![]() ![]() In this paper, we propose economic efficiency measures for stochastic data with known input and output prices. It is known from standard results in stochastic programming that rankings of stochastic functions are biased if expected values are used for key parameters. ![]() In many real applications of performance measurement, such as the evaluation of utilities, banks and supply chain operations, the input and/or output data are often stochastic and linked to exogenous random variables. The technical efficiency measure can be complemented with a consistent radial metrics for cost, revenue and profit efficiency in DEA, but only for the setting with known input and output prices. Data envelopment analysis (DEA) is a well-known non-parametric technique primarily used to estimate radial efficiency under a set of mild assumptions regarding the production possibility set and the production function. ![]()
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