TITLE

Non-maximizing output behavior for firms with a cost-constrained technology

AUTHOR(S)
Blank, Jos
PUB. DATE
February 2009
SOURCE
Journal of Productivity Analysis;Feb2009, Vol. 31 Issue 1, p27
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
In many public service industries, firms are constrained by a cost (budget) and characterized by non-maximizing output behavior, due to bureaucratic behavior, for instance. This paper proposes a model based on the assumption that firms with a cost constraint do not maximize service levels due to resource preferences. It derives the exact relationships between services delivered, (shadow) input prices, cost constraints, and optimal input quantities. From these relationships, allocative efficiencies, technical efficiencies, output ray elasticities, and marginal cost can easily be derived.
ACCESSION #
35834035

 

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