed efficiencies and minimum efficiency as well as between observed and estimated efficiency. The correlations are indicating the effectiveness of this SDEA model.

Within hospital, emergency department is one of the most important unit that involves complex patient movement flow and detailed operational activities. As an integrated system, the efficiency of emergency department depends on its interaction between inter-departmental units and intra-departmental elements.Over the years, with the rapid development of computer technology, there has been a rising trend of using simulation modeling to improve healthcare operations. Discrete-event simulation (DES) has become a popular and effective decision-making tool for modeling the stochastic operational activities in a system. However for a whole system approach, system dynamics (SD) has advantages over DES. SD does not require vast data and is able to capture the inter dependency relations between different units in an integrated system. Both approaches have strengths and weaknesses that may support and complement each other. An integrated model of both approaches will provide a realistic view of a complex system. This chapter provides an overview of the hybrid simulation modeling applications to emergency department.

The aim of this paper is to estimate of efficiency with Cobb-Douglas Stochastic Production Model (SFA) having time varying inefficiency effects model. The agricultural panel data were consider for this analysis during 1989-2008. The data were considered of Aus, Aman and Bororicefarm of Bangladesh with the combination of unpredictable environmental variable as rainfall, temperature and humidity.The model was categorized into two different types according to having ecological case or not.Categorization has been done to uncover a significance impact of environmental variable on rice.Second, to identify the source of efficiency by tobit analysis which are working behind the rice farm of Bangladesh. At last environmental effects has been identified to see the impact of environmental variable on rice production for Aus, Aman and Boro. Mean efficiency of rice farm in Bangladesh is .6497 and .6582 which have got through two different cases i.e. with and without environmental variable cases respectively .In case of without environmental variable the mean efficiency of Aus , Aman and Boro rice is .4543, .5336 and .9609 respectively. But efficiency of rice farm with environmental variable is bit less than efficiency without environmental variable. Most of the time environmental variable is a blessing for rice farm but sometimes it causes a great hamper which has been distinguished from these results.Tobit analysis also were carried for this paper to identify the significance of input variable and it has been shown that area, seed, fertilizer, rainfall, temperature and humidity is statistically significant variable on Aus, Aman and Boro rice.

Capital Asset Pricing Model (CAPM) describes a relationship which is linear between expected return and risk of an asset.Within the contents of this paper, the higher moments of return distributions for companies listed in the Dhaka Stock Exchange (DSE) market have been inspected for the period of January 2005 to December 2009. The mean-variance CAPM model is extended by taking higher moments-Skewness and Kurtosis.Monthly stock returns from 80 non-financial companies, covering ten sectors (Engineering, Food & Allied, Fuel & Power, Textile, Pharmaceuticals, Services & Real Estate, Cement, Tannery, Ceramic and Miscellaneous) are studied in this research.From the empirical analysis, it is observed that the intercept term is significantly different from zero and insignificant relationship between beta and excess returns both in mean-variance CAPM and higher moment CAPM conditions. This means that the market excess returns provide no explanation for the asset rate of return, whether or not third and fourth moments are considered in the regression model.But, when the higher moments are introduced, the adjusted R-square increases 0.037 to 0.257. It is noticed that the risk premium for co-skewness risk is positive for the period 2005-2009, indicating that the co-skewness risk is compensated in the DSE market for the studied period. Also, the co-kurtosis risk is rewarded by the market. Thus, in describing risk-return relationship in emerging markets like Bangladesh stock market, the higher moment CAPM performs comparatively well.

Capital Asset Pricing Model (CAPM) is one of the most important developments in the finance literature. Simply, CAPM is a model that describes the relationship between risk and expected return. The theoretical validity of CAPM is well tested and accepted but the practical validity of CAPM is in questioned.This study is designed to analyze and estimate the portfolio performance of Bangladesh stock market in a CAPM framework.For this study, monthly stock returns from 80 companies for the period of January 2005 to December 2009 are chosen.In order to examine whether the CAPM is satisfied in the portfolio or not, the 80 stocks are arranged in descending order of beta and 10 portfolios are being made of eight stocks in each.The All Share Price Index (DSI) is used as a proxy for the market portfolio and Bangladesh government 3-Month T-bill rate is used as the proxy for the risk-free asset. The results of this analysis show that the intercept terms are not significantly different from zero, linearity in the securities market line and insignificant unique risk for the 10 portfolios during the period. But, the results in term of slope contradict the CAPM hypothesis and indicate evidence against the CAPM in the portfolios.This analysis will obviously be used as a basis of reference for future investigates and the researchers and they will get proper instruction from this study.

Online bank advance efficiency and various factors causing the efficiency level of banks are investigated using stochastic frontier technique for the period 2001-2007.A sample of 20 banks are used following four different groups like NBs (National Banks), ISBs (Islamic Banks), FBs (Foreign Banks), and PBs (Private Banks). A group wise, year wise, and individual banks with their efficiency scores are compared in this study. The significant variations of advance efficiency of banks during this reference period were observed. The year wise average efficiency of banks was estimated (0.516) from the advance frontier model while group wise average technical efficiency was 0.592. Nationalized Commercial Bank had the highest advances producing group compared to others; Private Banks are at the lowest level in producing advances. ISBs, FBs, and PBs are observed inefficient in producing advances.The most efficient banks are found to be government owned Sonali and Janata Bank with efficiency score (0.94) while lowest efficient bank was experienced by Shahajalal Islamic Bank with efficiency score of 0.34.

A stochastic Ramsey model is studied with the Cobb-Douglas production function maximizing the expected discounted utility of consumption.We transformed the Hamilton-Jacobi-Bellman (HJB) equation associated with the stochastic Ramsey model so as to transform the dimension of the state space by changing the variables.By the viscosity solution method, we established the existence of viscosity solution of the transformed Hamilton-Jacobi-Bellman equation associated with this model.Finally, the optimal consumption policy is derived from the optimality conditions in the HJB equation.

This paper explores the potential of computer simulation model to access the effect of patient increase to emergency department performance and the patient flow.A simulation model of emergency department is developed based on discrete even simulation and system dynamics modeling approach to capture the behavior of an integrated system.Several scenarios are conducted to help management determine the required resources due to patient: volume increase that will not breach the national target time for patient to be attended to in emergency department.Results from the scenarios show that a 7% increase of patients affects most of the performance measures.In addition, medical assistants are the important resources in emergency department operations.

The stock market is considered essential for economic growth and expected to contribute to improved productivity. An efficient pricing mechanism of the stock market can be a driving force for channeling savings into profitable investments and thus facilitating optimal allocation of capital. This study investigated the technical efficiency of selected groups of companies of Bangladesh Stock Market that is the Dhaka Stock Exchange (DSE) market, using the stochastic frontier production function approach. For this, the authors considered the Cobb-Douglas Stochastic frontier in which the technical inefficiency effects are defined by a model with two distributional assumptions. Truncated normal and half-normal distributions were used in the model and both time-variant and time-invariant inefficiency effects were estimated. The results reveal that technical efficiency decreased gradually over the reference period and that truncated normal distribution is preferable to half-normal distribution for technical inefficiency effects. The value of technical efficiency was high for the investment group and low for the bank group, as compared with other groups in the DSE market for both distributions in time- varying environment whereas it was high for the investment group but low for the ceramic group as compared with other groups in the DSE market for both distributions in time-invariant situation.

The present study was undertaken to analyzed chemical parameters of groundwater samples were collected from representative sampling stations established over entire study area in post monsoon 2005, and pre monsoon 2006 periods from 37 locations in parts of the Central Ganga Plain. Eight parameters such as, TDS, HCO3, Cl, SO4, Na, K, Ca, and Mg were selected as the groundwater quality variables in this study.Total dissolved solids (TDS) were calculated by summing up the concentrations of all the major cations and anions.The concentrations of Ca++, Mg++, Cl- , HCO3- and total hardness were determined by volumetric method.Ca++ and Mg++ were determined by EDTA titration.For HCO3-, HCl titration to a methyl orange point was used.Chloride was determined by titration with AgNO3 solution. Flame emission photometry was used for the determination of Na+ and K+.Sulphate was determined by gravimetric method. The higher values of TDS, Na, K, and Cl were recorded in pre monsoon 2006 compared to post monsoon 2005. On the other hand the higher values of Ca, Mg, HCO3, and SO4 were observed in post monsoon 2005 than pre monsoon 2006. This showed clear impact of land use on groundwater.The regression analysis between TDS-Na; TDS-K; TDS –HCO3; showed strong positive relationship as r = 0.802, 0.715, and 0.786 respectively, and moderate positive correlation with Cl ions (r=0.579) and very low positive correlation (r= 0.055, 0.324 and 0.330) with Ca, Mg, and SO4. All the estimated chemical parameter values were found to be statistically significant in both pre and post monsoon years.

The aim of this study is to investigate the technical efficiency of the parliamentarians of randomly selected eight Asian Countries using stochastic frontier model suggested by Battese and Coelli (1993) and applying it to unbalanced panel data sets for the period 2002-2010. A Cobb-Douglas stochastic frontier production function with both time-variant and time-invariant technical inefficiency effects were estimated with two alternative distributions.The half normal distribution was found preferable to the truncated for the technical inefficiency effects.Year wise mean technical efficiency of the parliamentarians of eight Asian countries was found to be 44 and 55% in both distributions and the mean efficiencies of parliamentarians during the reference period was observed to be decreased. Among the selected Asian countries, China was experienced highest, Philippine and Pakistan obtained lowest parliament efficiencies.Time-variant inefficiency effect model was found to be an adequate representation than time-invariant model.

The objective of this paper is to apply the Translog Stochastic Frontier production model (SFA) and Data Envelopment Analysis (DEA) to estimate efficiencies over time and the Total Factor Productivity (TFP) growth rate for Bangladeshi rice crops (Aus, Aman and Boro) throughout the most recent data available comprising the period 1989–2008. Results indicate that technical efficiency was observed as higher for Boro among the three types of rice, but the overall technical efficiency of rice production was found around 50%. Although positive changes exist in TFP for the sample analyzed, the average growth rate of TFP for rice production was estimated at almost the same levels for both Translog SFA with half normal distribution and DEA. Estimated TFP from SFA is forecasted with ARIMA (2, 0, 0) model. ARIMA (1, 0, 0) model is used to forecast TFP of Aman from DEA estimation.

The major landslide events that occurred in Chittagong City in 2007 and 2008 have caused the death of about 140 people and incurred a considerable amount of property loss.At least ten landslide events occurred during the period of 2000–2009, with mainly rainfall as the triggering factor.The critical rainfall condition of the landslide events was analyzed with Gumbel’s extreme value distribution using the historical rainfall–landslide data.The antecedent rainfalls were used for Gumbel’s distribution for the critical rainfall intensity–durations of each historical landslide event.Landslides were correlated with the monthly average as well as the percentile rank of monthly median rainfall. The regression relationship between 30 days of absolute antecedent rainfall intensity (I) and corresponding duration (D) of rainfall responsible for the landslides in the study area was found as I = −15.8ln(D) + 60.49.The calibrated antecedent rainfall analysis showed a relation between I and D as I = −40.5ln(D) + 162.5.The major recent landslide events were related to the extreme rainfall intensities (>40 mm/day) having short period of time (2–7 days).All the major landslide events occurred at much higher rainfall amount compared to the monthly average.However, these rainfall thresholds were statistically based and were not defined hydrological response of rainfall to the soil, as well as other geological conditions associated with slopes.

In this study, we examine the Capital Asset Pricing Model (CAPM) structure in Dhaka Stock Exchange (DSE)market for non financial companies. The study also aims at exploring whether the CAPM is applicable in DSE. For this study we have been used monthly stock returns from 60 non-financial companies for the period of January 2005 to December 2009.In order to examine the risk-return trade off in a sample of individual stocks, we apply the usual two stages regression.From the CAPM empirical analysis for individual stocks,it is observed that intercept term is significantly different from zero and slope is not equal to the excess return on the market portfolio.But, the CAPM’s prediction for the intercept is that it should equal zero and the slope should equal the excess returns on the market portfolio. So, the results of the study refute the above hypothesis and offer evidence against the CAPM. Thus, it can be concluded that CAPM is not a suitable indicator of asset prices in Bangladesh over the chosen sample period.The securities market line shows linearity which means that the CAPM linear relationship is enough to express the returns generating process.Moreover, the investors are rewarded for market risk but not for unique risk because unique risk shows insignificancy during the period.

Banking system plays an important role in the economic development of any country.Domestic banks, which are the main components of the banking system, have to be efficient; otherwise, they may create obstacle in the process of development in any economy.This study examines the technical efficiency of the Malaysian domestic banks listed in the Kuala Lumpur Stock Exchange (KLSE) market over the period 2005–2010.A parametric approach, Stochastic Frontier Approach (SFA), is used in this analysis.The findings show that Malaysian domestic banks have exhibited an average overall efficiency of 94 percent, implying that sample banks have wasted an average of 6 percent of their inputs.Among the banks, RHBCAP is found to be highly efficient with a score of 0.986 and PBBANK is noted to have the lowest efficiency with a score of 0.918.The results also show that the level of efficiency has increased during the period of study, and that the technical efficiency effect has fluctuated considerably over time.

In this study, a descriptive statistical measure and a partial correlation analysis were applied to groundwater quality data set monitored in pre-monsoon and post-monsoon for three years to investigate seasonal variations of Central Ganga Plain in India. The variables were divided into two categories as “chemical property- HCO3, Cl, SO4, Na, K, Ca, and Mg” and “physical property- electrical conductivity (EC), pH and hardness”. The results revealed that groundwater quality variables (chemical property and physical property) were distinctly different between two seasons. Seasonal changes of groundwater quality caused by ion exchange, dissolution mechanism and anthropogenic influences such as fertilizer, pesticides, agricultural activities, and other industrial units should be taken into consideration by the groundwater managers especially in post monsoon 2005 seasons in which higher concentrations were observed. From the partial correlation coefficient analysis of groundwater samples, dominance of alkalis and relative abundance of SO4during post monsoon were inferred. In the case of the groundwater samples, strong correlation were observed among HCO3 with Cl, SO4, Na, Ca, pH and hardness in the post-monsoon (2005) samples, as well as negative correlation were found among the major variables except HCO3 with Na, Mg, hardness during the pre-monsoon (2006) suggested from partial correlation of groundwater samples.

This paper is concerned with the optimal control of inventory-production system subject to Gumbel distributed deterioration items with applications to optimal control theory.We successfully formulated the model as a linear optimal control problem and obtained an explicit solution using Pontryagin maximum principle.The optimality conditions are derived in this case. It is then illustrated with the help of examples.

This study analyzes the technical efficiency of selected groups of companies of Bangladesh Stock Market that is Dhaka Stock Exchange (DSE) market using a stochastic frontier production function.This research considers Cobb-Douglas Stochastic frontier model with truncated normal distribution and both the time-variant and time-invariant inefficiency effects are estimated.The studied input variables-market return, market capitalization, book to market ratio and market value show significant relationship with the stock returns.The estimated average technical efficiency of DSE market is 95.42% of potential output for the truncated normal distribution over the period 2000-2008.The results show that technical efficiency gradually decreases over the reference period.The value of technical efficiency is high for investment group and low for bank group in time-variant situation whereas the value of technical efficiency is high for investment group also but low for ceramic group in time-invariant situation.

This paper investigates the impact of environmental constraints on efficiency of Bangladeshi rice (AUS, AMAN and BORO) using data from year 1989 to year 2008.Constant Returns to Scale (CRS) and Variable Returns to Scale (VRS) Data Envelopment Analysis (DEA) efficiency scores indicate technical efficiencies.The results show that technical efficiency (TE) of AUS in both CRS and VRS DEA is lowest in 2004.But for AMAN and BORO in case of CRS DEA, TE is lowest in 1998 and 1992.We applied a Tobit model to evaluate the effects of environmental constraints on technical efficiencies.We regressed TE of AUS, AMAN and BORO with environmental constraints Rainfall, humidity and temperature to weigh up the impact on TE.For AUS and AMAN, humidity is found positive and significant whereas rainfall and temperature are observed negative but not significant.For BORO, humidity and rainfall are recorded positive effect but temperature is found to be negative.

Salary risk and demographic risk have been identified as main risks in analyzing pension expenditure particularly in defined benefit pension plan. Thus, this paper described the development of management flight simulator for pension expenditure (with particular case on a Malaysia Defined Benefit pension plan). Public pension plan in Malaysia is studied to analyze pension expenditure due to salary and demographic risk. Through the literature review and interview session with several officers in public sector, factors affecting pension expenditure are determined. Then, the inter-relationships between these factors are analyzed through causal loop diagram. The System Dynamics model is later developed using iThink software to show how demographic and salary changes affect pension expenditure. Then, by using actual data, the impact of different policy scenarios on pension expenditure is analyzed. It is shown that dynamics simulation model of pension expenditure is useful to evaluate the impact of changes and policy decisions on risk particularly involving demographic and salary risk