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- W2164341645 abstract "Leibenstein in his discussion of X-efficiency 1 introduces concept of inert areas, by which he means set of effort positions whose associated levels of utility are not equal but in which action required to go from a lower to a higher utility level involves a utility cost that is not compensated for by gain in utility. 2 This idea is used by Leibenstein when discussing behavior of a firm's management. It does seem that this concept is useful when discussing whether or not a firm maximizes profits. One of main lines of attack upon hypothesis that a firm's objective is to maximize profits has been to point out division between ownership and control in typical firm and subsequent freedom of controllers to pursue whatever objectives they wish, subject to some constraints. Leibenstein's X-efficiency idea apparently adds another factor to case against profit maximization for it makes point that, even if controllers were seeking to maximize profits (in sense of maximizing difference between revenue and costs), firm will not be operating with costs that are as low as they might be. Indeed degree of X-inefficiency is stated to be the degree to which actual output is less than maximum output (for given inputs). 3 The situation can be illustrated by Figure I, which shows that if firm was seeking to maximize profits and had no X-inefficiency then it would operate at an output of Qi units, but if some X-inefficiency was present then relevant total cost curve would be TC2 and profit-maximizing level of output would be Q2. If in fact firm was seeking to maximize its sales revenue, subject to achieving a profit level of P, then with no X-inefficiency it would operate at output Q3, but if some X-inefficiency was present then it would operate at a level Q4. Only in first of four situations illustrated can it be said that firm is earning greatest amount of profit possible, or so it might seem. However, consider situation from point of view of owners. If their objective is to maximize their income from firm then it would appear that situations where output" @default.
- W2164341645 created "2016-06-24" @default.
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- W2164341645 date "1972-05-01" @default.
- W2164341645 modified "2023-09-24" @default.
- W2164341645 title "A Note on X-Efficiency and Profit Maximization" @default.
- W2164341645 doi "https://doi.org/10.2307/1880566" @default.
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