Productivity has been assessed by a PSPr index, which relates the performance of the socio-economic areas described above to the public resources used.
PSPr measures the productivity of each country in relation to the average in the sample (see Table 3).
In general, the coefficients of the DEA analysis, assuming constant returns to scale (CRS), are consistent with the PSPr calculated earlier.
The PSPr index is computed as the average of the ratios between the performance in each of the seven socio-economic areas and the relevant public expenditure indicator for each area.
The PSPr index is a useful composite indicator to evaluate productivity since it defines outcomes in relation to the resources employed, but it is not the best approach to measure efficiency.
Sample TTI PHRR PSPR
AMLR (g/s) (kW/[m.sup.2]) ([m.sup.2]/s) 1# 7 361.07 0.4498 0.0672 2# 5 274.75 0.1975 0.0519 3# 5 244.23 0.1813 0.0454 4# 4 244.58 0.2137 0.0487 5# 4 221.59 0.2235 0.0446 TTI: time to ignition; PHRR: peak release rate; PSPR
: peak smoke release rate; AMLR: average mass loss rate.
was established in 1998 in Birmingham by former journalist Mr Skipp.
Re-estimating the model for the Federal funds rate target period after May 1977, a period when the spread was always positive, produces results similar to those from the whole Federal funds rate target period using PSPR.
Ignoring the asymmetry in the borrowing equation by using the spread variable rather than PSPR yields the following estimated borrowing equation that is similar to those reported by Keir |1981~:
|B.sub.t~ = 286.40 + .29 |B.sub.t-1~ + 1073.40 PSPR
Estimating the model with PSPR redefined by adding the surcharge to the discount rate yields qualitatively similar results.
The tests were done using the model that includes a squared PSPR variable and the F-statistics were computed using White's heteroskedasticity-consistent estimated covariance matrix.