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Books > Business & Economics > Economics > Econometrics
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Benchmarking Economic Efficiency - Technical and Allocative Fundamentals (Hardcover, 1st ed. 2022)
Loot Price: R3,516
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Benchmarking Economic Efficiency - Technical and Allocative Fundamentals (Hardcover, 1st ed. 2022)
Series: International Series in Operations Research & Management Science, 315
Expected to ship within 10 - 15 working days
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This book unifies and extends the definition and measurement of
economic efficiency and its use as a real-life benchmarking
technique for actual organizations. Analytically, the book relies
on the economic theory of duality as guiding framework.
Empirically, it shows how the alternative models can be implemented
by way of Data Envelopment Analysis. An accompanying software
programmed in the open-source Julia language is used to solve the
models. The package is a self-contained set of functions that can
be used for individual learning and instruction. The source code,
associated documentation, and replication notebooks are available
online. The book discusses the concept of economic efficiency at
the firm level, comparing observed to optimal economic performance,
and its decomposition according to technical and allocative
criteria. Depending on the underlying technical efficiency measure,
economic efficiency can be decomposed multiplicatively or
additively. Part I of the book deals with the classic
multiplicative approach that decomposes cost and revenue efficiency
based on radial distance functions. Subsequently, the book examines
how these partial approaches can be expanded to the notion of
profitability efficiency, considering both the input and output
dimensions of the firm, and relying on the generalized distance
function for the measurement of technical efficiency. Part II is
devoted to the recent additive framework related to the
decomposition of economic inefficiency defined in terms of cost,
revenue, and profit. The book presents economic models for the
Russell and enhanced graph Russell measures, the weighted additive
distance function, the directional distance function, the modified
directional distance function, and the Hoelder distance function.
Each model is presented in a separate chapter. New approaches that
qualify and generalize previous results are also introduced in the
last chapters, including the reverse directional distance function
and the general direct approach. The book concludes by highlighting
the importance of benchmarking economic efficiency for all business
stakeholders and recalling the main conclusions obtained from many
years of research on this topic. The book offers different
alternatives to measure economic efficiency based on a set of
desirable properties and advises on the choice of specific economic
efficiency models.
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