The effects of resource depletion on coal mining productivity
Production risk has generally not been taken into account when measuring productivity growth and traditional productivity indices thus provide an incomplete picture of producer performance and welfare when risk matters. Using standard concepts from the literature on uncertainty we introduce a measure of total factor productivity growth, defined in physical terms, which takes risk considerations into account. This measure is decomposed in order to identify the relative importance of the factors contributing to risk. The measure is illustrated using data from Spanish dairy farms.
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