Title
The Jensen Effect: Productivity Variation and Group Optimization,Used
Delivery time: 8-12 business days (International)
Productivity variation exists in many empirical settings. In group production, individuals enter and exit the production process at the same time. In this work, Jensens inequality is formally accounted for in a group production setting to ensure that maximum profit conditions are being met. The concept of the Jensen effect and an aggregation premium is introduced to aid in the discussion of how an adjustment needs to be made in group optimization to account for the fact that the marginal productivity of an average individual in a group is not equivalent to the average marginal productivity of all individuals in the group. Examples from swine production and beef production are used to show that due to the aggregation premium, the marginal productivity of the average individual in the group overestimates the average marginal productivity of the group. The magnitudes of the differences can be modest but the direction is consistent. Most importantly, the concepts and terminology presented provide a formalized treatment of Jensens inequality that previous work has failed to accomplish.
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Shipping & Returns
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We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
Returns
To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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Warranty
We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
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