Technical Inefficiencies and Profit-Maximization

The theory of production focuses on the quantitative analysis of input/ outputrelations.Based on the economic principle, technical efficiency is considered asa matter of rationality and as a necessary condition for profit-optimization. Dueto this assumption, technically inefficient production alternatives are generally excludedfrom traditional considerations. In contrast, the objective of this paper is todemonstrate that it is not reasonable to focus only on technically efficient productionalternatives in order to maximize profit...

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Year of publication:	2008-11-01
Authors:	Steven, Marion ; Zapp, Susanne
Institutions:	Universität <Bochum> / Lehrstuhl Wirtschaftslehre, insbesondere Angewandte Betriebswirtschaftslehre (Produktionswirtschaft)
Subject:	Optimierung \| Nonsmooth optimization \| Technik \| Kapitalprofit

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Extent:	317440 bytes 8 p. application/pdf
Series:	Ruhr-Universität Bochum - Fakultät für Wirtschaftswissenschaften - Lehrstuhl für Produktionswirtschaft - Publikationen Arbeitsberichte des Lehrstuhls für Produktionswirtschaft ; Nr. 7 (2008)
Type of publication:	Book / Working Paper
Language:	English
ISSN:	1433-9323
Classification:	Master Production Scheduling, Supply Network Planning ; Applications ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)