4.3 Article

Surplus measures and luenberger Hicks-Moorsteen productivity indicator

Journal

JOURNAL OF ECONOMICS
Volume 125, Issue 3, Pages 279-308

Publisher

SPRINGER WIEN
DOI: 10.1007/s00712-018-0611-7

Keywords

Luenberger-Hicks-Moorsteen indicator; Directional distance function; Aggregate Luenberger-Hicks-Moorsteen indicator; Resource function; Duality

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This paper extends to production theory some notions of compensated and equivalent variation analyzed in Luenberger (Econ Theory 7:445-462, 1996) in a consumer context. Along this line the Luenberger-Hicks-Moorsteen productivity indicator introduced in Briec and Kerstens (Econ Theory 23:925-939, 2004) is derived from these concepts for multi-output production technologies. The dual properties of this productivity indicator are analyzed and an aggregate indicator is introduced inspired from the resource function proposed in Luenberger (1996). A connection to a suitable Slutsky matrix is established.

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