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Abstract
A behavioural model of the firm is presented in this chapter that is derived from and extends both x-efficiency and efficiency wage theory. In this model, which is referred to as the x-efficiency plus model, a key differentiating assumption from conventional economics models is that effort is variable in the production function and that technical change can be induced by changing cost variables inside of the firm. This approach helps identify key factors that contribute to increasing or decreasing the extent of firm x-efficiency and induced technological change, including fairness in firm organisation and the quality and quantity of quality management.
| Original language | English |
|---|---|
| Title of host publication | Handbook of Research Methods in Behavioural Economics |
| Subtitle of host publication | An Interdisciplinary Approach |
| Editors | Morris Altman |
| Place of Publication | Cheltenham |
| Publisher | Edward Elgar Publishing |
| Chapter | 11 |
| Pages | 190-207 |
| Number of pages | 18 |
| ISBN (Electronic) | 9781839107948 |
| ISBN (Print) | 9781839107931 |
| DOIs | |
| Publication status | Published - 17 Mar 2023 |
ASJC Scopus subject areas
- Economics, Econometrics and Finance(all)
- General Social Sciences
- General Psychology
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Dive into the research topics of 'Behavioural theories of the firm with a focus on x-efficiency and effort discretion: Implications for analysis'. Together they form a unique fingerprint.Research output
- 1 Book
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Handbook of research methods in behavioural economics: An interdisciplinary approach
Altman, M., 17 Mar 2023, Cheltenham: Edward Elgar Publishing. 532 p.Research output: Book/Report › Book