Estimation of efficiency of firms in a non-competitive market characterized by heterogeneous inputs and outputs along with their varying prices is questionable when factor-based technology sets are used in data envelopment analysis (DEA). In this scenario, a value-based technology becomes an...

Grifell-Tatje and Lovell (Grifell-Tatje, E., Lovell, C.A.K., 1999. Profits and productivity. Management Science 45, 1177-1193) made significant contributions to the literature on the extended radial DEA framework by decomposing profit change into six mutually exclusive components. Their...