Fuzzy Frontiers of Production: Evidence of Persistent Inefficiency, in Safety Expenditures (Classic Reprint)

Casey Ichniowski

ISBN 10: 1332261868 / ISBN 13: 9781332261864

Published by Forgotten Books, 2019

About this Item

Most items will be dispatched the same or the next working day. A copy that has been read, but is in excellent condition. Pages are intact and not marred by notes or highlighting. The spine remains undamaged.

Seller Inventory # rev3360862181

Bibliographic Details

• Title: Fuzzy Frontiers of Production: Evidence of Persistent Inefficiency, in Safety Expenditures (Classic Reprint)
• Publisher: Forgotten Books
• Publication Date: 2019
• Language: English
• ISBN 10: 1332261868
• ISBN 13: 9781332261864
• Binding: paperback
• Condition: Very Good
• Weight: 68 grams

About this title

Synopsis

This study of 11 paper mills seeks to provide a more accurate representation of firm productivity by challenging a long-standing framework that has suggested that firms operate at optimal levels of efficiency or on the production frontier. The author employs microeconomic data, detailed models of the paper production process, and various frameworks to illustrate that in fact firms operate with varying degrees of persistent inefficiency, referred to as the 'fuzzy production frontier.' The study posits that this is due to a number of factors, including the randomness of accidents and the information gained from them. In contrast to the conventional economic view that accidents are a joint product, the author demonstrates that although safety expenditures can reduce accidents, it does not guarantee a fixed accident rate, and the variation in the accident rate can significantly impact production. The elaborations on the production frontier framework presented in this book provide a more realistic representation of the complex decisions that managers face in the day-to-day operation of their firms and the challenges they encounter in achieving optimal efficiency.