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The second edition of this book has been written for the same audience as the first edition. It is designed to be a "first port of call" for people wishing to study efficiency and productivity analysis. The book provides an accessible introduction to the four principal methods involved: econometric estimation of average response models; index numbers; data envelopment analysis (DEA); and stochastic firontier analysis (SFA). For each method, we provide a detailed introduction to the basic concepts, give some simple numerical examples, discuss some of the more important extensions to the basic methods, and provide references for further reading. In addition, we provide a number of detailed empirical applications using real-world data. The book can be used as a textbook or as a reference text. As a textbook, it probably contains too much material to cover in a single semester, so most instructors will want to design a course around a subset of chapters. For example, Chapter 2 is devoted to a review of production economics and could probably be skipped in a course for graduate economics majors. However, it should prove useful to undergraduate students and those doing a major in another field, such as business management or health studies.

Production (Economic theory) --- Production functions (Economic theory) --- Industrial productivity. --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Functions, Production (Economic theory) --- Economics --- Microeconomics --- Supply and demand --- Demand (Economic theory) --- Supply-side economics --- Mathematical models --- Econometrics. --- Industrial organization. --- Business. --- Operations research. --- Production management. --- Engineering economy. --- Industrial Organization. --- Business and Management, general. --- Operations Research/Decision Theory. --- Operations Management. --- Engineering Economics, Organization, Logistics, Marketing. --- Economy, Engineering --- Engineering economics --- Industrial engineering --- Manufacturing management --- Industrial management --- Operational analysis --- Operational research --- Management science --- Research --- System theory --- Trade --- Management --- Commerce --- Industries --- Organization --- Industrial concentration --- Industrial sociology --- Economics, Mathematical --- Statistics --- Management science. --- Decision making. --- Engineering economics. --- Deciding --- Decision (Psychology) --- Decision analysis --- Decision processes --- Making decisions --- Management decisions --- Choice (Psychology) --- Problem solving --- Quantitative business analysis --- Operations research --- Statistical decision --- Decision making