By Tim Coelli
An creation to potency and productiveness Analysis is designed as a primer for a person looking an authoritative creation to potency and productiveness research. it's a systematic remedy of 4 really new methodologies in Efficiency/Production research: (a) Least-Squares Econometric creation versions, (b) overall issue productiveness (TFP) Indices, (c) information Envelopment research (DEA), and (d) Stochastic Frontiers. each one approach is mentioned completely. First, the fundamental components of every strategy are mentioned utilizing versions to demonstrate the method's basics, and, moment, the dialogue is elevated to regard the extensions and types of each one method's makes use of. ultimately, a number of case reviews are supplied as an entire representation of the way every one technique can be utilized. moreover, all 4 methodologies can be associated within the book's presentation by way of studying the benefits and downsides of every process and the issues to which every strategy may be so much certainly utilized. The e-book deals the 1st unified textual content presentation of tools that might be of use to scholars, researchers and practitioners who paintings within the transforming into quarter of Efficiency/Productivity research.
The e-book additionally offers designated suggestion on laptop courses which are used to calculate some of the measures. This includes a couple of displays of computing device directions and output listings for the SHAZAM, TFPIP, DEAP and FRONTIER desktop courses.
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Additional info for An Introduction to Efficiency and Productivity Analysis
Profit is defined as 1t = TR - TC = py - (WIXI + W2X2). 3, the input demand equations. 1). 3, the input demand and output supply equations, to read off the quantities of inputs and output that would maximise profit, for a given set of prices. 5 Cost Minimisation In some instances cost minimisation, given an output level, can be a more appropriate behavioural assumption than profit maximisation. For example, consider the case of a power plant that is contracted to produce a certain amount of power.
245). Properties of Cost Functions If the underlying production technology satisfies a number offairly weak properties (see Chambers 1988 for details) then the cost function possesses the following properties. II For example, a homogenous production function with decreasing returns to scale is strictly concave. 59) for definitions ofvarious forms of concavity and convexity. 12 In an empirical analysis, this concavity need only be in the neighbourhood of the sample data. , not in Stage I). 49 ADDITIONAL TOPICS IN PRODUCTION ECONOMICS l.
Satisfy the properties discussed in the previous section (or permit the imposition of these properties through the application of appropriate constraints). These two objectives are often in conflict. The imposition of constraints upon a flexible functional form to achieve appropriate theoretical properties can subsequently reduce the flexibility of many popular flexible functional forms (see Diewert and Wales, 1987). Many of the functional forms discussed in Chapter 2 in reference to production functions have been used to specify cost and profit functions in empirical analyses.