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Modern textbook presentations of production economics typically treat producers as successful optimizers. Conventional econometric practice has generally followed this paradigm, and least squares based regression techniques have been used to estimate production, cost, profit and other functions. In such a framework deviations from maximum output, from minimum cost and cost minimizing input demands, and from maximum profit and profit maximizing output supplies and input demands, are attributed exclusively to random statistical noise. However casual empiricism and the business press both make persuasive cases for the argument that, although producers may indeed attempt to optimize, they do not always succeed. This book develops econometric techniques for the estimation of production, cost and profit frontiers, and for the estimation of the technical and economic efficiency with which producers approach these frontiers. Since these frontiers envelop rather than intersect the data, and since the authors continue to maintain the traditional econometric belief in the presence of external forces contributing to random statistical noise, the work is titled Stochastic Frontier Analysis.

Stochastic processes --- Production (Economic theory) --- Stochastic analysis --- Econometrics --- 338 --- Economics, Mathematical --- Statistics --- Analysis, Stochastic --- Mathematical analysis --- Microeconomics --- Supply and demand --- Demand (Economic theory) --- Supply-side economics --- Business, Economy and Management --- Economics --- Stochastic analysis. --- Econometrics. --- AA / International- internationaal --- 305.3 --- Econometrie van de productiefuncties en van het gebruik van de capaciteiten (Cobb-Douglas functie) Econometrie van de groei --- Econometrie.

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The productivity of a business exerts an important influence on its financial performance. A similar influence exists for industries and economies: those with superior productivity performance thrive at the expense of others. Productivity performance helps explain the growth and demise of businesses and the relative prosperity of nations. Productivity Accounting: The Economics of Business Performance offers an in-depth analysis of variation in business performance, providing the reader with an analytical framework within which to account for this variation and its causes and consequences. The primary focus is the individual business, and the principal consequence of business productivity performance is business financial performance. Alternative measures of financial performance are considered, including profit, profitability, cost, unit cost, and return on assets. Combining analytical rigor with empirical illustrations, the analysis draws on wide-ranging literatures, both historical and current, from business and economics, and explains how businesses create value and distribute it.

Productivity accounting. --- Industrial productivity --- Profit. --- Net income --- Business --- Capital --- Distribution (Economic theory) --- Economics --- Finance --- Surplus (Economics) --- Surplus value --- Wealth --- Income --- Risk --- Labor productivity --- Accounting --- Measurement. --- Productivity accounting --- Industrial productivity - Measurement --- Profit

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Economic production --- Production (Economic theory) --- Industrial efficiency --- #SBIB:35H202 --- #SBIB:014.IO --- Microeconomics --- Supply and demand --- Demand (Economic theory) --- Supply-side economics --- Efficiency, Industrial --- Industrial management --- Overheidsmanagement: prestatiemanagement