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AbstractThe integration of European services markets and the associated deregulation measures open up formerly segmented markets to competition from the Single Market. The purpose of this study is to propose a method of measuring the effects of liberalization on technical efficiency, the existence of economies of scale and diversification, and the dynamic development of productivity for the insurance industry. As an example we construct efficiency frontiers for the years 1992 through 1996 for the Austrian insurance industry using a Data Envelopment Analysis. The results provide yardsticks for efficiency comparisons from a consumer perspective and can be used to construct a Malmquist productivity index for the transition period.
Current demographic developments in industrialized countries and their consequences for workforce ageing challenge the sustainability of intergenerational transfers and economic growth. A shrinking share of the young workforce will have to support a growing share of elderly, non-working people. Therefore, the productivity of the workforce is central to a sustainable economic future. Using a new matched employer–employee panel dataset for Austrian firms for the period 2002–2005, we study the relationship between the age structure of employees, labour productivity and wages. These data allow us to account, simultaneously, for both socio-demographic characteristics of employees and firm heterogeneity, in order to explain labour productivity and earnings. Our results indicate that firm productivity is not negatively related to the share of older employees it employs. We also find no evidence for overpayment of older employees. Our results do not show any association between wages and the share of older employees. Furthermore, we find a negative relationship between the share of young employees and labour productivity as well as wages, which is more prevalent in the industry and construction sector.
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