Relative economic efficiency in Texas nursing facilities: A profit function analysis |
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Authors: | Kris Joseph Knox Eric C Blankmeyer J R Stutzman |
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Institution: | (1) University of Texas Medical Branch-Galveston, Galveston, USA;(2) Department of Finance and Economics, Southwest Texas State University, 601 University Drive, 78666 San Marcos, Texas |
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Abstract: | The purpose of this analysis is to examine the relative economic efficiency of profit-seeking versus nonprofit nursing facilities.
A Cobb-Douglas profit function is used on cross-sectional data to determine the technical efficiency, price efficiency, and
overall economic efficiency of Texas nursing facilities. Ownership form influences the profit level of the firm. Profit-seeking
firms are more economically efficient than their nonprofit counterparts. Inclusion of price efficiency analyses reinforces
profit-seeking firms’ superior technical efficiency. Additionally, nursing facilities are price takers in the output market
as well as in resource markets, indicating effective industry regulation. |
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Keywords: | |
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