Within the scope of this study, the effect of anti-competitive regulations in energy markets of OECD countries between the years of 1975 – 2007 on total factor productivity was examined. In this context, the fact that how the sectorial regulations affect the economy has become an important point in the name of policy implementers. Regulations in energy markets that began in a number of countries in 1980s has become more widespread in many countries especially in 2000s. The mathematical proof that the cost-share theorem is invalid for present industrial economies is complemented by a verbal reasoning based on energy's fundamental economic role of activating the capital stock. as consequence of an embargo on Russian gas imports, shows: If one forgoes the cost-share theorem one obtains losses that are an order of magnitude larger than the losses that result from neoclassical equilibrium analyses. A model calculation of output losses in German industry due to constraints on energy availability, e.g. This drives the ongoing substitution process of replacing relatively expensive labor by relatively cheap energy in combination with increasingly automated capital. In industrial economies energy's output elasticity is typically much larger than its share in total factor cost, whereas for labor the opposite holds. The cost-share theorem and the related equilibrium structure of neoclassical economics are not consistent with thermodynamics and the process nature of energy conversion in wealth creation and technological evolution. The explanatory capacity of the production functions was also increased when the proposed variables were added (net subscribed premiums-net claims incurred). The proposed model of the Cobb-Douglas production function is suitable for the results of both Enaya and Sanad Cooperative Insurance Companies. That the proposed model of the production function "Zener-Rivanker" is the best production functions representing the profitability of the Tawuniya and Bupa Insurance Companies. Production and thus the possibility of using it in forecasting. Profitability of insurance companies was chosen, to use it to assess theĮfficiency of their profitability versus the use of different factors of
Then the best productionįunction commensurate with the nature of the variable representing the Increase the explanatory capacity of the model. Profitability of insurance companies, by reformulating these nonlinearįunctions based on the introduction of a set of variables that contribute to The transcendental production function) have been used to assess the In this study the production functions (Cobb-Douglas, Zener-Rivanker, and It was found that the proposed model of the production function "Zener-Rivanker" is the best production functions representing the profitability of the Tawuniya and Bupa Insurance Companies. Then the best production function commensurate with the nature of the variable representing the profitability of insurance companies was chosen, to use it to assess the efficiency of their profitability versus the use of different factors of production and thus the possibility of using it in forecasting. In this study the production functions (Cobb-Douglas, Zener-Rivanker, and the transcendental production function) have been used to assess the profitability of insurance companies, by reformulating these nonlinear functions based on the introduction of a set of variables that contribute to increase the explanatory capacity of the model.
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