search query: @author Hougaard, J. L. / total: 1
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| Author: | Hougaard, J. L. Tvede, M. |
| Title: | Benchmark selection: An axiomatic approach |
| Journal: | European Journal of Operational Research
2002 : FEB, VOL. 137:1, p. 218-228 |
| Index terms: | BENCHMARKING OPERATIONAL RESEARCH PRODUCTION |
| Language: | eng |
| Abstract: | In theory, firms in various markets are supposed to operate efficiently numerous empirical studies have shown the opposite. Often such efficiency studies reveal quite a large potential for performance improvements. For example Berger and Humphrey (1997) find that the average technical efficiency score for banks is below 0.8 (i.e., suggest an average improvement potential of around 20%) based on a survey of 122 efficiency studies. Within a production theoretic framework, this paper considers an axiomatic approach to benchmark selection. It is shown that two simple and weak axioms, efficiency and comprehensive monotonicity characterize a natural family of benchmarks which typically becomes unique. Further axioms are added in order to obtain a unique selection. |
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