Investigating the cost Performance of UK Credit Unions using Radial and Non-Radial Efficiency Measures

This paper examines the relative efficiency of UK credit unions. Radial and non-radial measures of input cost efficiency plus associated scale efficiency measures are computed for a selection of input output specifications. Both measures highlighted that UK credit unions have considerable scope for efficiency gains. It was mooted that the documented high levels of inefficiency may be indicative of the fact that credit unions, based on clearly defined and non-overlapping common bonds, are not in competition with each other for market share. Credit unions were also highlighted as suffering from a considerable degree of scale inefficiency with the majority of scale inefficient credit unions subject to decreasing returns to scale. The latter aspect highlights that the UK Government's goal of larger credit unions must be accompanied by greater regulatory freedom if inefficiency is to be avoided. One of the advantages of computing non-radial measures is that an insight into potential over- or under-expenditure on specific inputs can be obtained through a comparison of the non-radial measure of efficiency with the associated radial measure. Two interesting findings emerged, the first that UK credit unions over-spend on dividend payments and the second that they under-spend on labour costs.

Numerical and Experimental Study of the Performance Effects of Varying Vaneless Space and Vane Solidity in Radial Inflow Turbine Stators.

An extensive experimental program has been carried out on a 135?mm tip diameter radial turbine using a variety of stator designs, in order to facilitate direct performance comparisons of varying stator vane solidity and the effect of varying the vaneless space. A baseline vaned stator was designed using commercial blade design software, having 15 vanes and a vane trailing edge to rotor leading edge radius ratio (Rte/rle) of 1.13. Two additional series of stator vanes were designed and manufactured; one series having varying vane numbers of 12, 18, 24, and 30, and a further series with Rte/rle ratios of 1.05, 1.175, 1.20, and 1.25. As part of the design process a series of CFD simulations were carried out in order to guide design iterations towards achieving a matched flow capacity for each stator. In this way the variations in the measured stage efficiency could be attributed to the stator passages only, thus allowing direct comparisons to be made. Interstage measurements were taken to capture the static pressure distribution at the rotor inlet and these measurements were then used to validate subsequent numerical models. The overall losses for different stators have been quantified and the variations in the measured and computed efficiency were used to recommend optimum values of vane solidity and Rte/rle.