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Exact and superlative measurement of the Luenberger-Hicks-Moorsteen productivity indicator

Ang, Frederic; Kerstens, Pieter Jan


This paper shows that the Bennet-Bowley profit indicator is an exact and superlative approximation of the additively complete Luenberger-Hicks-Moorsteen productivity indicator when the input and output directional distance functions can be represented up to the second order by a quadratic functional form. It also establishes the conditions under which the exact and superlative measures of the Luenberger productivity indicator and Luenberger-Hicks-Moorsteen productivity indicator coincide.


Bennet-Bowley, difference-based indicator, total factor productivity, exact and superlative approximation

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Working Paper Series / Swedish University of Agricultural Sciences, Department of Economics
2017, number: 2017:01
Publisher: Department of Economics, Swedish University of Agricultural Sciences

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