Allocative efficiency in economic development

a cross section analysis of Epirus farming
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[Center of Planning and Economic Research] , Athens
Agriculture -- Economic aspects -- Epirus (Greece and Albania), Agriculture -- Economic aspects -- Mathematical mo

Places

Epirus (Greece and Alb

Statementby Pan A. Yotopoulos.
SeriesCenter of Planning and Economic Research. Research monograph series, 18
Classifications
LC ClassificationsHD1965.E6 Y6
The Physical Object
Pagination313 p.
ID Numbers
Open LibraryOL5599261M
LC Control Number68005339

Additional Physical Format: Online version: Yotopoulos, Pan A. Allocative efficiency in economic development. Athens [Center of Planning and Economic Research] Founded inthe NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals.

The scope of this chapter is, first, to acknowledge the contribution that the answering of this question can have for the goal of stabilization through management of the aggregate fiscal position, but mainly to examine the specific mechanisms that can assist improving allocative efficiency through public Cited by: 3.

The allocation of scarce resources is a central concern of economics as well as antitrust law. The two fundamental welfare theorems of economics demonstrate that, in the absence of market. Leibenstein believed that efficiency was important in economics but that allocative efficiency was very small, maybe to of GNP.

The other form of efficiency was of an nature, so Leibenstein called it X (efficiency). It is an efficiency of the internal workings of the firm. It. (). Technical Efficiency, Allocative Efficiency, and the Implementation of a Price Cap Plan in Telecommunications in the United States.

Journal of Applied Economics. Allocative efficiency occurs when the products produced are those demanded and wanted by society. This does not mean that the products demanded are necessarily in the best interest of the.

Allocative efficiency is possible only in perfect competition. This is true because perfect competition is the only market structure in which firms produce at a price where there is no economic.

Allocative efficiency values ranged from to of which average is The value of allocative efficiency suggests that if the average farmer in the sample is able to reach the level of allocative efficiency of the most efficient farmers, the average farmer will be able to save 23% of costs (1.

Privatisation - increases efficiency of former government business enterprises as they are incentivised by free markets Case Study: Resource Efficiency during the Mining Boom.

A great example of resource efficiency was during the mining boom. High levels of economic growth at % (ABS March ) saw increasing competition for resources.

High. When profit-maximizing firms in perfectly competitive markets combine with utility-maximizing consumers, something remarkable happens: the resulting quantities of outputs of goods and services demonstrate both productive and allocative efficiency (terms that we first introduced in (Choice in a World of Scarcity).Productive efficiency means producing without waste, so that the choice is on the.

The concept of allocative efficiency takes account not only of the productive efficiency with which healthcare resources are used to produce health outcomes but also the efficiency with which these outcomes are distributed among the community.6 Such a societal perspective is rooted in welfare economics and has implications for the definition of.

Amitav Bhattacharya, in Changing Climate and Resource Use Efficiency in Plants, Climate Change and Resource Use Efficiency. The term “resource use efficiency in agriculture” may be broadly defined to include the concepts of technical efficiency, allocative efficiency, and environmental efficient farmer allocates his land, labor, water, and other resources in an.

Economic efficiency is defined in three main ways in economic discourse. First, technical or productive efficiency refers to the use of resources in a technologically most efficient manner. The second measure of economic efficiency, known as allocative efficiency, refers to the efficient distribution of productive resources among alternative.

The economic efficiency is measured by the global economic performance of the firm, that is, by its ability to make its operations profitable. Farrell () defined the economic efficiency by the product of technical efficiency and the allocative efficiency.

According to his example, it appears that a firm cannot be % efficient economically if. Economic Theory: Allocative Efficiency Allocative Efficiency, also sometimes called social efficiency, means that scarce resources are used in a way that meets the needs of people in a Pareto-optimal way, and is not to be confused with the concept that resources are used to meet the needs as best as possible.

The concept of “efficiency” as used in economics is multi-faceted, as is shown in the chart below. First, a distinction is made between (a) efficiency in the productionof goods and services and (b) (b) efficiency in the distribution of services from producers to end users.

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"Technical and allocative efficiency in a panel stochastic production frontier system model," European Journal of Operational Research, Elsevier, vol. (1), pages Geert Dhaene & Koen Jochmans, "Split-panel Jackknife Estimation of Fixed-effect Models," Review of Economic Studies, Oxford University Press, vol.

82(3), pages Allocative efficiency is a state when the market equilibrium is at a price that represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of supply.

Happens in a perfectly competitive market (MPB=MPC). Understanding X-Efficiency. Leibenstein proposed the concept of x-efficiency in a paper titled "Allocative Efficiency vs. 'X-Efficiency,'" which appeared in The American Economic.

At the most basic level, allocative efficiency means that producers supply the quantity of each product that consumers demand. Only one of the productively efficient choices will be the allocative efficient choice for society as a whole.

However, improvements in productive efficiency take time to discover and implement, and economic growth.

Description Allocative efficiency in economic development FB2

In a free market economy, supply and demand are able to adjust through the price-signaling mechanism to achieve allocative efficiency, in which the price is equal to the marginal cost of production. Efficiency. The study of economics does not presume to tell a society what choice it should make along its production possibilities frontier.

In a market-oriented economy with a democratic government, the choice will involve a mixture of decisions by individuals, firms, and government. I first wrote on adaptive efficiency in my book Economics for Collaborative Environmental Management, and then in Marshall, G.R.

"Transaction costs, collective action and adaptation in. An original procedure that simultaneously takes into account the standard level of services, the allocative efficiency and the spatial proximity among Municipalities, has been proposed.

The estimation strategy has been applied on a very detailed database of more than 4, Italian Municipalities for the year By Lynne Pepall, Peter Antonioni, Manzur Rashid. Allocative efficiency is related to the concept of Pareto efficiency that economists use to look at social welfare, but it has important aspects that are driven by efficiency in production.

Essentially, if something is allocatively efficient, one party can’t possibly be made better off without making another party worse off.

Define three sufficient conditions for economic efficiency. Discuss how Adam Smith’s invisible hand, i.e., the market price, achieves economic efficiency in a perfectly competitive market. Apply the three conditions for economic efficiency to a single organization and discuss the efficiency.

Dynamic efficiency – involves improving allocative and productive efficiency over time. This can mean developing new or better products and finding better ways of producing goods and services.

Learning, investment and innovation are key elements of dynamic efficiency and central to the ability of an organisation, industry or economy to adjust. This paper provides a new empirical analysis on the effects of fiscal decentralization on economic growth with the inclusion of a state allocative efficiency factor in the growth model.

Details Allocative efficiency in economic development FB2

Using Indonesia as a case study, this study aims to reveal whether the state allocative efficiency will impact growth through better allocation of public goods.

Harvey Leibenstein ( – Febru ) was a Ukrainian-born American Jewish economist. One of his most important contributions to economics was the concept of X-inefficiency and the critical minimum effort thesis in development economics.

Concerning his "critical minimum effort thesis", he says that the underdeveloped countries are trapped by the vicious circle of poverty and many. Allocative efficiency is a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.

In contract theory, allocative efficiency is achieved in a contract in which the skill demanded by the offering party and the.Monopolistic Competition Results In Allocative Efficiency. Production Efficiency. The Wrong Mix Of Output.

Marginal Cost Pricing. 4. A Monopolistically Competitive Firm Confronts A Downward-sloping Demand Curve And As A Result Has Some Market Power. True False 9. In The Short Run, A Monopolistically Competitive Firm May Make Economic Profits.Volume III turns to quite different dimensions of African development, including some aspects where it is possible to imagine there may even be a “late mover” advantage: finance, mobile phones, and exports.

The ten papers in this volume look more closely at economics of private production, with much of the focus being on the behavior of firms.