Behavioural theories of the firm with a focus on x-efficiency and effort discretion: Implications for analysis

Morris Altman ()

Chapter 11 in Handbook of Research Methods in Behavioural Economics, 2023, pp 190-207 from Edward Elgar Publishing

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.

Keywords: Economics and Finance; Research Methods (search for similar items in EconPapers)
Date: 2023
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