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X-inefficiency is a concept used in economics to describe instances where firms go through internal inefficiency resulting in higher production costs than required for a given output. This inefficiency is a result of various factors such as outdated technology, inefficient production processes, poor management and lack of competition resulting ...
Harvey Leibenstein (1922 – February 28, 1994) was a Ukrainian -born American 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 claimed that the underdeveloped countries are trapped ...
Pareto efficiency is mathematically represented when there is no other strategy profile s' such that ui (s') ≥ ui (s) for every player i and uj (s') > uj (s) for some player j. In this equation s represents the strategy profile, u represents the utility or benefit, and j represents the player. [6]
Economic efficiency. In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [1] Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of ...
Cournot competition. Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing competition in a ...
Productive efficiency is an aspect of economic efficiency that focuses on how to maximize output of a chosen product portfolio, without concern for whether your product portfolio is making goods in the right proportion; in misguided application, it will aid in manufacturing the wrong basket of outputs faster and cheaper than ever before.
Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste. In more mathematical or scientific terms, it signifies the level of performance that uses the least ...
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