Measures of effectiveness for governmental organizations
Article Abstract:
There has been insufficient effort to develop measures of organizational effectiveness for administrative agencies whose operations are government regulated and whose objectives are not quantified in financial terms. These organizations use accounting systems and economic and financial methods that do not provide adequate information on how well they achieve their objectives. They also do not generate the kind of information that can be used for decision-making regarding budget- and resource-allocation. An attempt is made to develop performance measures for the US Coast Guard, specifically for its Maritime Safety Program. The measures of performance were constructed using Poisson models based on a principal-agent theory of optimal enforcement effort.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1999
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Different Measures of Win Rate for Optimal Proportional Betting
Article Abstract:
It is well known that all betting systems applied to independent, repeated, and identically distributed trials will result in the same expected gain per average unit wagered as that which applies to a single trial. This paper develops the asymptotic and paradoxical manner in which that constant win rate is maintained for optimal proportional betting according to the Kelly criterion. The appropriateness of using this traditional measure of win rate for proportional betting is contrasted with that of various alternatives. (Reprinted by Permission of Publisher.)
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1984
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Tests of the efficiency of racetrack betting using bookmaker odds
Article Abstract:
The efficiency of the horse-racing betting method is analyzed on the basis of the type of information received, either bookmaker odds or racing form tips. Neither proved effective in winning bets, so the gambling market is assumed to be highly efficient. Prior experience in using bookmaker odds improves the chances of winning, suggesting that knowledge of immediate odds or racing tips is inadequate alone. Insider information also improves odds, but the cost of such information is unknown.
Publication Name: Management Science
Subject: Business, general
ISSN: 0025-1909
Year: 1987
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