The Measurement of Productive Efficiency: Techniques and Applications

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Harold O. Fried, Shelton S. Schmidt, C. A. Knox Lovell
Oxford University Press, Apr 22, 1993 - Business & Economics - 440 pages
This work focuses on measuring and explaining producer performance. The authors view performance as a function of the state of technology and economic efficiency, with the former defining a frontier relation between inputs and outputs; the former incorporating waste and misallocation relative to this frontier. They show that insights can be gained by allowing for the possibility of a divergence between the economic objective and actual performance, and by associating this inefficiency with causal variables subject to managerial or policy influence. Derived from a series of lectures held on techniques and applications of the three approaches to the construction of production frontiers and measure of efficiency, this work will be an essential reference to scholars of a variety of disciplines who are involved with quantitative methods or policy.

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Author Index
Subject Index

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Page 5 - It seems not at all unlikely that people in monopolistic positions will very often be people with sharply rising subjective costs; if this is so, they are likely to exploit their advantage much more by not bothering to get very near the position of maximum profit, than by straining themselves to get very close to it. The best of all monopoly profits is a quiet life.
Page 10 - F(e.) of efficiency with a density if it exists. Another way of specifying the Farrell-type measure of technical efficiency is to define it as one minus the maximum equiproportionate reduction in all inputs that still allows continued production of given outputs. Since it is a radial measure a score of unity indicates full technical efficiency, because no equiproportionate input reduction is feasible. The DBA approach has generalized the Farrell approach in terms of both multiple outputs and variable...

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