X-Efficiency
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Sunday, November 05, 2006
What is X-Efficiency?
- "A monopolist may be X-inefficient either because it does not have an incentive to be more efficient due to lack of competition or it does not have the opportunity to observe and learn from other more efficient firms in the industry. In an industry high profits may imply high prices due to x-inefficiency. However, excess profits do not necessarily mean that consumers are paying higher prices. And, lack of excess profit does not necessarily indicate competition or cost efficiency." Leibenstein, Harvey. 1966. "Allocative Efficiency vs. 'X-Efficiency'," American Economic Review 56, (June), pp. 392-415
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2 Comments:
That's killer stuff! I wish I had the nerve to do that murder investigation bit, but I'm sure I'd end up cracking up if I tried it.
I dare you to try that, Mentok!!!
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