By Timothy J. Coelli, Dodla Sai Prasada Rao, Christopher J. O'Donnell, George Edward Battese
Softcover model of the second one variation Hardcover. contains a new writer, Dr. Chris O'Donnell, who brings enormous services to the venture within the zone of functionality dimension. quite a few issues are being further and extra functions utilizing actual information, in addition to workouts on the finish of the chapters. info units, desktop codes and software program may be to be had for obtain from the internet to accompany the amount.
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Extra resources for An Introduction to Efficiency and Productivity Analysis
One may specify both input distance functions and output distance functions. An input distance function characterises the production technology by looking at a minimal proportional contraction of the input vector, given an output vector. An output distance function considers a maximal proportional expansion of the output vector, given an input vector. We first consider an output distance function. 5) is made more rigorous by replacing "min" (which stands for "minimum") with "inf (which stands for "infimum").
2 Properties Irrespective of the properties of the production technology, the cost function satisfies the following properties: C. 1 Nonnegativity: Costs can never be negative. 2 Nondecreasing in w: An increase in input prices will not decrease costs. More formally, if w^ > w^ then c(w^,q) > c(w\q). 3 Nondecreasing in q: It costs more to produce more output. That is, if q^ >q' then c(w,q^) > c(w,q^). , doubling all input prices will double cost). Mathematically, c(Aw, q) = /:c(w, q) for k>0. 5 Concave in v^: c(<9w'+(l-6>)w\q) > 6>c(w^q) + (l-6>)c(w^q) for all 0 < ^ < 1.
It is possible to illustrate these properties using numerical examples of the type used elsewhere in this chapter. However, to avoid repetition we have chosen not to do so here. 7 Conclusions In this chapter we have seen how cost, revenue and profit functions can be derived from production (or transformation) functions by solving constrained optimisation problems. , using Hotelling's Lemma). But can we work all the way back to the production technology? The answer is "yes", for reasons that are beyond the scope of this book^^ However, the very fact that it can be done means the cost, revenue and profit functions must contain essentially the same information as the transformation (or production) function.
An Introduction to Efficiency and Productivity Analysis by Timothy J. Coelli, Dodla Sai Prasada Rao, Christopher J. O'Donnell, George Edward Battese