Konferenzbeitrag
Rational Inefficiency, Adjustment Costs and Sequential Technologies
In this paper we propose a novel approach to estimate the rational inefficiency of decision making units in the presence of adjustment costs. Using sequential definitions of the production technology, we show how cost inefficiency can be decomposed into rational and residual inefficiency as well as inefficiency caused by technical change. Furthermore, we estimate lower bounds for the unobserved adjustment costs based on unexploited cost reductions due to rational inefficiency. These adjustment costs are used to evaluate the feasibility of exploiting cost reductions caused by residual inefficiency. We demonstrate the empirical applicability of our model by estimating and decomposing the cost inefficiency of U.S. coal-fired power plants using panel data which cover the period between 1994 and 2009.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2016: Demographischer Wandel - Session: Firm Strategy and Production: Theory and Evidence ; No. F22-V1
- Klassifikation
-
Wirtschaft
Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
Firm Objectives, Organization, and Behavior: General
Technological Change: Choices and Consequences; Diffusion Processes
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hampf, Benjamin
- Ereignis
-
Veröffentlichung
- (wer)
-
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (wo)
-
Kiel und Hamburg
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
- 10.03.2025, 10:43 UTC
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Hampf, Benjamin
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Entstanden
- 2016
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