TL;DRAbstract
The analysis of productive efficiency has, or at least should have, two components. The first is the estimation of a stochastic production (or cost or profit or other) frontier that serves as a benchmark against which to estimate the technical (or cost or profit or other) efficiency of producers. Thus the objective of the first component is to estimate the efficiency with which producers allocate their inputs and their output(s), under some maintained hypothesis concerning behavioral objectives. This first component is by now reasonably well developed, and has been the subject of our investigation in Chapters 3–6.
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The analysis of productive efficiency has, or at least should have, two components. The first is the estimation of a stochastic production (or cost or profit or other) frontier that serves as a benchmark against which to estimate the technical (or cost or profit or other) efficiency of producers. Thus the objective of the first component is to estimate the efficiency with which producers allocate their inputs and their output(s), under some maintained hypothesis concerning behavioral objectives. This first component is by now reasonably well developed, and has been the subject of our investigation in Chapters 3–6.
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