Efficiency measurements and the gains from trade under transaction costs

被引:0
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作者
Jean-Paul Chavas
Zohra Bouamra Mechemache
机构
[1] University of Wisconsin,
[2] INRA-ESR,undefined
来源
关键词
Technical efficiency; Allocative efficiency; Price efficiency; Transaction cost; Second best; Gains from trade; B4; D5; D6; F1;
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摘要
The paper investigates the measurement of economic efficiency under transaction costs in a second best world. New measurements of technical efficiency, allocative efficiency, and price efficiency are proposed. They have three desirable properties. First, they measure efficiency loss in monetary units. Second, they are additive and can be conveniently summed into an overall efficiency measure. Third, they allow for transaction costs and their effects on prices and trade incentives. The paper investigates the welfare effects of technology choice, government pricing and trade policy, and market imperfections on efficiency. It provides new insights on the measurement of benefits from trade liberalization when trade affects not only price efficiency, but also technical and allocative efficiency.
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页码:67 / 85
页数:18
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