Benchmark Selection: An Axiomatic Approach
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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"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.
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