Efficiency Analysis Under Consideration Of Satisficing Levels For Output Quantities

Topics:
Efficiency
Tags:
Analysis,
Quantity,
Universitat Duisburg-Essen
Source:
Universitat Duisburg-Essen

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Overview: Normally, efficiency analysis techniques assume that it is desirable to achieve a maximum ratio between the achieved output quantities and the employed input quantities. But Herbert A. Simon received the Nobel Prize in economics partly for the idea of "Satisficing". This idea means that individuals tend to search for satisfactory solutions rather than optimal solutions. If Simon's idea is applied to efficiency analysis, it follows that an output quantity meeting a certain satisficing level may be judged to be just as good as an output quantity exceeding this satisficing level. With this in mind, a new efficiency analysis technique is proposed in this paper, which considers satisficing levels for output quantities and identifies efficiency improvement potentials.

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Format: PDF | Size: 1,270KB | Date: May 2006 | Pages: 20

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