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On the Impossibility of Efficiency in Production

Efthymios G. Tsionas

出版	SSRN, 2013
URL	http://books.google.com.hk/books?id=rp4czwEACAAJ&hl=&source=gbs_api

註釋

In this paper we consider the possibility that a firm may use costly resources to improve its technical efficiency. Results from static analyses imply that technical efficiency is determined by the configuration of factor prices. A dynamic model of the firm is developed under the assumption that managerial skill contributes to technical efficiency. Dynamic analysis shows that the firm can never be technically efficient if it maximizes profits, the steady state is always inefficient, and it is locally stable.