The Econometric Approach to Efficiency

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Chapter 1 describes two broad paradigms for measuring economic efficiency,

one based o­n an essentially nonparametric, programming approach to analysis

of observed outcomes, and o­ne based o­n an econometric approach to

estimation of theory-basedmodels of production, cost, or profit. This chapter

presents an overview of techniques for econometric analysis of technical (production)

and economic (cost) efficiency. The stochastic frontier model of

Aigner, Lovell, and Schmidt (1977) is now the standard econometric platform

for this type of analysis. I survey the underlying models and econometric techniques

that have been used in studying technical inefficiency in the stochastic

frontier framework and present some of the recent developments in econometric

methodology. Applications that illustrate some of the computations

are presented in the final section.

More o­n Prof.William Greene (NYU) Web



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