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Cost Structure and the Measurement of Economic Performance : Productivity, Utilization, Cost Economics, and Related Performance Indicators - Catherine J.Morrison Paul

Cost Structure and the Measurement of Economic Performance

Productivity, Utilization, Cost Economics, and Related Performance Indicators

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Published: 28th February 1999
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Cost Structure and the Measurement of Economic Performance is designed to provide a comprehensive guide for students, researchers or consultants who wish to model, construct, interpret, and use economic performance measures. The topical emphasis is on productivity growth and its dependence on the cost structure. The methodological focus is on application of the tools of economic analysis - the `thinking structure' provided by microeconomic theory - to measure technological or cost structure, and link it with market and regulatory structure. This provides a rich basis for evaluation of economic performance and its determinants.
The format of the book stresses topics or questions of interest rather than the theoretical tools for analysis. Traditional productivity growth modeling and measurement practices that result in a productivity residual often called the `measure of our ignorance' are initially overviewed, and then the different aspects of technological, market and regulatory structure that might underlie this residual are explored. The ultimate goal is to decompose or explain the residual, by modeling and measuring a multitude of impacts that determine the economic performance of firms, sectors, and economies.
The chapters are organized with three broad goals in mind. The first is to introduce the overall ideas involved in economic performance measurement and traditional productivity growth analysis. Issues associated with different types of (short and long run, internal and external) cost economies, market and regulatory impacts, and other general cost efficiencies that might impact these measures are then explored. Finally, some of the theoretical, data construction and econometric tools necessary to justify and implement these models are emphasized.

`... we have here a well-written book by an author who knows the subject from within. The book guides into a rich literature and opens up many avenues for further research.' Kwantitatieve Methoden, Nr. 64 (2000) `Overall, this book is an excellent book for anyone interested in measuring adn decomposing productivity growth, as well as factors that affect its measurement and decomposition. The book also provides readers with insights useful when considering whether a short-run or long-run cost function is the appropiate function to estimate. Professor Paul has provided readers with a very intuitive, substantial, and well-written book on the subject matter with many good references. The book could be used as a textbook for a graduate economics course on productivity growth measurement.' Southern Economic Journal, 68:1 (2001)

Prefacep. xi
Introduction to the Conceptual Frameworkp. 1
What do "Economic Performance" and "Productivity" Mean?p. 2
Productivity Growth Componentsp. 5
Technical Changep. 8
The Cost Structurep. 12
Market and Regulatory Structurep. 17
Basics of Productivity Measurementp. 21
Traditional Productivity Growth Measurementp. 25
Single-Factor Productivity Measuresp. 26
Multifactor Productivity Measuresp. 31
Growth Accountingp. 36
Technical Change and Productivityp. 41
Primal and Dual Measuresp. 43
Technical Change Determinantsp. 46
Technical Change Biasesp. 51
Further Remarksp. 55
The Short Run, Capital, and Capacity Utilizationp. 57
Short Run Fixities and CUp. 58
A Primal Economic CU Representationp. 63
A Dual CU Measurep. 69
Fixity, Adjustment Costs, and Dynamicsp. 76
Capital Composition and Servicesp. 79
Further Remarksp. 86
Short and Long Run Scale and Other Cost Economiesp. 89
Components of the Cost-Output Relationshipp. 90
Cost Economies vs. Technical Changep. 94
Scale Biasesp. 102
Cost Economies More Generallyp. 106
Multiple outputs
Multiple fixed inputs and "imperfect" input markets
Overall cost economies
Further Remarksp. 114
Internal and External Cost Economies, and Growthp. 117
A Model with External Effectsp. 119
Returns to Public Capitalp. 123
"Knowledge Capital" and Spilloversp. 128
Utilization and Scale Interactionsp. 134
Microfoundations and Macro Modelsp. 139
Further Commentsp. 145
Market Structure and Economic Performancep. 147
Market Power Modelingp. 149
Market Power and Economic Performance Measuresp. 156
Input Market Power: Monopsonyp. 161
A parametric model
A nonparametric model
Market Power Measures and Welfarep. 169
Further Commentsp. 173
Regulatory Structure and Costsp. 175
Capital Regulations and Costsp. 177
Restrictions on Input Use: Pesticidesp. 182
The literature
An alternative perspective
Lack of Markets: "Bad" Outputsp. 196
Regulation and Market Powerp. 201
Further Commentsp. 206
Technical Efficiencyp. 209
Frontier Modelingp. 211
Empirical Specificationp. 219
Dual Modelsp. 228
Productivity and Efficiencyp. 234
Further Commentsp. 238
Underlying Theory and Implementation Issuesp. 241
The Basic Production Theory Modelp. 242
Production and Cost Structurep. 247
Profit Maximizationp. 253
Dynamic Adjustmentp. 255
Distance and Revenue Functionsp. 259
Measures Representing Firm Behaviorp. 263
Further Commentsp. 268
Data Construction for Estimation and Measurementp. 269
Non-Capital Output and Input Datap. 270
Output production
Labor
Materials inputs
RandD
Service industries
Capital Data Constructionp. 281
Aggregation Issuesp. 289
Further Commentsp. 299
Issues of Econometric Implementationp. 301
Empirical Specificationp. 303
Functions for Empirical Analysisp. 310
Functional Formsp. 313
Some Econometric Issuesp. 319
Systems of equations
Instrumental variables estimation
Time-series/cross-section data
Further Commentsp. 330
Pulling It Togetherp. 331
Referencesp. 337
Indexp. 359
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780792384038
ISBN-10: 0792384032
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 363
Published: 28th February 1999
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 2.54
Weight (kg): 1.58