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2 results

  • 4 - Measuring Market Efficiency

  • Carlo Altomonte, Università Commerciale Luigi Bocconi, Milan, Filippo di Mauro
  • Book:
    The Economics of Firm Productivity
    Published online:
    14 April 2022
    Print publication:
    21 April 2022, pp 54-63

  • Summary

    We present in this chapter the empirical techniques used to measure market efficiency and its implications, starting with the so-called OP gap and its dynamic version. We will then discuss the Foster productivity decomposition method and the Hsieh and Klenow techniques to measure allocative inefficiency. Market inefficiency is also related to concentration and market power. When competition in a market is reduced, aggregate productivity growth may decrease, reducing consumer welfare.

  • A STOCHASTIC FRONTIER ANALYSIS TO EXAMINE RESEARCH PRIORITIES FOR GENETICALLY ENGINEERED PEANUTS

  • ERMANNO AFFUSO, DIANE HITE, NORBERT W.L. WILSON
  • Journal:
    Journal of Agricultural and Applied Economics / Volume 47 / Issue 3 / August 2015
    Published online by Cambridge University Press:
    27 May 2015, pp. 359-381
    • Article
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  • Pesticide applications are essential for peanut production to control insects, weeds, and other plant pathogens and for a profitable operation. We use a stochastic frontier analysis/primal system approach to test the hypothesis of the overuse of fungicides among peanut farmers. With nationally representative data available from the Agricultural and Resource Management Survey, we find evidence that U.S. peanut growers used excessive amounts of fungicides to prevent fungal infections. If those farmers adopt a new cultivar resistant to fungal pathogens, they could reduce the total cost of chemicals up to 36.2%. The reduction in fungicide use would have spillover environmental benefits.