TOPICS

Production Economics

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Theory

A Supply-Response Model Under Invariant Risk Preferences

In this article we first develop a theoretically consistent supply-response model for producers with invariant preferences facing price risk, and then we empirically apply the model for a group of Cretan olive-oil producers. For doing so, we estimate a Generalized Leontief cost function and we use the price distribution historically faced by individual farmers to induce three different representations of price risk corresponding to the second, third and fourth lp norms. These risk measures are combined with the estimated cost-structure to provide three separate representations of the efficient frontier for the representative producer.

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Applied Research

Using Data Envelopment Analysis to Measure Hotel Efficiency in Crete

The present paper studies the relative efficiency between hotels operating under a brand and hotels operating independently, in the island of Crete, Greece, using the Data Envelopment Analysis.

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Theory

Decomposition of Labor Productivity Growth: A Multilateral Production Frontier Approach

This paper develops a parametric decomposition framework of labor productivity growth relaxing the assumption of labor-specific efficiency.

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Theory

Productivity Growth and Efficiency under Leontief Technology: An Application to US Steam-Electric Power Generation Utilities

A theoretical framework is developed for decomposing partial factor productivity and measuring technical inefficiency when the underlying technology is characterized by factor non-substitution.

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Theory

Measurement of Consumption Efficiency in Price-Quantity Space: A Distance Function Approach

In standard consumer demand analysis, it is implicitly assumed that consumers behave optimally and, thus, efficiently. However, optimality is a restrictive assumption to make for consumers’ actual behaviour. This study moves away from this restrictive assumption and develops a theoretical model for the analysis of consumer’s inefficiency in price-quantity space.

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Theory

Yet Another Look at Pest Damage and Pesticide Productivity

Using the Lichtenberg-Zilberman-Fox-Weersink damage specification, we develop a short-run, supply-response framework based on rational producer behavior in the presence of damage agents.

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Theory

An Irreversible Investment Model with a Stochastic Production Capacity and Fixed Plus Proportional Adjustment Costs

This paper studies the problem of a company which expands its stochastic production capacity in irreversible investments by purchasing capital and faces both fixed and proportional costs.

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Theory

Measuring the Accountability of Advertising Expenses in the Presence of Sales Cost Inefficiency and Marketing Spillovers

This paper develops a tractable theoretical framework for analyzing the substitutability between different advertising media, the extent of marketing spillovers in the market, the allocative efficiency of advertising spending, and the sources of total advertising productivity and sales growth.

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Applied Research

Measuring Technical Efficiency in the Stochastic Varying Coefficient Frontier Model

Due to the assumption that the best practice methods refer to each input separately instead of the whole set of inputs used by a firm, the benchmark technology as defined in the stochastic varying coefficient frontier model may be infeasible and theoretically improper whenever the maximum response coefficients are not coming from the same production unit. To overcome this problem we suggest an alternative procedure for measuring output-oriented and input-specific technical efficiency inspired from the maximum likelihood formulation of the non-neutral frontier model.

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Applied Research

A Flexible Time-Varying Specification of the Technical Inefficiency Effects Model

The present paper incorporates the Cornwell, Sickless and Schmidt (1990) flexible specification of the temporal pattern of technical efficiency into technical inefficiency effects model. The proposed formulation is then applied to the agricultural sector of the EU and US, during the period 1973-1993.

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Applied Research

Parametric Decomposition of the Input-Oriented Malmquist Productivity Index: With an Application to Greek Aquaculture

Using a stochastic frontier approach and a tranlog input distance function, this paper implements the input-oriented Malmquist productivity index to a sample of Greek aquaculture farms.

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Policy

Sectoral Linkages and Industrial Efficiency: A Dilemma or a Requisition in Identifying Development Priorities?

This paper attempts to provide an empirical evaluation of the potential relationship between sectoral linkages and technical efficiency using the 1996 US input-output tables.

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Theory

Parametric Decomposition of Output Growth

This paper proposes a tractable approach for analyzing the sources of TFP changes (i.e., technical change, changes in technical and allocative inefficiency, and the scale effect) in a multi-output setting, while retaining the single-equation nature of the econometric procedure used to estimate the parameters of the underlying technology.

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Applied Research

On the Choice of Functional Form in Stochastic Frontiers Models: A Box-Cox Approach

The generalized quadratic Box-Cox transformation is used to test the relative performance of alternative, widely used, functional forms and to examine the effect of prior choice on final efficiency estimates.

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Applied Research

Measuring Technical Efficiency with Panel Data: Results from Competing Models

This paper provides an empirical comparison of time-varying technical inefficiency measures obtained from the econometric estimation of different specifications of the stochastic production frontier model.

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