This paper analyzes the implications of using aggregated value data for both inputs and outputs in Data Envelopment Analysis (DEA). It shows that when total cost and total revenue data is used, the estimated efficiency score reflects profitability efficiency which is composed of technical efficiency, allocative efficiencies on both the input and the output sides, and potential price effects if prices differ between decision-making units. The findings provide practical guidance for using value data in DEA and how to interpret efficiency scores in cases where disaggregated data and price information are not available. • Guidance on interpreting efficiency scores using aggregated value data in Data Envelopment Analysis (DEA). • DEA with total cost and total revenue data estimates profitability efficiency. • Unobserved price differences in value data can raise or lower efficiency estimates.

We examine the impact of economic upturns and downturns on subsequent economic performance in Europe over six plus centuries. Instead of utilizing the conventional post-World War II framework, we employ a comprehensive panel of GDP data for England, Holland and Italy spanning more than 600 years. We find consistent evidence in favor of asymmetry. Downturns are followed by statistically significant higher growth rates, while upturns are followed by mildly lower growth rates which are often not statistically significant. Our finding of asymmetry suggests that business cycle properties are consistent with mechanisms similar to Friedman’s plucking hypothesis. • We examine the impact of economic upturns and downturns on subsequent economic performance. • We employ a panel of GDP data for England, Holland and Italy spanning over 600 years. • We estimate impulse response functions using the local projections methodology. • We find consistent evidence in favor of asymmetry. • Downturns (upturns) are followed by higher growth rates (mildly lower growth rates).