General cost structure analysis : theory and application to the banking industry
Discusses the quantitative analysis of cost structures with a minimum of a priori assumptions on firm technology and on firm behaviour. This study develops an innovative line of attack building on the primal characterisation of the firm's generalised shadow cost minimisation program.
119 Seiten Diagramme
9780792386278, 0792386272
247762941
1 Introduction.- 2 Theoretical Framework.- 2.1 Generalised Firm Program.- 2.2 Previous Approaches.- 2.3 Flexible Cost Model (FCM).- 2.3.1 Primal Characterisation.- 2.3.2 Dual Characterisation: Globally Regular Functional Forms.- 2.3.3 Dual Characterisation: General Case.- 2.4 Comparative Statics.- 3 Empirical Modelling.- 3.1 Empirical Context and Issues.- 3.2 Output and Input Measurement.- 3.3 Dataset.- 3.4 Empirical Specification.- 3.4.1 Parametric Specification.- 3.4.2 Stochastic Specification and Estimation Methodology.- 3.4.3 Dual Characterisation.- 4 Empirical Results.- 4.1 Econometric Results.- 4.1.1 Single Equation Estimation: Core Results.- 4.1.2 Single Equation Estimation: Restrictions and Extensions.- 4.1.3 System Estimation.- 4.1.4 Evidence of Output Measurement Error.- 4.2 Scale Effects.- 4.2.1 Primal Measurement.- 4.2.2 Dual Measurement.- 4.3 Capacity Utilisation Effects.- 4.3.1 Allocative Efficiency Indices.- 4.3.2 Capacity Utilisation Rates.- 4.3.3 Economic Consequences.- 4.4 Impact of Labour Market Rigidities.- 4.5 Sources of International Cost Position Differences.- 5 Conclusion.- 6 Bibliography.- 7 Appendix: Dataset Statistics.