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Benchmark Selection: An Axiomatic Approach

  • Jens Leth Hougaard

    (Institute of Economics, University of Copenhagen)

  • Mich Tvede

    (Institute of Economics, University of Copenhagen)

Within a production theoretic framework, this paper considers an axiomatic approach to benchmark selection. It is shown that two simple and weak axioms: efficiency and comprehensive monotonicity characterize a natural family of benchmarks which typically becomes unique. Further axioms are added in order to obtain a unique selection.

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File URL: http://www.econ.ku.dk/english/research/publications/wp/2001/0106.pdf/
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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 01-06.

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Length: 20 pages
Date of creation: Feb 2001
Date of revision:
Handle: RePEc:kud:kuiedp:0106
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  1. Leibenstein, Harvey & Maital, Shlomo, 1994. "The organizational foundations of X-inefficiency: A game-theoretic interpretation of Argyris' model of organizational learning," Journal of Economic Behavior & Organization, Elsevier, vol. 23(3), pages 251-268, May.
  2. Allen N. Berger & David B. Humphrey, 1997. "Efficiency of Financial Institutions: International Survey and Directions for Future Research," Center for Financial Institutions Working Papers 97-05, Wharton School Center for Financial Institutions, University of Pennsylvania.
  3. Christensen, Flemming & Hougaard, Jens Leth & Keiding, Hans, 1999. "An axiomatic characterization of efficiency indices," Economics Letters, Elsevier, vol. 63(1), pages 33-37, April.
  4. Post, Thierry & Spronk, Jaap, 1999. "Performance benchmarking using interactive data envelopment analysis," European Journal of Operational Research, Elsevier, vol. 115(3), pages 472-487, June.
  5. Bergstrom, Theodore C., 1975. "Maximal elements of acyclic relations on compact sets," Journal of Economic Theory, Elsevier, vol. 10(3), pages 403-404, June.
  6. E. Thanassoulis & R. Allen, 1998. "Simulating Weights Restrictions in Data Envelopment Analysis by Means of Unobserved DMUs," Management Science, INFORMS, vol. 44(4), pages 586-594, April.
  7. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
  8. Walker, Mark, 1977. "On the existence of maximal elements," Journal of Economic Theory, Elsevier, vol. 16(2), pages 470-474, December.
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