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Full Description
Economists have long studied the efficiency of firms, industries, and entire economies. This volume brings together leading scholars to make connections between efficiency and a number of diverse areas of current interest to economists, including an examination of the efficiency of tax systems across generations that overlap, and the efficiency of firm mergers that highlights the tradeoff between the synergy of the merger and the problem of managerial oversight in the now larger firm. An empirical look at productivity growth of states uses a tripartite decomposition of labor productivity into technological innovation, improvement in efficiency, and the capital deepening brought about by new business investment, shedding light on important debates on their relative importance. The efficiency of patent laws is examined in a modern model of economic growth. These contributions are complemented by analyses of methodological problems involved in the measurement, estimation and aggregation of efficiency indices.
Contents
The Pareto-Optima of Finite-Horizon OLG Models.- Derivative Properties of Directional Technology Distance Functions.- Synergistic Mergers in an Agency Context: An Illustration of the Interaction of the Observability Problem and Synergistic Merger.- The Le Chatelier Principle in Data Envelopment Analysis.- Finding Common Ground: Efficiency Indices.- Sources of Manufacturing Productivity Growth: U.S. States 1990-1999.- Nonparametric Estimation of Higher-Order Moments of Technical Efficiency.- Measuring Inefficiency with Endogenous Innovation.- Don't Aggregate Efficiency But Disaggregate Inefficiency.
