A Parametric Distance Function Approach for Malmquist Productivity Index Estimation |
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Authors: | Fuentes Hugo J Grifell-Tatjé Emili Perelman Sergio |
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Institution: | (1) Campus Ciudad de México, Tecnologico de Monterrey, Spain;(2) Departament d'Economia de l'Empresa, Universitat Autonoma de Barcelona, spain;(3) CREPP, Université de Liège, Spain |
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Abstract: | Malmquistindexes of productivity are generally estimated using index numbertechniques or non-parametric frontier approaches. The aim ofthis paper is to show that Malmquist indexes can be estimatedin a similar way using parametric-deterministic or parametric-stochasticfrontier approaches. To allow a multi-output multi-input technologyand for technical change in production, we adopt an output distancefunction which is specified in a translog form. We then showthat using the estimated parameters, several radial distancefunctions can be calculated and combined in order to estimateand decompose the productivity index. Finally, this approachis applied to a panel of Spanish insurance companies. The mainresults confirm those generally obtained for financial services:very low rates of growth and technical change in spite of a rapidderegulation process and expansion of activity. |
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Keywords: | distance functions Malmquist index parametric frontier Spanish insurance |
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