By Rolf Färe, Shawna Grosskopf, Daniel Primont
Economists have lengthy studied the potency of companies, industries, and whole economies. This quantity brings jointly prime students to make connections among potency and a couple of diversified parts of present curiosity to economists, together with an exam of the potency of tax structures throughout generations that overlap, and the potency of multinational mergers that highlights the tradeoff among the synergy of the merger and the matter of managerial oversight within the now higher enterprise. An empirical examine productiveness development of states makes use of a tripartite decomposition of work productiveness into technological innovation, development in potency, and the capital deepening caused through new company funding, laying off gentle on very important debates on their relative significance. The potency of patent legislation is tested in a contemporary version of financial progress. those contributions are complemented by way of analyses of methodological difficulties interested in the dimension, estimation and aggregation of potency indices.
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Additional info for Aggregation, Efficiency, and Measurement (Studies in Productivity and Efficiency)
There are, of course, other uses of the directional technology distance function. In addition to the previously cited papers by Fare, Grosskopf, and Weber (2001) and Fare , Grosskopf, Noh, and Weber (2005), Fare and Grosskopf (2000) show, among other things, that the directional technology distance function can be used to model plant capacity. For another example, Fare and Primont (2003) use the directional technology distance function to find conditions under which productivity indicators for each firm in an industry can be aggregated to a productivity indicator for the industry as a whole.
Ca/econ/) . Blackorby, C. and W. Diewert, "Expenditure Functions, Local Duality, and Second Order Approximations" , Econometrica 47 (1979), 579-601. , "National Debt in a Neoclassical Growth Model" , American Economic Review 55 (1965), 1125-1150. , "Optimal Tax Perturbations" , Journal of Public Economics 10 (1978), 139-177. , M. Avriel, and 1. Zang, "Nine Kinds of Quasi-Concavity and Concavity", Journal of Economic Theory 25 (1981), 397-420. Fuchs, G. and R. Guesnerie, "Structure of Tax Equilibria" , Econometrica 51 (1983), 403-434 .
Shleifer and Vishney, 1989). Further, the tendency for managers to overestimate their own ability can lead them to over estimate the future performance of acquired firms (Roll, 1986). We focus on the first two motives and term these rationalizations for merger as general "synergy" . " Moreover, the frequency of divestitures of initial acquisitions is quite large. Kaplan and Weisbach (1992) report that , for a sample of large acquisitions between 1971 and 1982, almost 44% of the acquirers had divested their previous target by 1989.